Workers’ compensation is meant to protect your employees and you as a business owner when one of your workers gets hurt on the job. It’s not meant to be a windfall. However, it often feels like just that when you’re dealing with the stress of an injured employee and the administration of your company. Other costs can be most difficult for small businesses outside of what you pay into the system. How much of your settlement do you get to keep? This article will answer that question, and more so you can make informed decisions about proceeding with your workers’ comp claim.
What Should You Expect From Your Workers’ Comp Settlement?
When you get injured on the job, you are entitled to receive compensation for your medical bills, lost wages, and other costs related to the injury. The amount of payment you receive is based on a loss schedule determined by the state. If your company has had no previous workers’ comp claims and you are not a high-risk employee, you may be entitled to receive more than what the state requires. However, if you have had prior claims or work in an industry with high injury or illness rates, this might not be the case. Workers in the Chicago area that may need help with Workers’ Compensation and Personal Injury claims should consider the WIN injury network we advocate for workers injured on the job or under the care of a doctor.
How Do You Calculate Your Settlement?
The amount of money you receive will be determined by the state and based on your company’s experience dealing with workers’ compensation claims. In the Chicago area, the state of Illinois has a schedule of losses. This is based on the number of hours worked and the money you make. Mostly, you will receive two-thirds of the difference between your weekly earnings and the amount you are entitled to receive. In addition, the state of Illinois has a schedule of payments. This is based on an individual’s injury and how long it lasted. The longer the injury, the more money you will receive. The state has a program that allows payments to be made in monthly installments until all medical bills are paid. If your company is self-insured, you will receive a lump-sum compensation for all medical expenses due to your injuries. In addition, the costs of future lost wages and permanent disability benefits may also be deducted from this lump sum payment. All other expenses are paid in a lump sum settlement payment as well.
What Will Your Settlement be?
Your company’s experience with workers’ compensation claims will determine your settlement in Chicago. For example, if your company has never had a workers’ compensation claim and you work in a part-time job, it is more likely that you will receive less money than if you work full-time for the same company. At WIN injury network, our experienced workers’ compensation, personal injury lawyers, and doctors will help you get the compensation you deserve.
Below are some of the benefits that come with workers’ compensation.
Temporary Partial Disability (Job Loss Compensation)
If you cannot work for some time due to an injury, you may be entitled to TPD. TPD is a lump sum payment you may receive if your injury prevents you from performing your job. This can be calculated as the lesser of your disability income or 60% of the average weekly wage for the job classification. Some employers will ask for permanent disability before they will award a settlement. This is because they want to know that their injured worker cannot return to work, not just temporarily. They would rather pay temporary total disability and get paid out in full from their insurance company when the worker can no longer perform their job.
Permanent Total Disability (Permanent Income Loss Compensation)
If your injury results in a permanent loss of an arm or hand, or a permanent loss of sight in one eye, it could be worth pursuing permanent income loss compensation (PILC). PILC is calculated as the lesser of your disability income or 60% of the average weekly wage for your job classification. Some employers will ask for permanent total disability before awarding a settlement. This is because they want to know that their injured worker cannot return to work, not just temporarily. They would rather pay temporary total disability and get paid out in full from their insurance company when the worker can no longer perform their job.
Unpaid Medical Bills
Your worker’s compensation claim entitles you to continue getting medical care for your injury. You may be able to get all or part of the medical bills paid, depending on your injury and the amount of time it takes you to heal. If you have ongoing treatment, you may be able to continue getting medical bills paid for as long as you need them. In the Chicago area, the WIN injury network has a special program for those injured on the job, and their medical bills have not been paid.
The amount of money you can expect is based upon several factors: How much is covered? Your workers’ compensation insurance policy will cover 80% or more (whichever is less) up to a specific dollar limit per claim per year, depending on your company’s size, age, and type of business, the extent to which you have workers’ compensation insurance coverage, and other factors.
Suppose your company has health insurance coverage through an employer-sponsored plan. In that case, any medical expenses paid by that plan will also be covered by workers’ compensation if they are related to a work-related injury or illness that occurred while on duty for work purposes: i.e., if you were injured doing job duties for work purposes when not off duty (i.e., working overtime) for more than 10 hours in a day or more than 24 hours in a week, then the medical expenses will be covered by workers’ compensation.
We are committed to providing the most comprehensive and effective workers’ compensation benefits for our injured members at the WIN injury network. We work hard to ensure you receive full benefits for your injury or illness. Our dedicated staff provides you with comprehensive and effective workers’ compensation benefits. We will help you through every step of the workers’ compensation process, from filing your claim, negotiating settlements, and obtaining medical treatment and prescriptions if necessary.