Q: Trying to figure out an estimate on a workers comp ptd settlement. My wkly ptd rate is $484, my life expectancy is 37.5
A: When was your accident? There is a minimum rate for permanent total disability. You should be able to download a present value calculator to do the computation. A lawyer who is not actually representing you should not be second guessing the lawyer who is representing you.
A: If you qualify for Permanent Total Disability, DO NOT SETTLE! You are entitled to receive $25,168 per year, for your life AND all of your medical care that is related to the accident. Given that you are permanently disabled, you would be Medicare eligible but Medicare will refuse to pay your medical care unless you have an MSA - a fund set-aside to pay for that medical care in an amount that MUST be approved by Medicare. You NEED an attorney to make sure this is done correctly.
In addition to that money, beginning in the second year after the judgment is entered, you would receive money from the rate adjustment fund (RAF) to protect your income from inflation, like a COLA allowance. After 20 years, the contribution from the RAF could actually EXCEED the amount of your weekly income. If you "settle," you would get NOTHING from the RAF.
The simple answer to your question is $425,000 to $550,000, as a settlement or roughly $1,500,000.00 if you do NOT settle. The attorney fee is $35,000 for settlement. If you have an attorney handle the case for payments, you would still owe $35,000, but you would only have to pay $96.00 per week for 7 years.
This is a complex matter that really requires that you speak with someone who knows what they are talking about so that you can make an informed decision. You are welcome to call my office for an in-depth consult at no charge and with no obligation. 312-465-2914 I will be in Court this morning but expect to return by 11:30.
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