How to Calculate your Workers’ Compensation Settlement

Man signing workers’ compensation

If you’ve been injured on the job, you may be wondering when you’ll receive your Workers’ Compensation settlement. This process can be frustrating, especially if you’ve been permanently disabled in a work-related accident. Before you settle on a payment, it’s important to educate yourself on your available options.

Workers’ compensation benefits don’t last forever. So, it will be beneficial to learn how to calculate your Workers’ Compensation settlement in New York State (NYS). This will be the best and most proactive way for you to help determine the best Workers’ Compensation settlement option for you.

How Does New York State Calculate My Workers’ Compensation?

In New York State (NYS), you’ll receive weekly benefits to help pay work-related expenses and missed wages. It’s typical to get paid bi-weekly until your injury has healed completely, allowing you to return to work. In some cases, those who’ve been seriously injured can request a lump sum settlement called a Section 32 agreement. This might be the best option, rather than weekly benefit payments, where specific time limits apply.

It’s important to know ahead of time that Section 32 agreements can’t be renegotiated. Therefore, it’s essential that you add these four key elements into your calculations:

  1. Your potential missed wages up to ten years
  2. Your anticipated future medical costs
  3. The extent of your injury
  4. Whether your permanent disability is partial or total

If you get approved for a Section 32 agreement, you’ll need to budget carefully. Again, this is a lump sum, and it won’t last forever. So, you’ll need to manage your bills and budget to financially ensure your future.

What’s a Schedule Loss of Use Award?

This is another Workers’ Compensation option available to you. In NYS, a Schedule Loss of Use Award can help you obtain compensation for more serious injuries. This is because it’s an additional cash payment reimbursing you for a permanent disability, i.e. an injury where one part of your body will never be restored to its normal functionality. You’ll be compensated differently based on what part of the body was injured and the percentage of loss of use.

Maximize Your Benefits: Contact EMD!

When you work with Erwin, McCane & Daly, you can trust that their Workers’ Compensation experience and knowledge can improve the odds of securing more benefits. Together, we’ll walk through your case and find the best Workers’ Compensation settlement for your injury. Let us do the heavy lifting so you can feel supported by a trusted team throughout this legal process. Contact us today to schedule a free consultation!