Navigating the complexities of medical bills and compensation can be overwhelming in the wake of an accident or injury, particularly when it occurred due to an outside party’s negligent behavior. Medical expenses can add up quickly creating additional stress and making a challenging situation worse. You may be unsure of the next steps, so it is important to understand how medical bills are paid from a personal injury settlement. A skilled New York injury lawyer can offer insight and clarity during this difficult time. Reach out to an experienced attorney today.
What is a Personal Injury Settlement?
A personal injury settlement is a legal agreement that is reached between an injured party and a negligent party or their insurance provider. The settlement resolves your case by outlining a final agreement where you are offered an amount of monetary compensation in exchange for relinquishing your right to pursue further legal action. By accepting a settlement you are agreeing to release the other party and their insurance company from further liability.
The settlement is designed to provide adequate compensation to the victim to cover various expenses including medical bills, loss of income from taking time off work, property damage, pain and suffering, etc. Medical bills are one of the main and most significant components involved in a personal injury settlement.
How Are Medical Bills Paid from the Settlement?
A lot goes on between a person getting injured and receiving their settlement. A settlement can be achieved in as little as one to three months if both parties agree on the terms from the beginning. However, this is not always the case. When parties cannot agree settlements can last up to a year or longer.
After being involved in an accident and sustaining an injury you should take the following steps.
- Seek medical treatment. Your health should be your first priority so immediately seek the necessary medical treatment. Not only will this ensure your physical safety but it will also act as the first record of your medical issues and expenses.
- Document your medical expenses. It is important to know the treatments you have received and the costs including bills from an ambulance ride, hospital stays, doctor visits, medication prescriptions, physical therapy, rehabilitation, etc. It is important that you document everything so you can provide evidence of the financial impact the injury had on you. This evidence will be used to calculate your compensation.
- You and your attorney will begin negotiating with the negligent party and their insurance. Use the evidence from your medical and other expenses to calculate how much you wish to receive in your settlement. You may have to negotiate back and forth depending on the other party’s thoughts.
- Receive your settlement and distribute payments. Once you have received a final settlement offer and signed off on it you will receive your monetary compensation. Use an appropriate portion of the settlement to pay any outstanding medical bills and healthcare expenses.
