How much is the average workers’ compensation settlement in Michigan?
Statistics published by the Workers’ Compensation Agency show the average settlement amount in 2018 was just $57,859.15. Most people are shocked to learn this fact because it does not seem like much money. This is especially true for a disabled employee who will need lifetime work restrictions.
Settlement allows an individual to give up their workers’ compensation benefits in exchange for a lump sum cash payment. This money can be used for retraining, starting a business, or transitioning to a new job. It is also an attractive option for anyone who wants to do medical treatment on their own terms.
Settlement is based upon how much the insurance company believes it must pay in future workers’ compensation benefits. This includes medical treatment, lost wages, and vocational rehabilitation.
Hiring a lawyer typically results in a larger settlement amount. Understanding legal issues is the key to a successful negotiation. Attorney fees are capped at 10 percent of the total settlement and increase by only $1,250.00 if a claim later becomes disputed. Watch out for insurance companies who make low-ball offers and want to take advantage of financial distress.
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 (844) 316-8033 for a free consultation today.
Related information:Average Settlement, Michigan workers comp lawyers