How Much of the Workers' Compensation Settlement Can I Keep?
Expenses can pile up quickly after a job injury. In addition to your medical bills, you may worry about lost wages, reduced future earnings, and any long-term disabilities you develop. Naturally, you want to secure maximum compensation in a workers’ compensation settlement. But how much of your award do you get to keep? Other parties, such as legal and medical professionals, may have a claim on some portion of the compensation you receive.
There is no single answer to how much compensation you retain in a workers’ comp settlement, but working with an attorney is essential to maximizing your award. At Trollinger Law LLC, we have helped many Maryland workers recover full and fair compensation after work-related accidents. For help navigating the claims process, contact us today to speak with an experienced workers’ compensation lawyer.
What is a Workers’ Comp Settlement?
Most Maryland employers must provide workers’ compensation insurance for their employees. When a qualifying worker gets hurt or develops an occupational disease, they can file a claim with their employer’s insurer to receive workers’ compensation for their injuries. Workers’ comp typically includes money for the employee’s medical bills and a portion of their missed wages.
A workers’ comp settlement is an agreement between an employer and their injured worker. The employer agrees to pay a fixed amount for the employee’s medical care, lost wages, and long-term disability. Employees often receive workers’ comp benefits until they heal. In other cases, an employee opts to settle instead of collecting benefits. Once the employee agrees to the settlement, they generally cannot recover additional compensation for that particular injury.
The Employer’s Responsibility in a Workers’ Compensation Settlement
Under Maryland law, employers must pay for an injured worker’s reasonable and medically necessary treatment until the worker heals or reaches a point where further treatment will not make a meaningful difference. In addition, employers must provide compensation for a portion of the injured worker’s missed wages up to a limit set by state law. In most cases, an injured worker’s employer submits a workers’ comp claim to their insurance company.
How are Workers’ Compensation Settlements Calculated?
Some of the factors that go into calculating a workers’ comp settlement include:
- Your past and future medical bills
- How much work you will miss, or whether you can work again at all
- Your missed wages
- The severity of your injuries and disability rating
- Vocational rehabilitation
You, your workers’ compensation lawyer, and your employer’s insurance company must weigh these factors to reach a reasonable settlement. Remember that your doctors, attorney, and other parties may be entitled to a portion of your settlement.
Types of Workers’ Comp Settlements
There are two types of workers’ comp settlements. The first is a lump-sum settlement, meaning the injured worker gets the total settlement amount upfront. The second is a structured settlement, meaning the injured worker receives their compensation in fixed increments over a set period. Both settlement types have pros and cons. Discuss the advantages and disadvantages with your attorney before making a decision.
What is the Average Workers’ Compensation Settlement?
Every workers’ comp case is different, so coming up with an average settlement figure would be meaningless. That said, consulting a workers’ compensation lawyer is crucial if you want to recover as much money as possible. Remember, your employer and insurance company want to keep their costs low and pay as little as possible in a settlement.
Get Help from Our Workers’ Compensation Attorney
The legal team at Trollinger Law LLC knows how important it is for you to recover as much money as possible in a workers’ compensation settlement. Call us today or visit our contact page to schedule a free consultation.