Navigating workers’ compensation claims can be overwhelming, especially when it comes to understanding how your settlement is calculated. Knowing how these calculations work can help you understand what to expect if you’ve been injured on the job in Illinois.
Below, our experienced team at Illinois Workers’ Comp Lawyers breaks down a few key factors that determine your workers’ compensation settlement and how they apply under Illinois law.
Understanding Workers’ Compensation Settlements in Illinois
A workers’ compensation settlement is an agreement between you and your employer’s insurance company to resolve your claim. It typically covers:
- Medical expenses related to your workplace injury.
- Lost wages due to time missed from work.
In Illinois, these settlements are often negotiated based on the specific details of your case. Our experienced team can help you navigate the complexities of workers’ compensation claims.
Key Factors in Settlement Calculations
- Average Weekly Wage (AWW)
Your settlement is heavily influenced by your average weekly wage (AWW) before the injury. This is calculated using your total earnings (including overtime, bonuses, and secondary jobs) in the 52 weeks leading up to your injury, divided by the number of weeks worked. - Temporary Total Disability (TTD)
If your injury prevents you from working temporarily, you may receive two-thirds of your AWW as TTD benefits. These payments continue until your doctor determines you’ve reached maximum medical improvement (MMI). - Permanent Partial Disability (PPD)
For permanent injuries, Illinois law provides compensation based on a percentage of your AWW, as determined by the severity of your impairment. The Illinois Workers’ Compensation Act assigns specific values to different body parts, which are used to calculate your PPD benefits. - Permanent Total Disability (PTD)
If your injury prevents you from ever returning to work, you may qualify for PTD benefits. These payments are often two-thirds of your AWW for life. - Medical Expenses
Your settlement includes reimbursement for all reasonable and necessary medical expenses related to your injury. Be sure to keep records of all treatments, medications, and procedures. - Vocational Rehabilitation
If your injury prevents you from returning to your previous role, you may receive compensation for vocational training or education to transition into a new job.
Calculating a Lump-Sum Settlement in Illinois
Lump-sum settlements are determined by evaluating the total value of your case. This includes the remaining benefits you’re eligible to receive, such as Temporary Total Disability (TTD) or Permanent Partial Disability (PPD), as well as projected future medical expenses and the likelihood of returning to work.
Insurance companies often use these factors to present a one-time payment offer. To ensure the settlement is fair and accounts for your long-term needs, it’s essential to consult with an experienced workers’ comp attorney.
Common Mistakes to Avoid
To help you receive the compensation you deserve, avoid making these common mistakes:
- Underestimating Future Medical Costs
Make sure your settlement accounts for ongoing or future treatments related to your injury. - Accepting the First Offer
Insurance companies often start with a lower offer. Negotiating can result in a settlement that better reflects your needs. - Overlooking Vocational Benefits
If you can’t return to your old job, ensure vocational rehabilitation or retraining costs are included.
Do You Need an Attorney?
While workers’ compensation settlements may seem straightforward, they often become complicated due to the various factors involved. An experienced attorney can guide you through the process by negotiating with insurance companies to secure a fair settlement, accurately calculating your average weekly wage (AWW) and other benefits, and ensuring that your agreement accounts for future medical expenses and financial needs.
At Illinois Workers’ Comp Lawyers, we can help you navigate the complexities of your claim with confidence.
Navigating Your Workers’ Comp Settlement in Illinois
Calculating a workers’ comp settlement in Illinois involves understanding several factors, from your average weekly wage to the extent of your disability. These calculations can be complex, but ensuring your settlement reflects the full scope of your injury is crucial for your recovery and financial stability.
Contact Illinois Workers’ Comp Lawyers Today
If you’re feeling uncertain or overwhelmed, don’t hesitate to seek guidance. Contact us today to speak with an experienced worker’s compensation attorney who can help you navigate the process and secure the settlement you deserve.
