Help Please about settlement

[jerseykid]

I have been on workmens comp for a litttle over a year. I hurt my back in April 09 at work. I was laid off in Sept 09 my job earned $450,000 the last 3 years (150K year avg,). I have not been able to find a similar job or anything close. I have been receving $3900.00 a month the last year from insurance co.. I have decided to settle with Insurance Co. They are now giving me $230 a week and have offered me $5,000 voucher for schooling until I settle, but I've decide to settle for lump sum and forgo any future payments or medical bills. Can anyone give me a guesstimate on what would be a fair offer. I would be 62 in 10 years and eligible to retire. In that time, 10 years i could earn $1.5 million if i had a job as the prevous one. My injury has been diagnosed as a 7% permanent disabilty. Thanks for any or all help or advice, if any additional info please ask Thanks so much JK

[1171]

settlement values are not based on what you could be making if you'd not been injured.
it's based on what they would have to pay if you don't negotiate a buyout.
how much is your med costing?
how much in disability payments would you get?
all the future costs have to be discounted to present value.

[jerseykid]

1171 Wrote:settlement values are not based on what you could be making if you'd not been injured.
it's based on what they would have to pay if you don't negotiate a buyout.
how much is your med costing?
how much in disability payments would you get?
all the future costs have to be discounted to present value.

[jerseykid]

thank you for your guidance, answer to your questions

my med costs approx $30,000 for last year my disability payments wer $3900 per month( total 48,000) before i got perm & stationary evaluation by orthopedic surgeon, he determined 7 % permanent disability, I am now receving $260 per week for next 21 weeks & $5,000 for retraining. I lose all this when i settle. Any help or info would be greatly appreciated. Thanks KD

[jayne]

I can tell you this it isnt gonna be much.....7% isnt anything....in fact if you are MMI you may be burning thru that now...are your weekly checks TTD or PPD checks do you know?

[1171]

you are not going to run $30K every year. now that you are mmi, maintenance medical is different.
what does your doctor say your are going to need?
$10K in disability & rehab maybe another $10K in med
I'd guess $20K total if you are lucky.
without knowing your medical situation I'm just guessing.
workers comp is not negligence or civil suit money; it's is far far less.
workers comp is "no fault". meaning both you and the employer share the expenses/cost of the injury.
you'll be lucky to get even half of what you'll lose in wages.
I'll assume you are under New Jersey law although you didn't say.
for more info on their comp system
http://lwd.dol.state.nj.us/labor/wc/wc_index.html

[jerseykid]

1171 Wrote:you are not going to run $30K every year. now that you are mmi, maintenance medical is different.
what does your doctor say your are going to need?
$10K in disability & rehab maybe another $10K in med
I'd guess $20K total if you are lucky.
without knowing your medical situation I'm just guessing.
workers comp is not negligence or civil suit money; it's is far far less.
workers comp is "no fault". meaning both you and the employer share the expenses/cost of the injury.
you'll be lucky to get even half of what you'll lose in wages.
I'll assume you are under New Jersey law although you didn't say.
for more info on their comp system
http://lwd.dol.state.nj.us/labor/wc/wc_index.html

[jerseykid]

thnaks to both of you for your advice, I was under the impression I'd get alot more, i guess I won't be disappointed now all the best KD

[1171]

again i don't know the extent of your medical issues and any figure you are given by anyone who doesn't know that---- is just wild guess.

[jerseykid]

1171 Wrote:again i don't know the extent of your medical issues and any figure you are given by anyone who doesn't know that---- is just wild guess.