According to Horowitz, Horowitz & Associates, the value of a claim under the Illinois Workers' Compensation Act is calculated based on five factors: the reported level of impairment, the occupation of the injured employee, the age of the employee at the time of the injury, the employee's future earning capacity and the evidence of disability in the medical records. No single factor can be used to calculate a value.Continue Reading
The value is determined by the totality of these five factors as they relate to each individual claim. Horowitz, Horowitz & Associates notes that these five factors are contained in the amended Illinois Workers' Compensation Act, which requires the Illinois Workers' Compensation Commission to base its benefit determinations on all of the factors. The reported level of impairment is determined according to section 8(e) of the Act, which is called the schedule of injuries.
The Illinois Workers' Compensation Commission assigns each body part a number of weeks it is worth according to the date of the employee's injury. For example, a leg is assigned a maximum value of 215 weeks. An individual who breaks a leg and recovers rapidly may be offered a settlement of 5 percent of a leg. Horowitz, Horowitz & Associates further notes that settlements tend to be higher when some of the other factors have a bearing on the case, as the reported level of impairment does not take all factors contributing to the employee's financial loss into account.Learn more about Salaries
The time it takes to get a worker's compensation settlement ultimately depends on how long it takes the injured worker to recover, as the final disability the worker will experience must be known, and the worker's state's process for legal proceedings for such cases also has an effect on the time, notes Rehm, Bennett & Moore Attorneys At Law. Although each case is unique, a year from when the worker first filed the case is a common time estimate for a settlement.Full Answer >
Maryland Worker's Compensation data shows that the average final settlement for back injuries in Maryland is $33,748. Most back injury claims in Maryland are for isolated back injuries and combination back injuries, which include the neck, shoulder, knees and leg areas. The agency's data shows that individual back injury settlements ranged up to more than $400,000.Full Answer >
Worker's compensation settlements are figured by considering medical records of the injury, physical impairment, the balance owed to treatment facilities, attorney fees and legal costs, as well as the potential costs of future treatments, according to The Law Dictionary. An individual should also consider the fact that an employer may deny liability of the injury.Full Answer >
A Medicare set-aside is an account created during the settlement of a Workers' Compensation claim by agreement to allocate funds for future medical or prescription expenses related to the claim. This set-aside is created to protect Medicare's interests and rights when the individual who made the claim has Medicare coverage.Full Answer >