The Insurance Company's Projection
You need to understand the insurance company will put a value on your case based on what it projects it may need to pay you.
An Award Gives You Lifetime Medical Rights
If you have a Virginia Workers' Compensation award, you know you have a life time medical award and thus the insurance company may be looking at paying your medical expenses for the rest of your life.
A Possible 500 Weeks of Compensation
If you have an ongoing award of compensation, the insurance company may be looking at paying you 500 weeks of compensation under Virginia Law.
Lost of a Member
If your injury is to your eye, arm, finger, toe, hand, arm, foot, or leg, you can usually expect to be paid for any permanent damage to that part of your body.
Total Lifetime Benefits
If your injury is very serious and leaves you totally disabled, then you may have a claim of compensation that could go longer than 500 weeks potentially for the rest of your life. But this could require brain damage or the loss of two extremities.
A Small Settlement?
On the other hand if you have returned to work and you are not incurring any medical expenses and your injury has not given you any permanent work restrictions, then your claim may have little or no value for settlement purposes.
A Future Operation?
If you face an expensive operation in the future such as a knee replacement, you would need to consider this in negotiating any settlement.
Need for Future Medical Coverage
Many insurance companies in Virginia will not settle a workers' compensation case and allow you to keep lifetime medical coverage. If you do not have an alternative way to pay medical expenses, this can prevent a settlement.
Impact of Social Security & Medicare
If you are on Social Security Disability or are applying for it, then you need to know the impact a workers' compensation settlement will have on your Social Security benefits.
Impact of Third Party Case
if you have a third party case arising out of the same accident as your workers' compensation accident the workers' compensation carrier may have a lien on your workers' compensation case.