It’s no secret that the large percentage of Georgia’s workers’ comp claims end with a settlement. In fact, throughout the claim process there are often multiple occasions to settle. In Georgia, not only does the law encourage you to settle, they allow it at any given point in the process, unlike some other states that require your injury be healed. The problem is that some people decided to settle without really understanding what they are potentially giving up forthe future. Before you can proceed with your case you must know the value of your claim. This is where hiring an attorney becomes necessary.. A workers’ compensation attorney can provide a fair assessment on what a reasonable settlement amount would be and then calculate any extended value of your claim.
Calculating the Value of Your Claim
First of all, there is no exact formula used to calculate the value of a claim. Instead a variety of factors and data are considered when determining the value. The value also fluctuates over time and as things come up during the case. With that said, here is a good overall way to look at how the value is determined.
Future Income Benefits
As an injured worker, you receive two-thirds of your average weekly wage as one part of your workers’ comp payment. You can receive up to $575.00 per week. To demonstrate, if your weekly income was $500.00 then you would be compensated $393.00/week. Then you would take that number and multiply it by 52 (weeks in a year) to get a total of $20,436.00.
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To start, you need to determine what your weekly compensation rate:
| Weekly Income | Divided by | Two-Thirds | = | Weekly Comp rate |
| $500.00 | ÷ | 2/3 | = | $393.00 |
Then, to determine loss of future income:
| Weekly wage loss | Multiplied by | No. of weeks in a year | = | Payment for loss of wage |
| $393.00 | X | 52 | = | $20,436.00 |
Future Medical Care Costs
Future medicals costs are another piece of the settlement value puzzle. Some injured workers have a short and simple recovery while others’ experience a long and arduous road back to health. You will need to obtain copies of the accident report, medical records, statements by witnesses, etc. You also want to obtain a copy of the report your employer sent to the The Georgia State Board of Workers’ Compensation. In order to properly calculate the value, you need to have a full set of medical records that include the balance due to each treating facility. For this reason alone, it’s a good idea not to settle too early in the case when you don’t have all the information on hand. The balances due will be part of the formula used to calculate settlement.
Permanent Partial Disability
If the work-related injury you sustained resulted in a long term impairment that limits your ability to work, you may be able to receive permanent disability benefits. In Georgia, this is usually handled by a lump sum payout rather than continuing the weekly payments. The settlement would likely include money owed for overdue temporary disability and any other medical expenses that have yet to be reimbursed.
There are a lot of factors that go into calculating the value of your workers’ comp claim and the only way to make sure get the amount of money you deserve is by hiring a lawyer. Once the settlement is drafted, a workers’ comp judge will review it before making it official. Whatever you do, don’t sign a workers’ comp settlement agreement without hiring a lawyer, or at the very least doing extensive research on the law.