WHEN WILL I GET MY MONEY?
My clients ask me all the time, “When can I expect to get my check?” or “When Will I Get My Money” That is difficult to answer and different for each individual client. An understanding of the process is helpful in having a better understanding of why there is no absolute answer to the question.
Settlements Take Time.
A settlement means that you and the insurance company have reached a voluntary agreement about what they will pay and what you will take to resolve your case. You will be required to sign a release in exchange for the check. A release is a legal contract that states you are completely compensated for the accident. Also, you cannot seek any damages for it once you sign the release.
The case you settled with the insurance company had you seeing multiple healthcare providers and incurring medical expenses that will need to be paid back. Your lawyer will likely ask each of the providers to take a reduction of their bill, or your lawyer should.
These reductions, if obtained by your lawyer, result in a direct increase in the amount of money you will ultimately receive. Remember, the attorney gets a percentage of the gross settlement. Your medical and case expenses have been repaid and the remainder is yours.
Reduce Medical Expenses To Increase your Payment.
If medical expenses are reduced after the settlement then the difference will flow directly to you. My point is it is worth taking some time to try and obtain these reductions on your behalf. This will cause some delay in being able to issue you the final payment. Some providers respond much quicker than others but I know that I can only ask, and wait for their response.
Once all the reduction agreements have come back then I will have a clearer picture of what medical bills will be paid. Payment for these will be released to you from any financial responsibility in the future.
One of your goals should be to always pay the complete medical expenses so that you don’t owe later. A hospital has a lien for emergency room treatment within the first 72 hours of your accident. By law, we have no choice but to negotiate and pay for the emergency room.
These providers will have more leverage, which is why it could take longer to finalize your settlement. Hospital providers are often paid back directly by the insurance company at their own request. This gives them some comfort that there will be no unsatisfactory lien. It is their priority to do so.
With the hospital (ER) and other providers in a position to be paid, you are now much closer to getting your check. If the hospital provider is going to be paid directly, then obviously we have to obtain the reduction and communicate that to the insurance company so they can pay that directly. The remainder of the settlement is then sent to me in order to pay the remaining providers, my fees, and expenses. The NET amount is your settlement check. I know it seems like sometimes nothing is happening. I am hopeful that this gives you a better understanding of how sometimes the delay benefits you. At the end of the day, I am doing my best to get you as much money as possible. This is just one small part of that process. I don’t imagine you want less money in a shorter period of time.
The NET amount is your settlement check. I know it seems like sometimes nothing is happening. I am hopeful that this will give you a better understanding of how sometimes the delay benefits you. At the end of the day, I am doing my best to get you as much money as possible.
In conclusion, this is just one small part of that process. I don’t imagine you want less money in a shorter period of time.