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Settlement
#1
NYS-my lawyer called last week and said the carriers lawyer called and offered a settlement of $120,000. He said he feels if I wait for permanency I would be around $250,000 to 270,000 paid in weekly payments. He also said I would have to have open medical and I couldn’t settle the medical part because I’m Medicare eligible. My wife’s insurance said they would cover my existing injuries as long as I have a letter stating my case is settled with no MSA. My lawyer said he thought that $120,000 was a little low but that $130,000 in my pocket after his % would be a good price. Is it me or does $130,000 sound low when I could get $250-270,000 ? I know the cash price is guaranteed and gets rid of all the headaches but I still have to live the rest of my life off this money. I really wish I could settle medical and the indemnity part altogether. Thanks
 
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#2
you need to use a present value calculator to determine the present cash out value of a future amount paid out periodically.
I would think your atty has done some calculations to come up with those future value and present value numbers.
there are many disability/annuity type calculators on line that should be able to help.

a settlement involving medical in your situation gives Medicare a say so; so its not up to you alone.
Read the many "Flipping Fran" posts on this board to see how difficult it can be to get an agreement on the medical amount between the comp carrier and Medicare. if those two won't agree, a total settlement is difficult to negotiate. many attys don't want the delays and hassle of trying to go around the two of them.
Reminder :
........Each state has their own comp system; POST YOUR STATE to get accurate information. Use the search feature to find information from similar questions.
THANKS FOR POSTING.
 
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#3
Thanks 1171 I’ll have to take a look at Flipping Fran posts.
 
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#4
I do have another question 1171. If I can’t settle the medical part of my case and the medical is left open do you think it’ll be harder to get medical procedures approved down the road ? Should I ask for a MSA instead of open so the moneys there when I need it ? I’m wondering if they did a MSA if the settlement offer for the indemnity part would be lower. I remember a few years ago my lawyer said my medical information was sent to an outside agency(by the carrier) to figure future medical and they came up with $250,000 but nothing ever became of it. Obviously these are questions for my lawyer but just wondering what your opinion is. Thank you for your help
 
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#5
(08-26-2020, 03:57 PM)redsoxfan Wrote: NYS-my lawyer called last week and said the carriers lawyer called and offered a settlement of $120,000. He said he feels if I wait for permanency I would be around $250,000 to 270,000 paid in weekly payments. He also said I would have to have open medical and I couldn’t settle the medical part because I’m Medicare eligible. My wife’s insurance said they would cover my existing injuries as long as I have a letter stating my case is settled with no MSA. My lawyer said he thought that $120,000 was a little low but that $130,000 in my pocket after his % would be a good price. Is it me or does $130,000 sound low when I could get $250-270,000 ? I know the cash price is guaranteed and gets rid of all the headaches but I still have to live the rest of my life off this money. I really wish I could settle medical and the indemnity part altogether. Thanks
 
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#6
(08-26-2020, 07:37 PM)redsoxfan Wrote: I do have another question 1171. If I can’t settle the medical part of my case and the medical is left open do you think it’ll be harder to get medical procedures approved down the road ? Should I ask for a MSA instead of open so the moneys there when I need it ? I’m wondering if they did a MSA if the settlement offer for the indemnity part would be lower. I remember a few years ago my lawyer said my medical information was sent to an outside agency(by the carrier) to figure future medical and they came up with $250,000 but nothing ever became of it. Obviously these are questions for my lawyer but just wondering what your opinion is. Thank you for your help
For me the bigger question is “will your lawyer be there to help when there is a future dispute over medical?“
That discussion is between you and your atty.
In general, if you have a doctor that is willing to do the documentation required, you will avoid most treatment disputes.
You can always have a separate settleMent for the medical later if it does become a problem. Of course you can ask for an MSA but, as i stated, it not up to you. If the carrier doesn’t agree, you can not force it. It also appears that its not an option your atty supports. Read Fran’s Posts to see what i mean.
Reminder :
........Each state has their own comp system; POST YOUR STATE to get accurate information. Use the search feature to find information from similar questions.
THANKS FOR POSTING.
 
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#7
Thank you 1171
 
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#8
Well I talked to my lawyer again today and now he says I can do a MSA. He said the last time my medical records were looked at by an outside agency they figured future bills would be around $60,000. Three years ago it was $250,000 so I’m not sure why it’s so much lower now. He’s going to try and get the indemnity part up a little higher and the MSA would be $60,000 and once that’s gone Medicare would take over. The only thing I couldn’t understand was, he said if I don’t use all the MSA for medical bills that the money is mine. Is there a time line for the money to be mine ? Or is it once I turn 62 I can use it for something else. He didn’t explain it very well to me.
 
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#9
You apply to medicare to reduce the amount.
Reminder :
........Each state has their own comp system; POST YOUR STATE to get accurate information. Use the search feature to find information from similar questions.
THANKS FOR POSTING.
 
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