How Do Workers' Compensation Settlements Work in Ohio?

All about your workers' compensation settlement in Ohio

When your condition stabilizes to the point that future medical treatment can be properly evaluated, the Ohio Bureau of Workers’ Compensation will allow you to request a final settlement of your workers' compensation claim. Several factors have to be evaluated in order to determine the appropriate amount of your settlement because your claim for medical and compensation benefits will come to an end with the order setting forth your settlement.

How is a workers' compensation settlement calculated?

A major factor that determines your settlement value focuses on the cost of future medical treatments, including possible surgery and future plans of care, which must be properly identified by your attorney based upon BWC guidelines. Future prescription costs are also factored into this valuation, as are time off work benefits for any related injuries and/or treatment. Finally, the potential for additional future permanent partial impairment awards and/or vocational rehabilitation and associated benefits will be considered in determining the value of a settlement.

Our office utilizes all of the above factors in determining the proper value of your claim, and to best negotiate a settlement, on your behalf, that reflects that value. Due to the complicated and binding nature of workers’ compensation settlements, we ask that you contact our office directly to discuss the circumstances of your case with one of our workers' compensation attorneys.

More considerations for your workers' compensation settlement

Type of benefits – What type of WC benefits are you receiving? Different benefits carry different implications in a settlement. Permanent disability benefits are more complicated, as they are likely to continue and affect an injured worker and his family well into the future.

Benefits duration – Is it likely that your benefits will continue? Sometimes, it may become apparent that the benefits are likely to be discontinued. A settlement might be most beneficial for the worker in obtaining the maximum compensation.

Current needs – Do you have specific needs right now? Is there a compelling reason to want or need a settlement? For many people, weekly benefits serve their purpose, but sometimes a settlement can help address immediate, necessary issues.

Money management – Are you good at managing money? Receiving a large lump sum requires a certain amount of self-control and successful money management. To ensure your future stability, it is necessary to use the lump sum responsibly. For some, a weekly paycheck is a much easier way to do this.

Future medical needs – Your needs may change as your condition develops, either for the better or worse. Will you be taken care of if you require continued or more invasive care?

Earning potential going forward – The type and severity of the injury can affect a worker’s ability to work and earn income. What will your earning potential be?