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How do you know when to settle - Printable Version

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How do you know when to settle - lowerbackpains - 10-18-2013

Hello everyone,

As the subject of the thread says, how do you know when to settle ?

I was recently rated, and we are coming up on the hearing to find out the weekly rate and for how many weeks.

So the insurance company made an offer a couple of months ago.
That offer has almost doubled since then.
The offer 'sounds' good, but then I wonder...

How does the insurance company come up with their numbers ?
How do you know that the amount is the right amount ?
How do you decide how much to settle for ?

Thank you in advance for any input and advice...


RE: How do you know when to settle - 1171 - 10-18-2013

what do you mean by "settle"?
buyout all your future benefits?
come to an agreement about a disputed benefit?

many retain an atty and trust their expertise.


RE: How do you know when to settle - lowerbackpains - 10-18-2013

(10-18-2013, 02:33 PM)1171 Wrote: what do you mean by "settle"?
buyout all your future benefits?
come to an agreement about a disputed benefit?

many retain an atty and trust their expertise.

1171,

Settle, meaning buyout all future benefits.

I do have an attorney, and I do trust his expertise.

I just wonder if I'm doing the right thing when it comes to the settlement.



RE: How do you know when to settle - bronco54501 - 10-18-2013

There is a lot to think about when the time comes. We don't know your impairment %, and if you are still able to work. One thing to keep in mind is your medical needs, like future surgery, meds, therapy e.t.c. You will never get rich from a wc claim, you are lucky if it gives you a few years of income.

I just recently settled, 100% disabled by the state and of course never work again. I have open medical for life, and the settlement was almost 8 years of wages. But I put it all into a annuity that will pay out monthly for the next 20 years. This way I earn interest of roughly 75,000 over 20 years. It will never be enough to replace my wages but its facts of life with any wc case.


RE: How do you know when to settle - 1171 - 10-18-2013

whether it's right or not probably depends on the amount you settled for and the amount you end up spending on treatment.


RE: How do you know when to settle - lowerbackpains - 10-19-2013

(10-18-2013, 03:30 PM)bronco54501 Wrote: There is a lot to think about when the time comes. We don't know your impairment %, and if you are still able to work. One thing to keep in mind is your medical needs, like future surgery, meds, therapy e.t.c. You will never get rich from a wc claim, you are lucky if it gives you a few years of income.

My rating is 'permanent partial'. I wasn't assigned a number or percentage.

(10-18-2013, 05:28 PM)1171 Wrote: whether it's right or not probably depends on the amount you settled for and the amount you end up spending on treatment.

I hear ya.

And that's just it. How do you know what the 'right amounts' are ?

Is there a rule of sorts, or a formula that an injured worker can use to determine whether they are getting the correct amount in a settlement ?



RE: How do you know when to settle - bronco54501 - 10-19-2013

I am assuming you have been to a ime dr that has said you are at mmi. Usually this dr puts a certain % of impairment to your injuries. Then the next step would be figuring how this has impacted your future income earnings, age. Then there is a formula they calculate to figure what your case is worth, then they figure out your medical needs. All this leeds up to your value, and never seems to be what they offer. Sometimes settleing out of court you are accepting a lot lower offer than if you let the judge decide.

As far as that formula you seek, I have no idea what it is but I'm sure 1171 can shine in.


RE: How do you know when to settle - 1171 - 10-19-2013

"Is there a rule of sorts, or a formula that an injured worker can use to determine whether they are getting the correct amount in a settlement ? "

not really.
make a list of what treatment you'll need and how frequently.
some states have fee schedules as to how much is paid for medical services.
you can also request a copy of the bills already paid by the carrier to get an idea of costs.
discount the total amount to a present value.
generally carriers develop a range- a high end probable and a low end likelihood- estimates of what a case will ultimately cost.
they try to settle within that range.
obviously it's different for each state and their benefit levels, rules and the issues with the case.