Did you recently resolve a personal injury case?
Whether you’re dealing with injuries from a car accident, a fall, or something else, we understand just how expensive medical bills can be. For instance, broken bones can wind up costing you $39,041 or more! As your medical expenses continue to rise, it’s helpful to fully understand your settlement check timeline.
In this article, we’ll review the process for receiving a payout for both lump sum, and structured settlements. The sooner you know when you’re getting paid, the easier it’ll be for you to focus on your recovery.
How long does it take to get a settlement check? Read on to find out.
Personal Injury Settlement Check Timeline
Are you receiving a lump sum payout for your settlement check? If yes then you can expect your money to arrive within 6 weeks. Here’s a quick breakdown of your settlement check timeline:
- You sign release forms
- Insurance company processes forms
- The lawyer puts the insurance check in an escrow account
- Settlement check pays out unpaid debts
- Attorney subtracts their fee
- You receive the remainder of settlement money
Finally, the best structured settlement companies will make it easy for you to track your payout timeline so you’ll know how to budget your medical expenses accordingly.
Advantages of Lump Sum Awards
One of the biggest advantages of a lump sum award is that you’ll be getting your entire payout right away. If it’s not a large settlement amount, or you need money quickly, a lump sum payout is in your best interest.
Structured Settlement Settlement Check Process
Moving on, let’s look at the payout timeline for structured settlements. After suing the defendant and winning, a qualified assignee will help you set up your structured settlement award.
The qualified assignee will set up your payout by purchasing an annuity from a life insurance company. Finally, the life insurance company will make payments to you based on the terms of your annuity contract.
Advantages of Choosing a Structured Settlement
Structured settlements work best when you’re dealing with large claim payouts. For instance, if the jury awards you millions of dollars, a structured settlement could be your best option. Since you’ll be receiving your payments over a long period, you’ll have fewer tax obligations.
Do Settlement Checks Come in the Mail?
It’s normal for settlement proceeds to arrive as a check through the mail. Your settlement award can either come through first-class or certified mail.
Why Is My Settlement Check Delayed?
There are a few things that can delay your settlement check payout. Here are a shortlist of the most common delays:
- Paperwork errors
- Problems clearing the check
As long as you have an attorney in your corner you should be able to expedite the payout process.
Count on Your Settlement Payout
Understanding the settlement check timeline means knowing when you’ll finally have the money you need to get all of your affairs in order. From paying bills due to missed workdays to covering medical expenses, we understand just how vital your award money is. Remember to talk to your attorney if you think your check’s been delayed for any reason.