A workers’ compensation settlement is an arrangement between an employee and an employer’s insurance company that provides a worker with a lump sum of money after a job-related injury. However, there are some cases where an injured worker might receive installment payments rather than a large sum.
Workers’ compensation settlement amounts vary significantly depending on the details of a case, including the severity of an employee’s injuries. However, the average range is anywhere from $2,000 to $40,000.
Obtaining these settlements is never easy, but with help from an experienced workers’ compensation attorney, you could get the amount you deserve. Contact a lawyer about settlements in a Joliet workers’ compensation claim if you were hurt in a workplace incident.
What are the Determining Factors in Workers’ Compensation Settlements?
The Illinois Workers’ Compensation Commission and insurers will consider several factors when determining a settlement for work-related injuries, including:
- An employee’s work history
- Feedback from an arbitrator and commission
- Accident details and injury specifics of the case
- Information on medical records and physician reports
- The amount of medical treatment a person might require in the future
- Whether a worker can perform restricted duties at their place of employment
A seasoned attorney in Joliet can help an injured employee understand more about the information required to settle workers’ compensation claims.
When is the Best Time to Settle a Claim for Workers’ Compensation Benefits?
The best time to settle a workers’ compensation claim is when a worker reaches a maximum medical improvement or MMI. Reaching MMI means that an employee has reached their full recovery potential—or that an injury will remain the same for the foreseeable future.
If an employee chooses to settle their claim before this point, they may risk collecting an amount too low to pay for future medical expenses. However, if a worker has not reached MMI and has reasonable cause for settling, they are not required to wait to accept the settlement amount.
How to Reach an Agreement on a Settlement?
To reach a settlement amount, an employee can ask a legal representative to draft a demand letter to an employer’s insurance company. In some cases, an insurer may reach out to a worker before they receive any communication about a settlement. Therefore, an injured employee should speak with a lawyer in Joliet before agreeing on a workers’ compensation settlement amount to ensure they receive a fair offer.
Calculations for Settlement Amounts
Most workers’ compensation claims have a settlement value based on how an injury could affect an employee’s life in the future. According to the Workers Compensation Act and the Illinois Compiled Statutes 820 ILCS 305/8, an insurance company determines a settlement amount using an employee’s gross average weekly income and multiplying it by 60 percent.
An insurer will consider where on the body the injury occurred, its severity, and the long-term impact it may have on the employee. A hardworking attorney in Joliet could ensure that an insurance company calculates a workers’ compensation settlement amount accurately.
Reach Out to a Diligent Joliet Workers’ Compensation Claim Settlement Attorney
If you were in an accident at work and are considering a settlement of your workers’ compensation claim, you do not have to go through the process alone.
A skilled legal professional could help ensure you receive the settlement amount you are entitled to collect. Contact a lawyer today to discuss your settlements in a Joliet workers’ compensation claim.