Why you need to start planning for the future and ways to increase settlement value.
We think settlement is a good option for many people. Entitlement to medical treatment, vocational rehabilitation, and wage loss can be traded for a lump sum cash payment.
Nobody gets rich from workers’ compensation in Michigan. According to statistics published by the WCA, the average settlement amount was only $59,209.41 in 2015. Not much to get your life back on track.
Having a plan for the future is the best way to ensure a good recovery. Here are 3 items to consider when thinking about settlement. Please remember that every situation is different and should be evaluated on its own merits.
1. Medical treatment on your own terms
Insurance companies rely upon “independent” doctors to say you are fully recovered. This takes away your ability to get needed medical treatment. It does not even matter what your own doctor believes. Use settlement money to get medical treatment without interference or delay. Having a plan for medical care also increases the value of settlement because the insurance company knows what is at stake.
2. Get retrained for a new career
Many of our clients simply want to get back to a good paying job. This can be difficult if an employer refuses to accommodate restrictions. Rather than relying upon so called vocational experts paid by the insurance company, come up with your own plan to get retrained. Perform a good-faith job search to show employers will not hire you without additional training and skills. Think about ways to make life better and get cost estimates. This can be used to increase settlement value.
3. Social Security Disability (SSDI)
Social Security Disability is a good option for people who cannot return to work. However, there is an offset between SSDI payments and workers’ compensation. A settlement can be used to minimize or avoid the offset putting more money in your pocket. A Medicare Set-Aside should also be established to protect entitlement to future medical care. An experienced lawyer can help you maximize benefits and get the best possible result.
Michigan Workers Comp Lawyers never charges a fee to evaluate a potential case. Our law firm has represented injured and disabled workers exclusively for more than 35 years. Call (855) 221-2667 for a free consultation today.
Photo courtesy of Creative Commons, by 401(K) 2013.