Settlement tricks you might not know about

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You’re not alone. Our Michigan workers’ comp lawyers have been called the best in the state, and we pride ourselves on providing you with care, trust, and responsiveness.

Maximize how much you get with a workers’ compensation settlement and hidden tricks you might not know about.

We previously blogged about the average settlement amount for a Michigan workers’ compensation case. How the amount paid is based upon future medical and wage loss benefits.

Settlement allows a person to get a lump sum cash payment and move on with their life. However, it never pays enough to support them forever.

There are pros and cons to any settlement. Here are some tricks that you probably did not know about.

1. Goodbye SSDI offset

Individuals who receive both workers’ compensation and Social Security Disability (SSDI) are subject to an offset. Social Security will reduce monthly benefits if combined payments exceed 80% of average current earnings. This penalty can be avoided by prorating a workers’ compensation settlement over life expectancy. This will ensure you get 100% of your SSDI payments.

2. Double recovery if you are getting STD/LTD

Some people get short-term disability (STD) or long-term disability (LTD) when workers’ compensation is denied. This money is usually paid back if workers’ compensation is later approved. Settlement allows a person to structure his or her workers’ compensation payments in a way that does not require payback. This can result in a double recovery and more money in your pocket!

3. Get your money immediately in cash

Lost wages under workers’ compensation are paid weekly. This does not give you much freedom to live your life. Getting a cash settlement opens the door to more options. You can even waive the statutory 15-day waiting period and get your check within 7 days.

4. Pay no income tax

Settlements under workers’ compensation are 100% income tax free. This is true even if you get several years of lost wages upfront.

5. Invest in your future

Having a plan is the quickest way to a successful recovery. Do you want to be retrained for a new career? How about starting a business? Maybe you just want to find a new job? Settlement puts you in the driver’s seat and funds can be used for any purpose. We tell our clients to invest in themselves and use settlement money to make their lives better.

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.

Related information:

Why settlement is not always your best option

Photo courtesy of Creative Commons, by kenteegardin.

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Author Bio Jeffrey Kaufman

Author
Jeffrey E. Kaufman
Michigan Workers Comp Attorney

Jeffrey E. Kaufman has extensive experience in workers compensation cases and has recovered millions of dollars in benefits for his clients. He believes all injured workers deserve to be on equal footing with insurance companies and employers, and fights tenaciously so their rights are secured and protected.


“Jeff also helped me with getting my Blue Cross bills paid. I would absolutely recommend him and the whole firm. Jeff and the firm did everything they were supposed to do for me and my case.”
Ricardo Perfetto

Hundreds of 5-Star Reviews

Related Blog Posts

Get Help From our Michigan Workers’ Comp Lawyers Today

You’re not alone. Our Michigan workers’ comp lawyers have been called the best in the state, and our clients love how they’re treated with care, respect, and responsiveness. We will give you the time you need, we will explain your legal rights, and we will always treat you with respect.

Our workers’ compensation and Social Security disability lawyers always put your needs first. Get to know your legal team.

Our attorneys post regularly about common issues related to workers’ comp, including common injuries, settlement calculations, laws, and more.

Injured? It’s Time to Get Some Answers

Don’t let the insurance adjuster push you around. Request your free consultation today.

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Our attorneys post regularly about common issues related to workers’ comp, including common injuries, settlement calculations, laws, and more.

Our workers’ compensation and Social Security disability lawyers always put your needs first. Get to know your legal team.