Can I afford a settlement of my workers’ compensation case?
To begin to understand the process of settling your workers’ compensation case please refer to my prior Blog of May 7, 2014 on the process of mediation and how it can lead up to a settlement. The purpose of this article is to discuss the financial aspects of settling your case and how it really must be part of a comprehensive plan for your life in order to move forward. First of all you have to have an innate feeling that your work injury and its limitations have stabilized. By that I mean your doctor as pretty much said that you are at maximum medical improvement and that the functional limitations that you have are going to one permanent. If they are not permanent then you should have some idea on when you should recover from them. Either way the point is that you have to begin to look forward in life, leaving your work injury behind you. Once that happens and only after that happens can you effectively afford from an emotional perspective to settle your workers’ compensation case. This is the part of settlement that only you can provide and no attorney can make that decision for you. As a lawyer, all we can do is to try to get you the maximum amount of financial recovery.
Dollar Value of Settlement
The dollar value of your settlement is contingent upon several key factors. The primary factor is your average weekly wage. I would refer you to a prior blog on how that is calculated. In essence your average weekly wage is the amount you were making when you were injured, before taxes and other deductions were removed. The higher the average weekly wage generally the higher the value of your settlement. It is also a function of your ongoing medical expenses that can be reasonably projected into the future. There are a host of other more subtle factors that come into play such as: Is your injury really permanent?, What was your vocational background before you were hurt?, and do you have any transferrable skills even despite your work injury and related limitations?
For a full and final assessment of the economic aspects of settling your case or if you just simply wish to discuss the personal and emotional aspects of this key decision in your life as to whether to settle your workers’ compensation case please give us a call. There is no fee for any type of discussions or assessment of your case. Our fee is only generated once we obtain a settlement for you and it must be approved by a Workers’ Compensation Judge.