Workers Compensation Settlement Calculator
The benefits of a Virginia workers compensation settlement calculator may surprise you. The program will calculate the average weekly wage of an injured worker and include such things as overtime pay, bonuses, cash tips, commissions, payments for education or training, and fringe benefits. There are some limitations to using the calculator, however. You should consult a Virginia workers compensation lawyer if you have any questions about it. It is also helpful to use an online calculator, which is easy to use.
There are two types of settlement calculators. The first type calculates the amount of weekly pay that will cover the cost of living, and it’s important to understand which one will be the most beneficial for you. If you’re injured at work but have no experience with Workers’ Comp law, you may not be able to calculate the amount of compensation that you deserve. In these cases, a Virginia workers compensation settlement calculator can be a helpful tool.
A Virginia workers compensation settlement calculator will also determine the lump sum benefit and the estimate of future medical costs. A lump-sum settlement is typically agreed upon, which will require the parties to agree on the amount of benefits and waive further indemnity rights. The amount may be reduced to reflect the advance payment, upcoming medical needs, or other factors. It’s best to refer to recent settlement practices when determining the amount of future benefits.