The workers compensation settlement procedure is very complicated. It involves lost wages based on your workers compensation rate (not your full wages) and medical treatment, and occasionally vocational retraining. There is no pain and suffering allowed in Michigan Workers Compensation.
The settlements are usually based on 0 to 6 years of future wages at the workers compensation yearly rate. Take what you are being paid in workers compensation weekly and times that by 52 weeks in a year. This is your yearly rate.
In extreme circumstances we do get more than six years of benefits. If the medical is very expensive or the injury is preventing any type of sedentary work from being performed. There are about 20 variables to each settlement and I highly recommend that you speak to an attorney before you ever think about settling directly with the insurance company adjuster. They are not your friend.
LAW OFFICES OF DAVID ZIMMERMAN
42712 Van Dyke, Sterling Heights, MI 5869910600
4-6 Weeks is a General Guideline for Workers’ Compensation Settlements
Generally, it will take 4-6 weeks from the time the agreement is reached until there is money in your hands. Once the settlement is reached, the employers’ attorney will need to draft the settlement papers.
The contracts are then signed by the attorneys and the employee and then submitted to the Magistrate handling the matter for approval. This process can take a few weeks by the time checks are mailed out