The Factors in a Workers' Comp Settlement Calculation
A very high percentage of clients involved in disputes over workers' comp benefits resolve their claims in a lump sum settlement or have their benefits reinstated retroactively to the time they were stopped.The settlement value of each claim is determined by evaluating disability and future medical expenses. Michigan is a "wage loss" state which means that a claimant does not receive wage loss benefits until he is able to demonstrate that a work injury has caused him to lose wages. Can a person who sustains a broken arm at work receive wage loss benefits? Not until there is demonstration that the broken arm has caused loss of time from work. However, you may receive medical benefits. Over 90% of the claims that are brought or filed are settled by way of a redemption agreement. This redemption agreement is a settlement of your workers compensation case. The settlement is calculated in the following manner. A claimant's weekly benefit rate, not your actual wages but about 66% of your take home pay or net, is multiplied by 52 ( weeks in a year) to get the annualized rate. For example, a worker with a rate of $500 per week, will have an annual rate of $26,000. Settlements are reached based upon the professed value of the claim. A worker with a serious and valid claim may demand six years or more of annual benefits, for settlement. Normal injuries usually demand between two and four years of future comp payments. Pain and suffering is not paid in any Michigan Workers Compensation case, ever. Nominal claims are settled for as little as $250 and up. What makes one case better than another depends upon many factors including testimony of treating physician, testimony of examining physician, causation, disability severity, notice given to the employer, preexisting conditions, wage earning capacity etc.
Experienced in Workers' Compensation Settlements
The Law Offices of David Zimmerman, in Sterling Heights, MI (Metro Detroit) has great experience in Michigan courts throughout the state. We will evaluate your situation and present you with the available workers' comp settlement options. We've helped many injured workers in Michigan negotiate lump sum settlements in workers' compensation cases. There is much to consider in determining a fair lump sum settlement amount. You should be aware that the workers' compensation carrier does not represent your interests in these negotiations and has a financial interest in settling your case for the lowest possible amount. Workers' compensation claimants that settle their claims directly with the insurance company and claims adjuster, suffer significant reductions in settlement amounts, in our experience. We offer a free initial consultation to answer your questions about how lump sum settlements work.
Contact Our Workers Comp Settlement Attorneys
For experienced attorneys giving you the greatest chance of receiving the highest Michigan Workers' Compensation settlement possible, call the Law Offices of David Zimmerman, in Sterling Heights, MI. You will be treated with the utmost of respect and professionalism and we look forward to speaking with you. Thank You.