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Thread: worker's comp settlement

  1. #11

    great info

    Thanks everyone. The high risk prego and childcare didn't even cross my mind. I don't think I will settle but it great to have this info.

    Thanks again.

  2. #12
    Senior Member marycsm77's Avatar
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    thankyou also cheesecake and wesley for your valuable input.

  3. #13
    I've been collecting W/C for almost 16 years and every now and then i get a letter like what you recieved. Being a t-7 para, you never what the future holds. Medication, wheelchairs, hospital bills, supplies all this adds up.. I will never settle.. Just my two sence...

  4. #14
    Senior Member jschism's Avatar
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    annuities are great, big settlement will leave you paying taxes on interest it makes, unless you spend it all like some. definitely seek financial advisor and plan ahead

  5. #15
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    I have a T-6 friend that stayed on WC, and is really glad that he did due to some serious complications 15 years after injury.
    Don - Grad Student Emeritus
    T3 ASIA A 26 years post injury

  6. #16
    Senior Member medic1's Avatar
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    Quote Originally Posted by Donno View Post
    I have a T-6 friend that stayed on WC, and is really glad that he did due to some serious complications 15 years after injury.
    yup this is exactly why i have decided not to settle the medical portion of my work comp claim. there are way to many unknowns. Even in the millions it is not enough is serious issues arise. Plus u dont really get the money on work comp. You have to have a set aside account for medical now.

  7. #17
    There is a reason WC wants to settle with you: It's advantageous for them.

    Actuarials look at you statistically, your expected longeivity, anticipated costs, likely complications and make an offer if it is cheaper to them for you to take a lump sum rather than continue on WC.

    Unless you are independently wealthy, consider taking a pass on the offer. These injuries have a way of rearing their ugly heads with unexpected complications throughout life.

    I was offered a settlement on my LTD and also on my life insurance through my former emp[loyer. I passed on the first. On the life insurance, I did the same. Had I accepted the sum, it would have been taxable and also would have counted as income against LTD.

    Whatever you decide, carefully consider the pros and cons, your current financial situation, how you would handle a major SCI related medical problems and expenses in years to come.

  8. #18
    Senior Member jschism's Avatar
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    Quote Originally Posted by medic1 View Post
    Plus u dont really get the money on work comp. You have to have a set aside account for medical now.
    i forgot they passed that law, it is for any injury claim, not just WC. gov't set aside account, might as well forget about ever getting that money even when it is needed, i'm sure it will be like the college fund and not insured.

  9. #19
    Insurance companies buy policies for the annuities. They may pay $25,000 for a $100,000 annuity fund. You read right--they pay 25 cents on the dollar if not less.

    When there was the Wall Street financial crisis, many people with serious injuries and disabilities stood to loose their funds if the banks had not been bailed out.

    I suggest you sit tight and wait it out. FWIW, I have life time medical on an injury that rated me as 75% disabled. Once I settled, Worker's Comp has not approved or paid a single dime of my medical care. It looks great on paper but it is not as sweet as you may think.

    Use your money, get training for a new job, earn money and get ahead. In the long run you will be much better off.
    Every day I wake up is a good one

  10. #20
    Senior Member medic1's Avatar
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    Quote Originally Posted by jschism View Post
    i forgot they passed that law, it is for any injury claim, not just WC. gov't set aside account, might as well forget about ever getting that money even when it is needed, i'm sure it will be like the college fund and not insured.
    I can see why they did it. I mean people use to settle and blow the money then the medicare was stuck with pay the medical expenses.

    I would suggest to anyone that they keep medical open and only offer settlement on wages if they want to do that. That way you can have a little money and if u qualify for soc sec then u can collect that. They spread the sum over the life expectancy and from what i hear it does not affect the soc sec that much. something like 20 bucks a week or so depending on the settlement. Most wont do this as it is not as adventageous to them.

    With a settlement on medical there is so many unkonwns and you are responsibel for paying all your copays and deductibles etc. Those would add up fast. Along withe the DME and hospital stays. All your medications, the money would be gone in a blink of the eye. The money sounds good at first but when u actually sit down and figure out the settlement over the rest of your life you will see it does not make sense at all.

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