Announcement

Collapse
No announcement yet.

worker's comp settlement

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • worker's comp settlement

    Has anyone ever accepted a worker's comp settlement? I got a letter from my WC attorney indicating that the carrier is interested in settling. I am inclined to not accept.

    Any thoughts?
    Thanks, Helen

  • #2
    Originally posted by hcho72 View Post
    Has anyone ever accepted a worker's comp settlement? I got a letter from my WC attorney indicating that the carrier is interested in settling. I am inclined to not accept.

    Any thoughts?
    Thanks, Helen
    Helen,

    I have experience with WC, but not settled. I think, that there may be some time between the first letter that "they" are ready to settle, to actually settling. You have to really talk it over with your attorneys and make sure all of your interests medical and financials are met. I believe this process make take some time It's a negotiation. Im sure it must be very difficult decision. What does attorney say? Just be careful what you publish as public info, just sayin.

    Comment


    • #3
      I am a work comp. Dont even consider a settlement without a lifecare plan done by somone who is experienced with spinal cord injury life care plans. And if you havent already, find a good lawyer.

      Comment


      • #4
        Originally posted by medic1 View Post
        I am a work comp. Dont even consider a settlement without a lifecare plan done by somone who is experienced with spinal cord injury life care plans. And if you havent already, find a good lawyer.
        medic,

        Is the life care plan something one would do when ready to settle with WC? or how long before? thanks

        Comment


        • #5
          whether or not to settle is a difficult decision made harder by the fact that your lawyer has a big pay day if you do come to a settlement. In Pennsylvania, the WC lawyer gets 20%. it puts lawyer in a bit of a conflict of interest.

          Comment


          • #6
            Originally posted by marycsm77 View Post
            medic,

            Is the life care plan something one would do when ready to settle with WC? or how long before? thanks
            If you are thinking of any type of settlement get one done right away. It can be adjusted as you go, but before u even think numbers or settlement you need one done. It is going to give you a starting point to negotiate from. I had one done it cost $3000, which my lawyer paid for and put in for expense if case settles. Make sure that the person doing the life care plan is very experienced in spinal cord injuries. I had one done right after my acciddent by the ins carrier and they estimated things low ball , like $24,000 a year. that barely covers the cost of catheters for the year. The one we paid for estimated the cost at around $90,000. They have to know everything that goes into the injury all the expenses. Being work comp if you are female, they need to take into acount high risk pregnacies, and assistance with child care. Also, mind takes into account going into assited living vs nursing home. Everything needs to be accounted for. Meds, DME, home accomodations etc.

            Comment


            • #7
              Originally posted by Wesley View Post
              whether or not to settle is a difficult decision made harder by the fact that your lawyer has a big pay day if you do come to a settlement. In Pennsylvania, the WC lawyer gets 20%. it puts lawyer in a bit of a conflict of interest.
              No kidding, michigan they get almost a third of settlement.

              Comment


              • #8
                Originally posted by medic1 View Post
                If you are thinking of any type of settlement get one done right away. It can be adjusted as you go, but before u even think numbers or settlement you need one done. It is going to give you a starting point to negotiate from. I had one done it cost $3000, which my lawyer paid for and put in for expense if case settles. Make sure that the person doing the life care plan is very experienced in spinal cord injuries. I had one done right after my acciddent by the ins carrier and they estimated things low ball , like $24,000 a year. that barely covers the cost of catheters for the year. The one we paid for estimated the cost at around $90,000. They have to know everything that goes into the injury all the expenses. Being work comp if you are female, they need to take into acount high risk pregnacies, and assistance with child care. Also, mind takes into account going into assited living vs nursing home. Everything needs to be accounted for. Meds, DME, home accomodations etc.
                your attorney paid for, hmm wow. very valuable info medic for all involved with, thank you

                Comment


                • #9
                  Originally posted by marycsm77 View Post
                  medic,

                  Is the life care plan something one would do when ready to settle with WC? or how long before? thanks
                  I have done private case management for workers comp. My rule of thumb is that a life care plane should not be done any sooner than 1 year post injury. They need to look at your complications, rate of infection, ADL skills, skin break downs, hospitilizations etc. Generally the first 2 years are a good predictor of future costs.

                  Depending on what state you live in, you may have set maximum you can receive. My home state death pays 100,000 and permanant disability is capped at 250,000. Workers comp is very different than a personal injury case.
                  Every day I wake up is a good one

                  Comment


                  • #10
                    another issue with WC lawyers is that most of them make their living off hundreds of nickel and dime cases like bad backs and torn ligaments. A cervical SCI case is comparatively rare. So, as someone earlier posted, it's really important to have somebody that has experience with this type of case. That usually means big firms.

                    I don't think anybody with a serious sci comes out ahead with a settlement, except that it gets the workers comp insurer off your back.

                    PS, in Pennsylvania there are no caps on payments and settlements for serious injuries can run into the millions.

                    Comment


                    • #11
                      great info

                      Thanks everyone. The high risk prego and childcare didn't even cross my mind. I don't think I will settle but it great to have this info.

                      Thanks again.

                      Comment


                      • #12
                        thankyou also cheesecake and wesley for your valuable input.

                        Comment


                        • #13
                          I've been collecting W/C for almost 16 years and every now and then i get a letter like what you recieved. Being a t-7 para, you never what the future holds. Medication, wheelchairs, hospital bills, supplies all this adds up.. I will never settle.. Just my two sence...

                          Comment


                          • #14
                            annuities are great, big settlement will leave you paying taxes on interest it makes, unless you spend it all like some. definitely seek financial advisor and plan ahead

                            Comment


                            • #15
                              I have a T-6 friend that stayed on WC, and is really glad that he did due to some serious complications 15 years after injury.
                              Don - Grad Student Emeritus
                              T3 ASIA A 26 years post injury

                              Comment

                              Working...
                              X