How much a typical workers’ comp settlement is worth is difficult to calculate. There is no such thing as a typical on-the-job injury or workers’ compensation case. Several factors play a role, and many types of injuries and illnesses can support these claims.
The factors that go into calculating a possible workers’ compensation settlement agreement include:
- Lost wages
- Current medical care costs
- Future medical expenses
- Injury severity
- Vocational training needs
- Other recoverable losses
Working with an attorney who handles cases involving workers’ compensation regularly may be the best way to get an understanding of your potential settlement.
Understanding Workers’ Compensation Settlements
A workers’ compensation settlement is a mutual agreement between an injured employee and the workers’ compensation insurance company. This agreement is for a specific financial payout, usually awarded in a single payment. However, annual payments, known as structured settlements, may be available.
Generally, workers’ compensation settlements include benefits for the employee’s missed wages, as well as current and future medical costs related to the injury. Each state may have its own benefit schedules and limits for different types of injuries.
For a free legal consultation, call 800-537-8185
Your Workers’ Comp Settlement Will Depend on Your Benefits
How much a typical workers’ comp settlement is worth will depend on the employee’s benefits, including the types and the amounts they qualify to receive. Commonly, workers’ compensation benefits include:
Your wage replacement benefits will cover a portion of your normal income. You may receive temporary total disability (TTD) benefits if you cannot work at all while you are recovering from your injuries.
If you can work but in a limited capacity, you may receive supplemental earnings benefits if your current wages do not cover enough of your usual income. For permanent injuries, disability benefits may be available through workers’ compensation policies.
Medical Treatment Benefits
You should not have to pay for your diagnosis, testing or medical imaging, treatment, hospitalization, or other medical care needs related to your injuries. Workers’ compensation policies typically cover these expenses.
If you require additional rehabilitation to return to your job or training to learn a new job following your qualifying accident or illness, workers’ compensation can cover the cost.
Other Types of Workers’ Compensation Benefits
When an employee suffers catastrophic injuries or a fatality, additional benefits may be available. Family members may be able to receive death and burial benefits for those who pass away from their injury or illness.
Benefits are generally similar across the states, though the specifics can vary. Your attorney can help you understand your benefits based on your employer’s policy and the applicable laws.
Deciding If You Should Settle a Workers’ Compensation Claim
It is important to note that, while settlements are common and occur in many workers’ compensation claims, they are voluntary. You do not have to agree to a settlement, and neither does the insurer.
However, a settlement may be worth considering when you have undergone all surgeries, hospitalization, and major treatment but cannot yet return to work. The team from the Morris Bart law firm may be able to help you weigh your options.
Many workers’ compensation settlements are compromise settlements. These are negotiated settlements that occur when all of the following conditions are met:
- Both the injured worker and the insurer agree to a total
- A settlement is in the best interest of both parties
- It has been at least six months since the worker drew their last temporary total disability payment or both parties waive this requirement
- The parties successfully petition the judge for approval
Morris Bart, LLC May Be Able to Help with Your Case
At the Morris Bart law firm, we may be able to help with your workers’ compensation benefits, including negotiating a settlement. We will seek an agreement with the following components if it is in our client’s best interest:
- Any available lost wages not yet paid
- All past and current medical care costs related to the injury or illness
- Reasonable future wage loss benefits
- An estimated total for future medical care and related expenses
- Other benefits available under the worker’s policy
Call (800) 537-8185 today to speak with a team member about your workers’ compensation claim.
to find a Morris Bart office near you.