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Thread: Settlement Possiblity

  1. #1
    Senior Member medic1's Avatar
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    Question Settlement Possiblity

    Hey,
    My Lawyers and I are looking in to settleing my workers comp claim. I need to find out all the expenses from now til I die. Including surgeries, medications, secondary ailments, etc. In the settlement I have to put aside a certain amount of money for medicare to draw from each year before they pick up the tab. I am looking for all opinions on what I should include in future expenses for my injury. Home modifications, personal attendant, assisted living expenses? I am not sure what needs to be included and what isnt. Please forward me to a posting or forum that has information on cases that have been settled. I dont want to end up short changed and I need to make sure all my needs will be taken care of.

    Any information would be greatly appreciated.

    Thanks

  2. #2
    Do you have to settle?...You never know what is gona happen...and from what I know.....any Medicare expense in the future comes out of your part of the settlement. Only one getting rich is the laywer. Someone settled here years ago for a million dollars now they are broke just for healthcare.

    Am sure you will get other to comment on this...hopefully.

    Art
    Art

  3. #3
    heres my 2 cents worth if your gonna settle get a good life care planner your lawyer should know one and the life care planner is supposed to be able to put a good number on it i agree with art i did not settle the work comp part so my work comp is responsible for all medical bills and medicine and anything else that has to do with your injury personally i dam glad i had a good lawyer and once he explained it all i didnt settle mine has bought any equipment i need do not settle its not worth it only bad part is is its like a marrage to your work comp sometimes good some bad but knock on wood mines been good so far hope this helps and im not ramblin on to much i could go on forr days just dont settle
    to alcohol the cause of-and solution to-all of lifes problems [homer simpson]

  4. #4
    I agree. This is not a do-it-yourself job. There are good professional life care planners who do this all the time, and your attorney should spring for one as part of his expenses in the case. In addition, the life care planner's report should then go to an actuary who does life-span projections and estimates of inflation to add to the report (this should be an actuary who does these types of reports all the time too).

    I used to do life care planning and I know how much work goes into this, how hard it is to get price information as a professional (and nearly impossible as a layperson), and what needs to be included and calculated. I would not attempt to do my own life care plan. I would be sure a professional who does exclusively SCI cases was hired. Most are experienced SCI nurses or physicians, although there are some PTs and OTs and social workers who do this as well.

    (KLD)

  5. #5
    Senior Member Broknwing's Avatar
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    IMHO....if you don't have to settle...DON'T!!!! you'll regret it later, even if you think you got a "good" or "decent" settlement now, you'll realize later something you should have done...

    Do not let them out of continuing to pay your medical expenses...you'll regret this! The "Medicare Set-Aside" goes away FAST!!! your prescriptions and co-pays can eat it up before you can use it for anything major you might need. Either way, get a GOOD Life Care Plan done and double check EVERY ammount figured into it, Do not let the worker's comp co hire the life care planner, find them yourself....
    'Chelle
    L-1 inc 11/24/03

    "My Give-a-Damn's Busted"......

  6. #6
    Senior Member medic1's Avatar
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    I had a life care plan done about a year into my injury. I am still waiting for them to send me a copy. I dont want to settle, but my lawyer thinks it might be the best option. I have been out of school for a year trying to find a job, but have had not found one yet.

    If I settle my case, I will receive my social security disability, which I dont receive right now cause it is offset by my work comp. I wanted to settle my wage and leave open medical, but my lawyer says that this is not possible. I know it would be big bucks before I actually agree to anything. I dont want to rush anything and i am going to take this very slow.

    As far as medicare goes, I guess it would be set up so each year has so much set aside each year for injury related expenses and then if that runs out medicare starts to pay. I would for sure want the monthly medicare fee paid, the gap of drugs covered, etc.

    Everything seems so incredibly complecated though. It would be nice to not have work comp constantly hassleing me over things but I would rather have that than have to worry about expenses down the road.

  7. #7
    i disagree with negative comments about a settlement. been there.

    do you have a very good attorney? are you looking at an annuity? many questions here. who recommended your attorney? these are rhetorical questions.

  8. #8
    Senior Member medic1's Avatar
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    The attorny is one that I have had since the begining of my case. It is a group of attorneys, one handles the work comp and one handles my auto ins. they are pretty much the only attorneys in the UP that know how to handle work comp auto and disability.

    I am trying to get all the info I can and then calling my lawyer friday and going to tell him everything I have been informed of.

  9. #9
    look into annuities too many people blow their settlements...it doesn't effect medicare only WORKING/Wages effect medicare

    lawyers should have a good life planner
    Get involved in politics as if your life depended on it, because it does. -- Justin Dart

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  10. #10
    Senior Member medic1's Avatar
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    are annuities when the money is paid out so much a month or year or something instead of me just having the money? That would be a great option to stay budgeted

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