What Factors Are Considered When Determining The Value of a North Carolina Workers' Comp Claim?
Every Workers’ Compensation claim in North Carolina is unique and has its own specific details. When assessing the value of a workers’ compensation case in North Carolina, these unique factors are taken into consideration.
In North Carolina, the value of a workers’ compensation claim is primarily based on how much money the employee was earning at the time of the injury. Many aspects of Workers’ Compensation revolve around the employee’s compensation rate.
The compensation rate in North Carolina is calculated as two-thirds of the injured employee’s weekly wage. The average weekly wage is determined by considering the earnings over a 52-week period prior to the injury.
Once the compensation rate is determined, the settlement amount in part is then based upon how the case will resolve. Below are the three main factors in addition to the compensation rate calculation.
Loss in wage earning capacity: This depends on whether the injured employee can return to their job and how long it will take for them to recover. Several factors affect the duration of time someone may be out of work, such as age, employer, training, skills, vocational background, and education. In this type of scenario the settlement will be based upon how long the injured employee will continue to receive the weekly benefits. This time period is speculative in nature and where the fight comes in.
Loss of function to a body part: Workers’ Compensation laws have specific provisions that assign different monetary values based on the percentage of loss of function to a particular body part.
Future Medical Treatment: The cost of future medical care needed for the worker’s recovery is a key factor in calculating the claim’s value. This includes anticipated treatments, medications, and therapies.