Living on a workman's comp. settlement...

calliemoonbeam · #21 01/25/14, 03:33 AM

I don't know what the best solution is, but I can speak from experience that she somehow needs to make sure that future medical issues from this injury are covered. I was convinced by an attorney to accept a lump sum, freeing them from liability for future medical, and it was a HUGE mistake!

I've since had three other surgeries on my leg, will probably have more in the future including possible amputation at some point, I've lost wages due to issues because of it, and I never got full function back and it just deteriorates more over the years.

What I received would have been a great settlement if the problem had been over then, but compared to all I've gone through and will continue to go through, it wasn't a drop in the bucket. If I had it to do over again, even if it meant curtailing or preventing being approved for disability, I'd still take the future coverage. Just my two cents.

SJSFarm · #22 01/25/14, 07:16 AM

Erin, have your friend check out Dave Ramsey's site about his Endorced Local Providers. Ramsey teaches about money and investing. He is wise and wants everyone to fully understand the process. He requires of his ELP's to be the same. The first consultation-or first two depending on how they run it- are free.

I'm going into have retirement accounts consolidated and investment and other financial advice. This second visit will lay out a plan for me and I can take his advice and leave with no bill or he can help me further and I will pay for that.

I think this may be what she should try. Again, it is a REQUIREMENT of Dave Ramsey that for his endorsement of the counselor the initial consultation and advice are free.

Here is a link to his site- there is a lot of good information there

http://www.daveramsey.com/elp/home/?ictid=lmbb_elp

Ruby · #23 01/25/14, 07:20 PM

Quote:

Originally Posted by fordy

...............If she opts for a weekly sum , that amount may be reduced once she qualifies for SSI ! So , IF she were to accept a lump sum , WILL , she have to repay a % once she qualifies for SSI ? Or will they discount the lump sum to factor in the start of SSI ?
...............With a weekly payment , her W\C will only be reduced when her SSI actually starts monthly payments .
................As far as investing she might want to consider stock funds consisting of the major oil companies which usually pay excellent dividends , regardless of the fluctuations in their stock price . Her ROI on her dividend income will be fairly high . I would stay out of broad based mutual funds because they exact a fee each year that makes the managers filthy rich regardless of how well the individual investments performed . , fordy

I opted for weekly and when I started getting ss. they reduced the ss amount but not my wc payment.