Agency releases 2015 Weekly Benefit Table and how to calculate your comp rate.
We have blogged in the past about calculating your average weekly wage. This is an average of the highest 39 paid weeks during the 52 weeks before injury. Double checking this number is critical because it will be used to determine your weekly comp rate.
Our experience is that insurance companies frequently make mistakes and they are never in your favor. Here are some tips on using your average weekly wage calculation to figure out the comp rate.
Please remember that your comp rate is subject to a state maximum and this number has not yet been released for 2015. The Weekly Benefit Table will be updated when this information is announced.
Calculating the weekly comp rate
A person is generally entitled to 80% of their after-tax average weekly wage. These weekly payments should continue for the entire period of disability.
Take your average weekly wage calculation and plug this number into tables provided by the State of Michigan. This will show your weekly comp rate.
We have included a screenshot to help you understand the benefit tables. This snippet covers individuals who have an average weekly wage between $801 and $804. Select the columns that correspond to your tax filing status and number of dependents.
Michigan Workers Comp Lawyers never charges a fee to evaluate a potential case. Our law firm has represented injured and disabled workers exclusively for more than 35 years. Call (855) 221-2667 for a free consultation today.
Photo courtesy of Creative Commons, by seniorplanning.Tags: Average Weekly Wage, Comp Rate, Michigan workers comp lawyers