Has anyone become Rich? - Printable Version
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Has anyone become Rich? - freebird - 10-19-2009 01:29 PM
Has anyone become rich after settling with WC? What is the biggest settlement you have ever heard of?
I have a back injury for life. T12 was fractured,70% compresssed and split. It has been replaced with a titianium cage, bolts, plates, screws and a bone fusion using the rib they removed to this anterior T12 Corpectomy. Two years after surgery I was at MMI. It has been rough pain wise after surgeryt. Scar issues, nerve damage, facet nerves damaged and back pain....
My settlement which is not finalized yet is worth around $400,000. $150,000 cash settlement and approx a $250,000 MSA.
I do not consider this to make me "rich" and wish it was more especially the upfront settlement but discounts will not allow this.
RE: Has anyone become Rich? - 1171 - 10-19-2009 01:39 PM
"rich" is how much you get to keep; not how much you settled for.
as we have found out: far too many were millionaires on paper but owed
5 times that.
debt is not wealth.
RE: Has anyone become Rich? - freebird - 10-19-2009 01:57 PM
What you said above from my prespective is common sense. All I can do is answer for myself.
Currently we are basically debt free. We never buried ourselves in mountains of debt. The only person to blame there is self right?
Generally debt is a choice. No one should bury themselves in debt because you never know whats going to happen in life. This is what set America back in 2007. We lost 200K at the lowest point but we have 75% recovered to date. People spending and borrowing money they did not have and lenders lending money to undeserving candidiates.
What few bills we do have now are taken care of with my wife working and my SSDI. When I first injured, we pulled money from a IRA (hardship withdrawal) and paid college tution, the house etc. We did not touch the 401k of my wives thank God.
My kids have both graduated from college, my house is paid for and I have no credit card debt.
My biggest note is my check to the Church which is God's anyway the first fruits.
If someone received a million dollar settlement, I consider that to be darn good in the area of WC.
RE: Has anyone become Rich? - chrischris - 10-19-2009 03:07 PM
I can only answer for California IW's, but there is no wealth to be made in WC post SB899 injuries. 2004 and later. The governor put a stop to that. It did make more I/C's wealthier, by not giving the medical benefits to the I/W's.
I will be going to settlement soon, I hope, and all I want is an end to this. I want my TTD paid to my ex-employer, so they can reinstate my sick leave and vacation leave (15 months worth) and apply it to my retirement. I want my doctors paid, especialy one dear man who has been treating me on a lien basis. I want my attorney to be paid for his time, and if there is any left over, it will be considered "wealth".
I am rich already with blessings too numerous to mention here, and I'm not rich with money. I own my house, don't have any major bills or credit card debt. My medical has been covered by either WC or Private Insurancce. Life is good, in spite of what I've been through, with my life-altering injuries.
Besides, i have no idea what an injury is really worth. My life?
RE: Has anyone become Rich? - Tuffy - 10-19-2009 03:41 PM
I had a back injury with no surgery, I lost my job of 23 years, had to file BK, My settlement went to pay off my car, and catch up on a few small bills, All my medical and Dr's and attorney were paid, Not much left over, but I am retired now and living on my SS retirement.
I have a friend whose husband was injured, Tore a tendon in his wrist. was granted WC, Then was caught on his roof using a hammer to fix some eves, and WC stoped. He had surgery for repair, and now has an attorney, states he is just waiting for his million dollar settlement..........I wet my pants laughing..
RE: Has anyone become Rich? - 1171 - 10-19-2009 04:49 PM
i guess what I'm trying to say is that a 21 year old quadraplegic who's facing lifetime nursing care may not see a million $$ as being "rich."
$50K a yr for nursing is cheap and a million will only get him 20 years of it and little else.
RE: Has anyone become Rich? - Still in Limbo - 10-19-2009 05:46 PM
Rich is Certainly a Relative Term to Each and Every Person, as 1171's Example has Shown. My Lower Back is Shot, Chronic Pain is He**, and MY Attorney and I have Already Turned Down a Low 6 Figures, with a MSA Fully Funded over and above! I don't Think I could put a Money Figure on My Pain, but Would Find a Way to Pay a Million Dollars if it Could be taken Away, and My Life Returned! It Sounds Like You have a Wise Attorney, and I Hope Your Settlement is Smooth and without too Many Pitfalls!
RE: Has anyone become Rich? - freebird - 10-19-2009 06:16 PM
The word rich was probably the wrong word to use. Many IW's get this idea that they can sue WC and get big financial gain. Honestly, I had a Attorney 5 years ago who tried this using pain and suffering. As a experienced IW knows, I lost because it is almost impossible to sue WC at least in my state.
Many IW's get financially devasted. If I could tell anyone one thing that would be to not live off Credit. If you cannot afford it, leave it alone.
I know individuals who make really good money who have dug a debt pit and it is there own stupid fault. No one goes to work thinking one injury will change there life but....
The best a IW can expect is to survive. I have been extremely fortunate financially. I was not in debt when I was injured and I had reserve to help out. This caused me to not have to rush to a decision because of financial ruins. Do not spend above your means.
I retained a great Attorney after 5 years with one who knew nothing about WC. He was a PI Attorney but he took my case and how was I to know he was a WC DUD? This same Attorney finally admitted he was over his head and help me retain a WC Attorney this last March.
It has been like daylight and dark. I can sleep at night knowing I will get what the max. law allows.
The last IME I was sent too in April 2009, The WC HOE doctor found me PTD. This was my 3rd trip to him. He actually told me he was going to do me a favor and he did. He told the truth and it sent the WC IC into a spin.
The key to success for a IW is a knowledgeable Attorney and the IW becoming smart.
No one will get Rich with a settlement with WC. You have to fight them tooth and nail and not let them financially or mentally smother you out.
RE: Has anyone become Rich? - 1171 - 10-19-2009 06:34 PM
workers comp was designed as a social safety net.
when you drop from a great height it's gona' hurt big time when you land.
no way around it.
bouncing off a tree may save your life but that's about all.
comp is not much better then hitting a tree on the way down.
it doesn't feel good and normally it hurts like hell but it's probably better then digging a crater when you hit.
if you try to make it more then that it'll be a struggle and full of frustrations.
unrealistic expectations and false assumptions are the wost enemies for those with a work injury.
a good grip on reality and knowledge are the best antidotes.
you still have to do all the heavy lifting to get yourself back together.
P.S. the bigger the crater the bigger the atty fee.
sounds like freebird was up to his chin...
and will never work again; probably not worth half a mill or twice that.
RE: Has anyone become Rich? - Manley2 - 10-19-2009 06:49 PM
As for money I will never be rich but I can tell you the people here make me feel rich in other ways. The power that we have here can make us rich if we let it. The prayers when we need them and kind words when we are down, and all this because we are injuried workers. This money just can't buy