Workers comp settlement amounts in Michigan

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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.

Frequently asked questions regarding workers comp settlements and how to calculate a fair amount.

Many claims for workers comp are eventually settled. Insurance companies want to close files and end their liability.

Even claims that are disputed can be settled. The threat of trial provides a powerful incentive for both sides to resolve their differences with a lump sum cash payment.

An experienced workers comp lawyer can negotiate a better settlement for your claim. The attorney fee is only 10% if benefits are currently being paid.

1. What are the advantages of a workers comp settlement in Michigan?

The major advantage a settlement provides is the freedom to live your life. You are trading the potential for future benefits for a lump sum cash payment. A settlement allows you to  find a new job or start your own business without the insurance company looking over your shoulder. You can also choose what medical and vocational rehabilitation you want to pursue without interference.

2. How do I calculate a fair settlement amount?

The amount of settlement will depend upon several factors including age, wage earning capacity, and the cost of future medical care. Workers comp settlements are calculated by taking the weekly rate and multiplying by 52. This gives you an estimate of how much the insurance company has  to pay per year. Most insurance companies will not pay more than five years for a settlement. Insurance companies treat settlements like business decisions and at some point it is cheaper for them to take a chance on trial.

3. What is the average workers comp settlement in Michigan?

All workers comp settlements in Michigan must be approved by a magistrate at a redemption hearing. The magistrate will want to hear that the injured worker understands what benefits are being given up as part of the settlement. The average redemption amount for 2012 was $61,960.62. The average in 2011 was $62,818.81.

4. How long does it take to get paid after I settle my case?

A redemption hearing can be scheduled as soon as you agree to an amount with the insurance company. The insurance company usually needs at least 10 days to get employer consent or to wait for an objection. Most magistrates will allow the parties to walk in redemptions and will schedule them for any day during the week. There is a 15 day appeal period but this can be waived. You should receive your check approximately 1-2 weeks later.

To speak with one of our workers comp lawyers in Michigan, call (855) 221-2667 for a free consultation. You never pay a fee unless successful with your case.

Alex Berman is the founder of Michigan Workers Comp Lawyers. He’s been representing injured and disabled workers exclusively for more than 35 years.  Alex has helped countless people obtain workers comp benefits and never charges a fee to evaluate a case.

Related information:

Client Testimonials – Michigan Workers Comp Lawyers

Photo courtesy of Creative Commons, by Dave Dugdale.

06/01/2013

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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

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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.