There are several criteria to consider in determining the amount you keep in workers’ compensation settlement.
- The type of your payout
- Your medical expenditures
- Legal fees, and
- Any other associated charges
Keep records of everything for future appeals process.
Medical Expenses
Most workers’ compensation settlements cover your medical expenditures connected to the occupational accident or sickness.
- Medical visits
- Hospitalization
- Surgeries
- Prescription drugs
- Physical therapy, and
- Other treatments that are required
Lost Wages
In the event of an illness or accident at work, you are legally entitled to a percentage of your lost income. The amount you get is determined by:
- Your pre-injury average weekly salary
- Specific guidelines, and
- Computations stated in Arizona’s workers’ compensation laws
Permanent Disability
Developing a permanent disability as caused by a work-related injury entitles you to compensation. The particular amount will be set by medical examinations and state criteria based on the degree and extent of the impairment.
Attorney’s Fees
Arizona law limits attorney’s fees to a percentage of the settlement, and the actual amount might vary.
Costs and Expenses
You may have incurred expenditures associated with your compensation claim.
- Court fees
- Filing fees, and
- Medical record retrieval fees.
Negotiation and Settlement Terms
Negotiations between your attorney (if you have one) and the workers’ compensation insurance company may determine the ultimate settlement amount. These meetings will cover:
- The terms of the settlement
- Any lump-sum payments, or
- Structured settlements
Taxes
Federal and state income tax regulations in Arizona do not impose any tax on benefits received from workers’ compensation.
Every workers’ compensation case is different. There might be significant differences in the particulars and computations. Speak with an expert workers’ compensation attorney who can offer tailored advice depending on your circumstances to ascertain how much of your payment you get to keep. They may assist in ensuring that you obtain a fair settlement that sufficiently pays for your medical expenditures, lost income, permanent impairment, and other associated costs.
