Lump Sum Calculations for Compensation

Posted on Friday, July 1st, 2016 at 2:00 pm    

Some workers are in a position, if they have reached maximum medical improvement, to consider a lump sum settlement. Lump sum settlements are very complicated. You only get one lump sum settlement which means once you accept a settlement you cannot go back and say that you missed something. An experienced Virginia workers’ compensation lawyer guides clients through this phase very carefully.

Some of the considerations in a lump sum settlement for just the compensation part of the claim from a math viewpoint are:

  • The date of the accident
  • The start date for compensation and benefits
  • The disability weeks awarded
  • The compensation rate
  • The date for the request of the lump sum
  • Disability weeks already accrued – through what date
  • The total number of lump sum weeks left
  • The lump sum amount
  • The discount compensation rate – the amount of compensation may be discounted because the worker gets it now instead of over a period of time
  • The discount lump sum

Don’t try this on your own. 

There are many other benefits that should be factored into an overall lump sum settlement such as vocational rehabilitation expenses and future medical expenses, ongoing prescription medications, potential future surgeries or other procedures, and any Award or Potential Award for Permanent Partial Impairment.

Get legal help before you settle your Virginia work injury claim.

You only get one chance to make a lump sum long-term settlement. To make sure it is done correctly, you need the help of an experienced Virginia work injury lawyer. Attorney Joe Miller has that experience. He has been helping injured workers get justice for over 25 years. He works to address every benefit and every dollar you deserve. He works to determine your long term needs. Call Joe Miller for an appointment today at 888-694-1671 . You can also complete his contact form online or make an appointment.