Knoxville injury victims often notice the continual stream of bills that trickle in after receiving medical care for an injury. It doesn’t take long to understand there can be significant debt associated with recovery. The purpose of a personal injury settlement is to get you back on your feet again and aim to restore your health to what it was before you were injured.
If you may be asking, how are personal injury settlements paid out? You have options when you work with a skilled Knoxville personal injury lawyer at Hotz & Associates, P.C. Our role is always to support clients in securing the compensation they deserve by offering sound guidance during life’s most challenging moments.
What is a personal injury?
Personal injuries are the damages a person experiences as a result of someone else’s negligence. These injuries may result from a car wreck, slip and fall accident, or any incident where someone else’s actions resulted in the damages you suffer.
Not only are you trying to heal from your injuries, but you’re also trying to find a way to get back into life and negotiate with insurance companies to ensure a settlement that will cover your growing costs while doing so within the time limits determined by the law.
Who pays a personal injury settlement?
The at-fault party’s insurance determines and offers a settlement amount. There are vital considerations when negotiating an insurance settlement, and these negotiations can take time and feel frightening. Hotz & Associates, P.C. understands how intimidating this process can be and considers every aspect so that injury victims make the best decisions for their health and recovery.
- The first settlement offer is often less than an accident victim is entitled to.
- Quick settlements can deprive victims of reimbursement for ongoing medical care costs.
- Insurance companies make money by reducing the amount of payouts.
- Working with a Knoxville personal injury attorney ensures a less daunting process for you while maximizing the help you receive.
Once a fair settlement amount has been reached, it is vital to consider how a personal injury settlement is paid out.
How is a personal injury settlement paid out?
How a personal injury settlement is paid out often depends on your needs. If you have recovered from your injuries or don’t anticipate ongoing medical bills, then a lump sum payment may be the best option to pay your bills, returning you to the financial state you were in before the incident occurred. You are in charge of managing the funds in a way that benefits you most.
When the damages resulting from your injuries appear ongoing and require continued medical care and therapies, the more sustainable approach might be structured payments. These payments are sent to you over time to ensure that funds are still available for ongoing care. Asking for the interest accrued from the structured payment amounts should also be an option.
When bills are piling up, waiting to be paid, and the possibility of ongoing care is looming, it is possible to negotiate a settlement to be paid partly in a lump sum with the remainder of the funds being distributed through structured payments. Understanding your needs moving forward will be critical.
Is one option better than another?
Looking to the future after a personal injury can be overwhelming. One of the invaluable services personal injury lawyers in Knoxville can provide is a critical look at the needs you may face in the years ahead and determine the compensation you deserve for economic and non-economic damages and how inflation can play a part in the costs of the care you will need.
Sound guidance in Knoxville personal injury settlements
Your recovery is a primary concern for the team at Hotz & Associates, P.C. We offer a free consultation to get you on the path to fair personal injury compensation and answer questions about how personal injury settlements are paid out. Reach us by calling (865) 582-0042 or scheduling online.
Let our years of experience help you navigate the insurance system. We are on your side, never working for the insurance companies but always ensuring that the needs of injury victims are met.