A variety of factors affect the value of a workers’ compensation claim. Which factors affect any individual case depend on the facts and circumstances surrounding that claim. Generally, case valuation is done in preparation for making a settlement demand. Disputed issues guide the evaluation. Is the case fully contested? Was back surgery denied? Is the insurance company not paying the proper amount for temporary disability benefits? Are you never able to work again?
Benefits that are included in WC claims, and therefore the valuation, include indemnity benefits (money for missed work, permanent impairment, and permanent disability), medical benefits, and disfigurement benefits (e.g., scars). The indemnity benefits are directly affected by the injured worker’s average weekly wage, so it is crucial that the insurer has properly calculated this, and it is not always cut and dry.
An accurate settlement evaluation takes into consideration the issues in dispute, what has been paid versus what should have been paid, and what is likely to be paid in the future. If medical benefits are in dispute, valuing those benefits is crucial. Proceeding with a settlement without a comprehensive analysis of these issues risks leaving significant sums of money on the table. Further, an understanding of how your medical care will be covered in the future is crucial. For more information or to receive a free case valuation, please call 970-506-389.