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Just a few questions
#1
Exclamation 
Hello everyone ,

I have came at a point to where my lawyer has requested my future medical care from both my doctors. He is putting together a demand letter next week , my thing is I got both letters and the medical per year is very high and the doctor pointed out I most likely potentially life long treatment . My other doctor drew up his letter for my future surgery , but is not in my best interest to do now , but would need one day most likely. I talked to my lawyer but he didn't get around to explaining how you come up with a sum. I guess I,m just scared because if i take a settlement that's to low how will I care for myself in the future needs . I'm in Louisiana by the way . So I guess my question is ,is large settlements unheard of in workers comp and does my employer have to approve it ?
 
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#2
A lump sum buyout s not the only finalization option.
You can also opt to keep the medical open; allowing the carrier to retain continuing coverage of the work injury.
Large settlements are not unheard of in comp..
One factor that can significantly reduce the buyout amount is the discount factor.
Lifetime mdical payment is substantially less when converted to its present value.
Signature/Reminder :
........Each state has their own comp system; POST YOUR STATE to get accurate information. Use the search feature to find links to information on your state system.
 
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#3
(05-14-2018, 11:33 AM)1171 Wrote: A lump sum buyout s not the only finalization option.
You can also opt to keep the medical open; allowing the carrier to retain continuing coverage of the work injury.
Large settlements are not unheard of in comp..
One factor that can significantly reduce the buyout amount is the discount factor.
Lifetime mdical payment is substantially less when converted to its present value.

See that's what I was wondering because in my case I know i will need this treatment for years to come as the surgery cant be done right now. But like you said a settlement is discounted because it's paid upfront which is what my concern was. I don't want to take a big discount and down the road not be able to continue my treatment . I must look at the leaving medical open option also.

Also 1171 does my employer have to approved a settlement ? I live in louisiana
 
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#4
I would hope you wouldn't stick the $$$ under your mattress.
it's assumed you would opt to invest it with a return at least equal to the discount factor in order to restore it to its original value.
You could also plan on using it to buy medical insurance to cover your future needs.
If you qualify, you can have Medicare evaluate the amount and agree to pick up coverage once the settlement $$ run out.
There are other options as well that you should discuss with your atty.
Signature/Reminder :
........Each state has their own comp system; POST YOUR STATE to get accurate information. Use the search feature to find links to information on your state system.
 
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#5
the degre of employer involvement depends on the type of insurance ( self- insurance or policy) and size of the account.
Signature/Reminder :
........Each state has their own comp system; POST YOUR STATE to get accurate information. Use the search feature to find links to information on your state system.
 
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#6
(05-14-2018, 12:19 PM)1171 Wrote: the degre of employer involvement depends on the type of insurance ( self- insurance or policy) and size of the account.

Yea I'm not to sure what type it is . I know it's not self insured and not extremely big .
 
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#7
(05-14-2018, 12:16 PM)1171 Wrote: I would hope you wouldn't stick the $$$ under your mattress.
it's assumed you would opt to invest it with a return at least equal to the discount factor in order to restore it to its original value.
You could also plan on using it to buy medical insurance to cover your future needs.
If you qualify, you can have Medicare evaluate the amount and agree to pick up coverage once the settlement $$ run out.
There are other options as well that you should discuss with your atty.

I wouldn't put anything under the mattress . The state I'm in right now I'll forget it's there. I was just wondering about it . I read online about different cases and stuff and people settling for what compared to my 2 doctors future medicals are low for me , but I also know every case is different . But I never came across what would seem to be a high settlement , but there I understand some people have a do not disclose agreement. I just want to make sure I do the right thing and not screw myself because this has depleted my savings and made it to when i can't return to my career. So by no way i want to no have funds for medical treatment. But thanks for your help. I really appreciate it . Good to have a group of folks to turn to when you need help . I will bring up those options with my aty when I can get him on the phone
 
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#8
Employer involvement as a policyholder varies with the size of the premium they pay, the age of the claim, and the management practices of the carrier.
there is no universal rule for all situations.
A multimillion dollar account can usually call up the clams department and get a return call on the claims status. Like any business, carriers try to avoid loosing high paying clients.
Signature/Reminder :
........Each state has their own comp system; POST YOUR STATE to get accurate information. Use the search feature to find links to information on your state system.
 
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#9
(05-14-2018, 12:36 PM)1171 Wrote: Employer involvement as a policyholder varies with the size of the premium they pay, the age of the claim, and the management practices of the carrier.
there is no universal rule for all situations.
A multimillion dollar account can usually call up the clams department and get a return call on the claims status. Like any business, carriers try to avoid loosing high paying clients.

That makes sense to me . So I'm not sure where I stand on that .
 
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#10
you can't control employer involvement/relationship with carrier.
more info on comp in Louisiana:
http://www.laworks.net/WorkersComp/OWC_WorkerMenu.asp
Signature/Reminder :
........Each state has their own comp system; POST YOUR STATE to get accurate information. Use the search feature to find links to information on your state system.
 
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