As Tom Petty once said, “Waiting is the hardest part,” and we know that sentiment holds true for anyone who has had to wait for an insurance company to cut them a check following a personal injury settlement. What does the standard timeline look like once you’ve signed on the dotted line, and when can you expect that settlement check to show up? We talk a little bit more about the settlement payout timeline once you’ve won a personal injury award.
When Will I Get My Settlement Check?
Before we answer that question, it’s important to know that the single best thing you can do to speed up your personal injury case is to connect with a personal injury lawyer. As we’ve mentioned many times on the blog in the past, it’s never wise to rush to settle because it oftentimes means leaving money on the the table, However, a lawyer can exert some pressure on the insurance company to follow through with their obligations and ensure everything is submitted in an expedited and timely manner. All of this will help move the process along and get you what you’re owed sooner.
Now let’s get to the question at hand, let’s say that your lawyer has gone back and forth with the insurance company and you’ve finally received a settlement offer that is fair and that encompasses all of your current and future expenses. When you sign on the dotted line, will the payout show up in your account the next day? We do live in a digital world after all!
Unfortunately, the insurance company will not move that quickly with your payout. Your specific payout date will vary based on some individual factors, but the check typically arrives within 4-6 weeks of signing a settlement agreement. So should you just cross your fingers as you check your mailbox for the next month or so?
The fact of the matter is that although it is your settlement award, the check won’t be sent directly to you. There are some expenses that will need to be settled with your case, so the process works best if the payment is sent to your attorney. Once your attorney has it, they will settle any medical liens that are owed. If you have medical liens or you owe medical reimbursements to a government insurance program like Medicare or Medicaid, your lawyer will ensure those issues are settled first.
Once these are settled, your lawyer will also set aside a portion of your award to pay for their fees. As we’ve talked about in the past, payments to an injury lawyer are capped at a set percentage, so the amount you owe to your lawyer will be dependent on the size of your award. Again, this means that a lawyer has a vested interest in getting you the largest award possible, because when the pie is larger, that slice they get also gets bigger.
If you have medical liens, it can take a couple days to a couple weeks to ensure these are settled once your lawyer has the check. If you don’t have medical liens, your lawyer should be able to deduct their portion and get a payment to you in very short order. We know how important it is to get you the money you’ve been waiting on, and we will do everything we can to settle any outstanding debts and get you the rest of your money as soon as possible.
Let us get you the compensation you deserve and put pressure on the insurance company to pay you out in a timely manner. Then, let us quickly work to resolve any debts and get a check to you so that you can finally put your case to bed. For more information on how we can help you achieve this, or for help with a different aspect of your injury case, reach out to the team at Margolis Law Firm today at (952) 230-2700.
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