How do you calculate what a settlement will be?
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How do you calculate what a settlement will be?
Asked on August 13, 2014 under Personal Injury, Georgia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
There is no hard and fast answer--each case depends on its own unique facts--but as a *rough* rule of thumb, a settlement would usually be around 30% - 60% of the sum (total) of the following:
1) All out-of-pocket (not reimburse or paid by insurance) medical costs, both present and projected future (though projected future costs are themselves "discounted to present value," or reduced by a mathematical formula which accounts for the fact that it's better to get money today then money tomorrow);
2) Lost wages to date, and projected future reduction, if any, in earning potential;
3) Other out-of-pocket costs, to date and projected future (e.g. if due to an injury, a home health aide has to be hired);
4) For injuries causing significant disability, disfigurement, or life impairment which lasts at least several weeks or months, some amount for "pain and suffering" which would commonly range from 1/3 or 1/2 of total (including paid by insurance) medical costs up to, for longer lasting and more serious injuries, 2 or 3 times medical costs.
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