A warning about the 2016 calculation program and how legislative reforms changed the interest rate calculation.
We have previously blogged about the workers’ compensation calculator and how it can be used to double check insurance company math. Now here is a warming about the interest rate calculation feature.
The Michigan Legislature passed significant reforms in 2011. A provision that did not get much attention involves how interest is computed when a claimant receives an award of benefits from a magistrate. It also changed the interest rate.
Interest is now calculated like a money judgment in a civil action under the Revised Judicature Act. More information about this calculation can be found at the Michigan Department of Treasury.
Our 2 cents
Plaintiffs are still entitled to receive interest on awards ordered by a magistrate. The math is just more complex.
Some cases can take years to resolve and interest can be in the tens of thousands. We recommend seeking the help of an experienced attorney to ensure you are receiving the correct amount.
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.