Information on the average for a workers’ comp redemption amount in Michigan and how to get a fair settlement.
Many people who are hurt on-the-job want to know about the value of a workers’ comp case. How much can they expect from a workers’ comp redemption in Michigan? Here is some statistics and data points that are helpful in this analysis. Please remember that every situation is different, so it is a good idea to consult with an experienced workers’ comp lawyer before accepting a settlement.
The Workers’ Disability Compensation Agency has published its 2019 Annual Report. It is always full of interesting statistics and data points that can be used to evaluate settlement value. Data shows the average redemption amount in 2019 was $58,641.58. Approximately 73% of total dispositions were through a redemption. Numbers for 2020 are not yet available but will be released sometime in the first quarter of 2021.
Many of our clients are shocked to learn this statistic because it does not sound like much money. This is especially true for a person who will have lifetime medical bills and restrictions. Here are some tips on how to get a fair workers’ comp redemption in Michigan.
Settlements are based upon how much the insurance company thinks it must pay in future benefits. This includes both medical treatment and wage loss. It is a business decision and fighting a case at trial is sometimes a cheaper option. Damages for pain and suffering is not allowed.
An experienced work injury lawyer can ensure a fair workers’ comp redemption in Michigan by developing medical and vocational evidence. This requires knowledge of Michigan law and unique trial experience. Understanding legal issues and knowing how to negotiate is the best way to get maximum dollars.
Settlement is a great way for people on workers’ comp to get away from the insurance company. Money can be used for any purpose including medical treatment, vocational rehabilitation, transitioning to a new job, starting a business, paying off debt, or retirement. It allows for an individual to get back on his or her feet and start fresh. It also means they can also start a new job without fear of losing workers’ comp benefits.
Some disabled employees also want to collect Social Security disability benefits (SSDI) too. There is usually an offset when a person receives both SSDI and workers’ comp together. This lost money is even taxable under some circumstances. A workers’ comp redemption in Michigan can eliminate this offset when it has been prorated over a person’s lifetime.
Attorney fees are capped at 10% of the total settlement if there is no dispute. The fee is 15% of the first $25,000 and 10% on the remainder if benefits have been disputed. The initial consultation will always be free.
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.