When settling a workers’ compensation claim, how much is enough to cover your expenses and address your needs? The total benefits you can expect are based on the medical evidence in your case. It also reflects how far into the future you are entitled to compensation, according to the state.
Consulting an injury attorney who specializes in workers’ comp can help you understand all the factors involved in determining the amount of your settlement and for how long you receive payments.
Permanent Disability
If you incur a permanent disability, you may need benefits to continue for decades, maybe the rest of your life. Therefore, your settlement must include an estimate of the value of your future entitlement to benefits. How much would the insurance company need today to stretch that amount over the estimated time?
Think of it as determining the future value of the income as if it were already in your bank account. It is a complex calculation that requires the specialty and expertise of a workers’ compensation attorney who also does personal injury.
All Settlements Must Be Approved by the State Workers’ Compensation Agency
Once you, your work accident attorney, and your insurer agree on a settlement, it must get approval from your state’s workers’ compensation agency. If you live in Cincinnati or elsewhere in Ohio, that would be the Ohio Bureau of Workers’ Compensation (BWC).
A judge will only approve a workers’ comp claim settlement if they believe the worker has received enough compensation for their injury, which is through weekly payments. Once a claim is settled, weekly benefits will cease, though some states allow medical payments to continue under certain conditions.
A Workers’ Comp Attorney Near You Can Help With Your Claim
You should not have to figure out the compensation you need by yourself. A workers’ comp specialist at Clements, Taylor, Butkovich & Cohen LPA, Co., will work to understand your case, file your claim with the BWC on your behalf, and represent your interests. Call our office at 513.721.6500 for a free consultation. If you complete our online contact form, someone will get in touch and answer our questions.