How Are Workers’ Comp Settlements Calculated?
Workers’ compensation laws vary by state, so the damages calculation process will also vary and use different formulas depending on the nature, severity, and location of the damage. However, the end result will always be somewhat similar.
When determining the total in a settlement, you will need to obtain all copies of accident reports, medical records, and witness statements. Your employer will also file an accident report with your state’s workers’ compensation agency. Because of this paperwork, it’s best to wait until your medical improvement has reached completion so you will have full medical records for your injury as well as the full balance owed to each treatment facility. All of these bills will go into the final calculation.
Likewise, your settlement will depend on a percentage rating for bodily impairment ranging from 100% (completely impaired) to 0% (fully healed). You might get this percentage from a physician’s narrative opinion in the final medical report of your injury. The regulations in Illinois will determine the correlation between the percentage rating and the time to heal for your injury in addition to your wage. Your wage will be multiplied by the time to heal, and this amount will also be part of your total settlement.
Final medical reports will also estimate the future costs and expenses related to the accident if your injury will last for several months to several years. These expected costs will be added to the settlement as well.
In addition, if your injury was extremely severe, your company may be required to make disability payments on a permanent or semi-permanent basis. You should discuss your payment schedule with your attorney as well as the final settlement value. Legal costs and attorney fees might also be added to the final settlement amount.
If you’ve been injured in a workplace accident, don’t hesitate to call our skilled Chicago workers’ compensation attorneys. Romanucci & Blandin, LLC is dedicated to helping the victims of work injuries seek compensation for their medical bills and lost wages. Over the course of our history, we have obtained more than $400 million in verdicts and settlements for our clients. Let us see what we can do for you.
Contact us at (312) 647-2544 or fill out our online form to schedule your free case consultation with us today.