Factors that Affect the Value of Workers’ Comp Settlements

Nov 14, 2022

Crucial Factors Affecting Workers Comp Settlement Values

 

You may be entitled to workers’ compensation benefits if you’re injured at work. These can help to cover lost wages and medical treatments required after the accident.

The process for receiving workers’ compensation is complex and can be overwhelming, especially if you’re already dealing with the stress of an injury.

One of the most important aspects of a workers’ comp case is determining the value of your settlement. This will directly impact how much compensation you receive for your injuries.

Several factors can affect the value of your workers’ comp settlement. Understanding these factors can help maximize your compensation and ensure a fair settlement.

Here are some crucial factors that can affect the value of your workers’ comp settlement:

 

Extent of Injury

The extent and severity of your injury will be the greatest single factor affecting the value of your workers’ compensation claim. If your injury prevents you from returning to work or limits your ability to perform your job duties, the compensation value may increase to make up for the resulting loss in wages.

The extent of your injuries may have a direct impact on:

  • How long you will be out of work
  • Whether you will ever be able to return to work
  • Whether you’ll be entitled to job retraining or occupational therapy benefits

Some injuries are severe enough to qualify for permanent disability benefits. These will all be factored into the valuation of your workers’ compensation package.

Future Medical Considerations

Frequently, workplace injuries result in costly medical treatment. Workers’ comp benefits can cover the current and future medical treatment required for your accident. Determining the appropriate compensation for future medical expenses is often tricky, and you may need to work with a workers’ comp lawyer to ensure your claim isn’t undervalued if you suspect you’ll have significant future healthcare costs.

Challenges to Your Case

If you claim benefits that you’re entitled to, there’s a chance that the claim will be challenged by your employer or their workers’ compensation insurance company. Workers’ compensation claims can be subject to challenge throughout the process.

If there is a challenge to your benefits, the value of your case may decrease, which can prevent you from receiving your full workers’ compensation amount. For example, your workers’ comp company may acknowledge your legitimate claim but disagree with a specific aspect, like how long you’ll need to miss work or be on temporary disability.

When your case is challenged, reaching a settlement may be a beneficial route to consider. Your injury lawyer may be able to negotiate with the insurer to find a middle ground.

Average Wages

The amount of money you make also affects the value of your workers’ compensation. Your average weekly wage will determine your official payment.

State Laws and Regulations

Every state has its laws and regulations regarding workers’ compensation. These can vary significantly, and it’s essential to understand the specific laws in your state as they will affect your settlement value.

For example, some states may have a cap on how much money you can receive for a specific type of injury or may have different guidelines for determining disability benefits. Working with a lawyer knowledgeable about your state’s laws is essential to ensure you receive the maximum compensation.

 

How Is Workers’ Compensation Calculated in Georgia?

 

In Georgia, your average weekly pay is multiplied by two-thirds to get your compensation rate. There is a cap of $625 per week for temporary wage benefits.

 

Workers Compensation Settlements

 

Workers’ compensation settlements are sometimes offered to injured employees. Settlements can be a lump sum or a structured payment plan.

Not all cases end in settlement, but many do if the amount needed to cover wage replacement and post-injury care is particularly high or in dispute.

The total payout value with workers’ compensation settlements will be determined by your insurance or through negotiations with your workers’ compensation lawyer. Settlements may limit the total potential valuation of your workers’ compensation case. Once you accept a settlement, it is unlikely you will be able to go back and revise the agreement.

If you’re concerned about the valuation of your workers’ comp claim or are tempted to settle for less than what you believe you need to recover, it may be in your interest to speak with an Atlanta workers’ compensation attorney.

 

Are You Entitled to Workers Compensation?

 

If you’ve been injured at work and offered a workers’ compensation settlement, you may want to speak to an attorney before settling. A one-time payment can be appealing amid unexpected bills and expenses, but that lump sum might not last for the duration of your recovery.

At the Dressie Law Firm, our Atlanta injury lawyers support and represent worker’s compensation cases. We are committed to advocating for all injured workers in Georgia and will strive to maximize your benefits. Contact us today at 678-679-0569 to get started.