Workers Comp Settlement

[lowryderus]

What is the name of your state? Michigan

In August of 2004 I had about a 10 foot fall and separated my shoulder which resulted in a pretty extensive surgery to repair the damage. After being off work to recover for 10 months I came back to work averaging a little below the wages I was prior to the accident. I did a partial sign off on the claim so I could start making a full wage rather than the 80% under workers comp, but left the claim open for all of my prescriptions and the yearly check at the surgeons office to be paid for. Now the insurance company whats to settle with a lump sum payment for a full and complete sign off on the claim. At this time I'm 42 years old and figure I have a good 30 years ahead of me, I still have residual pain and weakness in my shoulder and continue to take a pain medication and a sleeping aid at bedtime to try to help in getting a full nights sleep. The quality of life has been limited to only certain activities which cause little or no pain. What type of formula should I be using in order to counter-offer the insurance company's offer of what I think is a low number after taxes have been taken out and I figure needs to be spread over the next 20 years?

 

[driftbuster]

settlement in michigan

i am also in michigan and i took the settlement .i regret it ,my employer refused to take me back(i could only work part time and light duty). I should held of for 5 years until i was eligable for full retirement. it does not make any sense how they figure it out. i hope you make out ok, as long as you have a lawyer you can count on in your corner. the partial settlement makes it difficult to figure. it depends on what they think you are worth. I am not able to work full time but they figured in disability retirement and ss even though there was no guarantee i was to get either. i did get the disability retirement, i did lose one third of my full retirement, and no medical. What part of the state are you located. i was told it makes a difference. do you have any kind of retirement program at work?
hope this helps a little
the 80% you make in michigan comp is not much less than 100% of your wage since you dont pay any tax on it. I was surprised how big my checks were, i just could not put up the games that went with it. your lawyer gets 15% but he could get you 50% more. do the math

 

[lowryderus]

I'm in the Upper Penn, I do have a 401k and am back to work full time with my normal medical insurance. I'm just not working the same position I was prior to my injury, nor making the same amount in as far as my wages go. Just how did they manage to work out a retirement with you? Not that I'm looking for retirement but just curious. I had called the insurance company back and let them know that the figure they had come up with would not work being that my injury and reconstructive surgery has limited me in the things that can do now and if need be down the road in a few years if I had to have surgery once again. That's where it's standing now. Didn't really want to get a lawyer involved, but have a meeting with one in the next couple of weeks.

 

[mlane58]

Get a workers comp attorney and let them handle it. Representing yourself through one of these settlements sets yourself up for a fall (no pun intended)

 

[driftbuster]

there is a good lawyer(female) working out of gaylord, that is why i asked.My retirement was set up as a 457 defered which had a disability clause. unfortunately i lost 1/3 of my retirement(if i had waited until 55). 1/3 is a big deal when you have to pay your own health insurance, luckily i have some coverage thru the VA. remember your employer does not have to put you back to work, They might seem to treat you OK but that can change real quick. A lawyer will help document everything, if you wait till things go "south" before you get a lawyer it is way too late.
good luck