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Off The Record – Workers’ Comp Maximum Workers’ Comp Benefit

Video Transcript

Janet: I have a question for you. I have a client that I’m gonna be taking in for Social Security, but for reasons related Social Security, I need to know what the maximum workers’ comp rate is.

Bill: Okay. Maximum benefit, you’re entitled to two-thirds of your average weekly wage, that you were earning at the time you got hurt. So the maximum benefit now is 1603.05. And so that is two-thirds of the statewide national average. Okay, so that’s why you have this odd figure all the time. They’ve been doing that since 2010. So since 2010, the maximum benefit rate has always been an odd figure like that, but that’s because it’s based on the statewide average weekly wage. And to put it in perspective, when I started doing this, the maximum benefit rate was $275 a week.

Janet: Wow. Big difference.

Bill: Yeah, that was a while ago.

Janet: Well, workers’ compensation benefits, they’re not taxable, correct?

Bill: No, they’re not taxable. But if you’re applying for Social Security disability, it’s important to know because…

Janet: There will be an offset or possibly an offset. And obviously, in some situations, you’re better off taking the offset from Social Security than you would be reducing the comp rate because of the tax consequences.

Bill: Right. So when we say offset, basically you’re entitled between workers’ comp and Social Security benefits a certain amount.

Janet: It’s 80%, actually, 80% of your highest years earnings in the last 5.

Bill: So if you have questions about how much you’re entitled to under workers’ comp benefits or just how your workers’ comp benefits interplay with Social Security benefits, give us a call or check us out on the web, This is Bill Turley.

Janet: Janet Santeramo.

Bill: Thanks for listening.

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