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How Does a Workers' Comp Settlement Work?
If you suffered a work-related injury or illness, workers’ compensation benefits can help pay for your medical costs (both past and future), lost wages, and more. However, you don’t have to accept your insurance company’s benefits offer for your claim. Instead, you may pursue a workers’ comp settlement with the help of a workers’ compensation attorney.
Different states have different processes for workers’ compensation settlements. Before you and your attorney reach a settlement, you’ll need to calculate a workers’ comp payout you believe is fair. Once you do this, you can contact your insurance company.
Related Article: Can You File a Workers Comp Claim After Termination?
How to Calculate a Workers' Compensation Settlement
The value of your workers’ comp settlement depends on a number of factors including your medical condition, how much you earned before your injury, and how state laws apply to your claim.
In most cases, the 4 main factors that will impact your case include:
- Permanent Impairment
- Impairment Rating
- Permanent Impairment Benefit
- Bodily Impairment Rating
What Do Workers' Compensation Settlements Cover?
In most cases, workers’ comp settlements cover the following expenses:
- Attorney fees
- Disability payments
- Medical bills and ambulance rides
- Surgery and future medical treatment
- Lost wages and future wage loss
Does Surgery Increase a Workers' Comp Settlement?
If you had surgery before you settled your workers' compensation case, it won't necessarily increase your settlement. Workers' comp laws require your employer to pay for the medical expenses resulting from your workplace injury.
Average Settlement for Workers Comp
The average settlement for workers' compensation cases ranges from around $2,000 to $40,000. The potential settlement amount depends on how bad the injuries are. The workers' comp settlement is much less than other injury settlements because the insurance company splits your award with your employer, who was also required to pay for your medical bills.
What is the Longest You Can Be on Workers' Comp?
Some states limit the length of time an injured worker can receive temporary benefits. This typically ranges between 3 and 7 years. However, there is not usually a limit on permanent disability benefits, but some states do stop weekly benefits when an employee reaches the age of 65.
FAQs
Can I negotiate my workers' compensation settlement?
Yes, you can negotiate your workers' compensation settlement. It is advisable to work with a workers' compensation attorney who can help you understand your rights, evaluate the settlement offer, and negotiate for a fair compensation amount.
What happens if I accept a workers' compensation settlement?
If you accept a workers' compensation settlement, you will receive the agreed-upon payment, and your claim will be closed. In most cases, accepting a settlement means you cannot reopen the claim or seek additional benefits for the same injury.
How long does it take to receive a workers' compensation settlement?
The time it takes to receive a workers' compensation settlement varies. Once an agreement is reached, it must be approved by a workers' compensation judge, which can take a few weeks to a few months. Payment is usually made shortly after approval.
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The Litigation Group at Schmidt & Clark, LLP law firm is an experienced team of trial lawyers that focus on the representation of plaintiffs in lawsuits. We are handling individual litigation nationwide and currently accepting new legal challenges in all 50 states.
If you or a loved one was injured, you should contact our law firm immediately for a free case evaluation. You may be entitled to a settlement by filing a suit and we can help.