Deciding whether to accept a settlement before you’ve finished your medical treatment can be a tough call. It’s a situation that many people find themselves in after an accident or injury, and it’s not always clear what the best move is.
The personal injury attorneys at Clear Counsel Law Group recommend making these decisions only after considering the potential risks. Of course, that requires knowing the many factors that can affect a settlement offer.
Here’s a breakdown of what you need to consider when faced with this decision.
Understanding the Extent of Available Funds
A key factor in this decision is knowing how much money is available to settle your claim. For example, your medical treatment will cost $300,000, but there’s only $50,000 available. In such a case, it makes sense to take the settlement now because that’s all the money you might get.
However, if there’s a lot of money available – for instance, if a big company is responsible for your injury and they have the means to pay more – the best course of action might be to not settle before your treatment is done.
Figuring out the available funds for your claim can be a bit tricky. A personal injury lawyer will first look for insurance policies, which can usually be found through police reports or by requiring the other party to disclose them. Laws governing these requests fluctuate and offer different recourses before and after a claim is filed. In Nevada, there are several ways to locate all available insurance policies and funding sources as well as the policy limits of all other parties.
Personal assets vary by state. In Nevada, personal assets are well protected. Homes, cars, life insurance, and investments are often off-limits, even with a large judgment against the individual. Because of this, most people focus on insurance policies. However, there’s always a possibility of pursuing personal assets if they seem substantial. It isn’t as straightforward to pursue these assets or to collect on them even after a judgement is issued.
One Way Decision
Adding to the weight of this decision is the knowledge that it is a one-time call. Except for rare circumstances of a statute changing or the court finding procedural errors on appeal, once a settlement is accepted it is accepted.
This works for some people and against others. If, for example, you are injured and given no chance of walking again, that could impact the settlement offer by a substantial amount. After all, your ability to earn in future jobs is diminished as is your quality of life. If you accept a settlement offer and suddenly get better, there is no recourse for the other side to take that offer back. That compensation is yours to keep.
This works in reverse as well. If you are offered a settlement, take it, and then encounter a complication with an injury that requires expensive treatments or severely limits your quality of life, you cannot go back and change the number.
Long-Term Medical Treatment
Sometimes, medical treatment can take years. In these situations, an experienced personal injury lawyer might work with your doctors and a life care planner (a professional who estimates future medical costs) to figure out how much your treatment will cost over the long-term. This estimation can help shape the settlement amount, even if you’re still undergoing treatment.
Consult with an Attorney
These decisions are complicated and emotionally charged. They are best made with the assistance of professional advice. An attorney can help clarify these murky waters, advising whether to settle early or wait, and whether to pursue insurance claims or personal assets. An experienced attorney can develop a strategy tailored to your situation.