When Does $475,000 Equal $800,000+? Check Out this Workers’ Comp Situation

When Does $475,000 Equal $800,000 | Bloom Law Office, West New York

When Does $475,000 Equal $800,000+? Check Out this Workers’ Comp Situation

If you get a $475,000 settlement, you likely assume you’ll get much less in pocket after taxes—so how did one settlement lead to an over $800,000 payout? At the Law Offices of Jeffrey M. Bloom, we’re committed to helping workers’ comp clients receive their due payouts, but this is one workers’ comp claim that’s truly phenomenal.

Getting The Most of Your Worker’s Comp

An Illinois injury case settled for $475,000, and the attorney fees are capped at just over $72,000. During a “hurt at work” claim, you have two choices: settle or go through arbitration. When you settle, it immediately ends your medical rights that relate to your injury. When this happens but you think you’ll need more medical treatment in the future related to the accident, the insurer is required to fund a “Medicare Set-Aside” to pay for those future medical bills. However, you can also go the arbitration route and hope that you win. If you do, you can keep those medical rights for life.

No matter what, the insurance company is in charge of safeguarding the government from paying for work-related injuries. For those who choose arbitration, a fair estimate for future medical treatments needs to be made—and in the Illinois case, that was $400,000 for future treatment.

There are many instances in which there will likely be high future medical needs. For instance, a spinal fusion or those who need serious lifelong pain management treatment will probably have future costs to the tune of six figures. However, the insurance company won’t hold onto those future funds for you. (If they do offer, turn them down—that won’t do you any favors). Instead, they write a check so that you can manage the money. Attorney fees cannot be added to these additional funds, and nobody will step in to make sure you’re spending that money on medical bills. Of course, if you blow it on a house or lavish vacation, you’ll still be personally responsible for all of those future medical bills.

Find Out What Your Claim Is Worth

Part of any claim should be talking with your workers’ comp attorney and doctor about likely future medical needs. When you hear about huge windfalls for work injuries, it’s usually because those funds are meant for future medical bills. Protect yourself now and in the future, and get the Law Offices of Jeffrey M. Bloom on your side for all of your workers’ comp claim needs.