When you have sustained an injury in an accident, one of your priorities might be getting an attorney to help. However, once you have one and you’ve resolved your case, it’s time to figure out how your settlement amount will be paid out. If you’re working with Grossman Green, your Louisville personal injury attorney has probably already discussed the process with you. However, if you’d like a refresher or you’re just beginning your search, we’re here to walk you through it.
What are my options for how I receive my settlement amount?
Once you win your personal injury case or agree on a settlement amount, you have two options for how you can receive it, which can vary based on your preference or the circumstances of the case. In many Kentucky personal injury cases, you’ll receive your settlement money as a single lump sum. Some injury settlements are paid through structured payments over time, particularly when future medical care is anticipated.
However, there may be reasons like a bankrupt company that is unable to make the complete payment, you have financial management concerns, or you are a minor, that you may receive what is known as a structured settlement that comes in regular payments over a set schedule.
Does my settlement payment go straight to me?
After the case is settled, the settlement payment will go to your attorney to distribute. Your attorney should not disburse any of that money until you sit down and go over how the money will be disbursed to ensure that medical bills, lien holders, and service providers are properly paid. Your attorney will also go over how much of the settlement will go to you and to the attorneys for fees and costs.
At Grossman Green PLLC, we work hard to negotiate and resolve any outstanding medical expenses or medical liens for your benefit. We prioritize getting your check to you as quickly as possible while also making sure that your financial obligations related to the incident are met and do not create a hassle down the road.
My health insurance company says I owe them from my settlement. What do I do?
If you utilized your health insurance policy to pay for medical treatment, it may hold subrogation rights, which entitle it to a portion of your settlement. This happens because the health insurance company is considered a financial victim of the accident and is therefore entitled to compensation for its losses as well.
At the outset of your case, our firm notifies any potential lienholder of your claim, and we handle all communication with the lienholder throughout the course of your case. This ensures that you don’t get a surprise bill down the road that will eat into your settlement funds and/or create personal liability for you.
How long will it take to receive my personal injury settlement?
The insurance company is subject to specific regulations regarding the response and payment of claims. The exact time can depend on factors like paying out lien holders, legal fees, and general processing times. Delays can also happen if additional time is needed to finalize lien resolutions, court approvals, or document signatures. However, we try to incentivize insurers to send your check as soon as the case is resolved. It’s a top priority for us!
Call Grossman Green for help getting a fair settlement
There are countless variables in a personal injury case, and once you have successfully agreed to a settlement amount or sustained a favorable verdict, you likely just want to get your money and be finished with the situation. At our Louisville law firm, Grossman Green, we’re committed to helping you recover the compensation you need and move forward with confidence after your injury.
Our team genuinely cares about providing positive results to our clients. Call us today at (502) 657-7100 or contact us online to schedule a free case consultation and explore your options.