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Thread: Workers comp settlement

  1. #1
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    Workers comp settlement

    Workers comp is wanting to possible settle my case after almost 27yrs. I'm a c3c4 quadriplegic. After figuring out everything I need throughout a year. I would need about $250,000 to cover everything. How much would I need in an annuity to make that much per year?

  2. #2
    Senior Member Oddity's Avatar
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    I have no idea, but I do know they want to settle because it's what's best for them, not because it's what is best for you. Take this to a legal expert, don't rely on advice from the internet. FWIW, when my LTD company offered me a settlement they also gave me $750, to pay for legal advice, for helping decide if it was right for me. I'd ask for that.
    A Buddhist monk walked up to the guy working behind a hot dog cart and said, "Make me one with everything."

    "Even what those with the greatest reputation for knowing it all claim to understand and defend are but opinions..." -Heraclitus

  3. #3
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    Quote Originally Posted by Oddity View Post
    I have no idea, but I do know they want to settle because it's what's best for them, not because it's what is best for you. Take this to a legal expert, don't rely on advice from the internet. FWIW, when my LTD company offered me a settlement they also gave me $750, to pay for legal advice, for helping decide if it was right for me. I'd ask for that.
    Thanks for the reply. Believe me after almost 27yrs dealing with them I know they are only looking out for themselves. I wasn't looking for legal advice. I was hoping to find some information on annuities. The highest paying.

  4. #4
    Senior Member Cowboys_Place's Avatar
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    First off find yourself a really really good lawyer and maybe even talk to a financial adviser. Secondly don't forget to add in inflation/cost of living and if at all possible have some kind of medical through them that will supplement Medicare which is going to sh*t!

    Obviously they are going to fight you all the way it's taken 27 years to possibly a reach a settlement. Just be careful so you don't find yourself screwed for the long run. Believe me I know I let my " expert workers comp lawyer" talk me into settling shortly after my injury 30 plus years ago for $1308.00 a month. That doesn't go far when you're a quad and have to pay for attendant care and life's other necessities.
    I wish you luck :-)
    Courage is being scared to death but saddling up anyway. .(John Wayne)

  5. #5
    I have a lot of experience in this workers comp settlement 22 years ago. T-10 para post 20 years. Really confused took this so long to settle. I thought every state had tort laws how long you have to file suite or settle out of court. Definitely get a good lawyer it's worth the money big time. A good lawyer will at his expense higher a panel consisted of a rehab dr. as well as rn. They will figure out a mathematical equation of costs that you will incur for medical care and what not. I also thing $250 is a very low figure. Example I settle out of court and gave a portion $500k and bought a medical annuity with Berkshire hathway. With a medical annuity your don't have to claim it on your taxes as well as consider it income it's non taxable. I receive xxx amount of dollars every month like clock work on the 15h of every month. It goes into my bank account and increased by 3 % every 5 years. Good luck and if you have some question you can private message me. Nick M. T-10 para phoenix az.

  6. #6
    id be careful settling as your bills are only gonna get bigger there just tired of shellin out all that money i havent setteled its been almost 16 years for me and i dont have any plans on settling
    to alcohol the cause of-and solution to-all of lifes problems [homer simpson]

  7. #7
    Was this amount determined with input from a Life Care Planner?

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    Senior Member lynnifer's Avatar
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    Agreed with Oddity. i've seen many a documentary on how these companies scam you by doing this.
    Make America Sane Again. lol

    T-11 Flaccid Paraplegic due to TM July 1985 @ age 12

  9. #9
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    Thanks for the replies. I have a lawyer. I also have had a Life Care Plan done. Of course the numbers we have are different from wc numbers. I have Medicare and Tricare also. They cover anything that is not work related. If I was to settle they would take over everything. My main expense is 24hr attendant care (which Medicare doesn't cover). Believe me if they don't offer me enough I will not settle.

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