What You Need to Know About Average Workers’ Comp Settlements in Ohio
Experiencing a work-related injury can be difficult and costly. You may be wondering if you should accept your compensation settlement offer. Here is everything you need to know about Ohio’s average workers’ compensation settlement.
A workers’ compensation settlement is an agreed amount of money an injured worker receives for a work-related injury. An injured worker can receive the compensation funds directly from a self-insured employer or the Ohio Bureau of Workers’ Compensation (BWC). The BWC can pay compensation funds through a one-time payment or installments over a period of time.
What is a Workers’ Comp Settlement?
A workers’ compensation settlement is an agreement between an employee and an employer that states the amount of money an injured employee can receive to cover the costs of their injury. Different types of workers’ compensation settlements depend on the severity of the injury and can vary in the structure of the payments.
Ohio’s Workers’ Comp Settlement
Ohio law requires all employers to provide worker’s compensation benefits to injured workers. An injured worker may receive benefits from self-insured employers or the Ohio Bureau of Workers’ Compensation. Self-insured employers will directly pay compensation and medical costs to their employees for their work-related injuries.
Related: Ohio Workers’ Compensation FAQs
If an employer is not self-insured, an injured worker will receive compensation through the Ohio Bureau of Workers’ Compensation (BWC). BWC is the largest compensation system in Ohio that provides medical benefits and compensation for work-related injuries. BWC is the primary state agency that provides insurance benefits for workers in Ohio.
There are many different types of benefits that an injured employee can receive through BWC:
- Temporary total (TT)
- Scheduled loss (SL)
- Percentage of permanent partial award (%PP)
- Permanent total disability (PTD)
- Disabled workers’ relief fund (DWRF)
- Change of occupation (COA)
- Facial disfigurement (FD)
- Wage loss (WL)
- Living maintenance wage loss (LMWL)
- Living maintenance (LM)
- Death Claims (Survivor benefit)
- Violation of specific safety requirement (VSSR)
- Wages in lieu of temporary total compensation (Salary continuation)
The BWC website contains descriptions of each type of benefit and ways to apply for the benefits.
How is a Workers’ Comp Settlement Determined in Ohio?
There is no formula for calculating a workers’ compensation settlement. The benefits a person receives depend on each case. The BWC will assess a claim’s settlement by projecting future costs and the likelihood of expenses. The BWC will not consider pain and suffering in a workers’ compensation settlement.
Lump-Sum Settlement
An injured worker has the option to receive compensation funds in installments over a specified period or to receive a lump sum settlement. A lump-sum compensation is a specified amount agreed upon between the worker, the employer, and the BWC that resolves all past, present, or future claim issues or liabilities. After the injured worker receives the full payment, they cannot receive any additional compensation benefits.
Related: Ohio Employee Overtime FAQs
Although getting one large payment may feel like a relief, it is important to remember that you can’t ask for more money if future complications arise. When deciding to take a lump-sum payment, a person should consider the following:
- Future medical expenses
- Loss of wages and time from employment
- The settlement’s effect on current and future benefits
- Responsibilities for managing the money for future medical expenses
- Unforeseen complications of the injury
A lump-sum settlement does not mean that a person cannot receive benefits for other injuries they may incur in the future. If a person gets another work-related injury in the future, BWC will treat the benefits separately, and the person will still be eligible for workers’ compensation.
Contact Us
If you or a loved one would like to learn more about Average Workers’ Comp Settlements Ohio, get your free consultation with one of our Employment Attorneys in Ohio today!