How Are Personal Injury Settlements Paid Out?

Are you wondering how personal Injury bills are paid? Here is a thorough breakdown of the way your injury settlements are paid. (See this No Win, No Fee Tustin personal injury lawyer)

The general belief that after a settlement agreement is struck with an insurance company, then the process is finalized is a huge misconception. To get ready for your injury claim, there are further measures that you should be aware of after the negotiation. 

Everyone wants to get over their accident, expenses, and legal matters as soon as possible. Most injured people find it difficult to do that until they have received compensation for their damages. The process will become easier if you are well informed about how the whole process works.

  • Firstly, You are to append your signature on the release form

It’s time to sign the documents once everyone, including the attorneys and insurance providers, has agreed on a settlement figure for injuries. The release is the most crucial document you’ll sign, among many others. 

  • The Insurance provider issues a check 

The insurer of the party at fault receives the signed release and will issue the compensation cheque. The check will be forwarded to the law office and written out to you and your lawyer. 

  • Your Lawyer deposits the check 

Your settlement funds are currently with your legal counsel but must still pass through a few more channels before it gets to you. 

The check was sent to both you and your attorney so they could deposit it into their trust account.

  • Overdue medical bills and other debts are negotiated by your attorney

Injury victims often owe a portion of their settlement to external parties, like doctors and hospitals. These obligations, sometimes known as “liens” can be negotiated, and your attorney will have to work hard to get the amount you owe reduced. 

  • You receive your payment

The next step is to wait for the settlement check so you can use the money to cover your debts when your lawyer and the insurance company settle on your claim. 

You are done with a claim once it has been settled. This means even if your personal injuries worsen suddenly or gradually, you cannot reopen the claim. Insurance providers will make sure that your claim is finalized by having you sign a release on all claims. 

The amount paid for your injury claim will be indicated on your settlement draft, which is simply a check. There won’t be any classifications applied to the settlement sums. The amounts for discomfort and pain, medical expenses, and lost wages won’t be stated in detail. These funds are used to pay off any outstanding debts related to the accident claim.

When Will You Get Your Settlement Check? 

State-mandated deadlines and time frames constrain insurance firms. They must therefore issue the check before the deadline. However, the timing of when the cheque is issued varies among insurance companies. 

Generally, you should receive the money within two weeks of the date you are told that your check has been sent. If the check is not delivered by the two-week deadline, you ask your insurance provider why there’s a payment delay. If this situation persists, you should contact your lawyer.