Agency releases 2014 benefit table and we explain how to calculate your weekly comp rate.
We are getting closer to the new year and the 2014 benefit table has now been released. This is used to calculate wage loss benefits for individuals hurt on-the-job.
Information regarding the state average weekly wage has not yet been released. This means the 2014 maximum rate is currently unknown. Check back in December when this information should be available.
Here is how you can calculate weekly benefits on your own.
Do the math yourself
You are entitled to 80% of your after-tax average weekly wage. This comes out to be about 60% of gross pay. These benefits should continue as long as you are disabled from work.
How the math works: Take the highest 39 paid weeks in the 52 weeks before your injury. Add these weeks together and divide by 39 to get your average weekly wage.
Take your average weekly wage and use the 2014 table provided by the State of Michigan. This will show your weekly comp rate. You must know your tax filing status and number of dependents to get the correct amount.
Insurance company tricks
Insurance companies frequently make mistakes and they are never in your favor. Watch out for tricks like not including overtime, premium pay, or bonuses. It is also common for the wrong weeks to be used.
To speak with a workers compensation attorney in Michigan, call (855) 221-2667 for a free consultation. There is never a fee unless you are successful with your case.
– Alex Berman is the founder of Michigan Workers Comp Lawyers. Hes been representing injured and disabled workers exclusively for more than 35 years. Alex has helped countless people obtain workers compensation benefits and never charges a fee to evaluate a case.
– Photo courtesy of Creative Commons, by 401(K) 2013.