The post-settlement process can be complex, especially regarding medical care for injured parties and their families. Therefore, finding a reliable team of people to make the process seamless is key.
If you are awarded a settlement in a personal injury lawsuit, you can receive the payment in a lump sum or structured payment. A structured settlement is a payment plan that provides regular payments over time rather than one large payment. This type of settlement is usually paid out over several years, and the payments are typically tax-free.
There are several benefits to choosing a structured settlement over a lump sum payment. One of the main benefits is that it provides a guaranteed source of income over an extended period. This can be especially important for people who have suffered a catastrophic injury and cannot work for an extended period.
Another benefit of a structured settlement is that it can be customized to meet the specific needs of the individual. The payments can be structured to provide for future medical or other long-term expenses. This can help ensure the individual has the financial resources necessary to meet their needs for many years.
Once your case ends, you probably wonder, “What happens next?” Your ongoing medical needs must be met, which can be concerning! That is where professional help can be immensely helpful and reassuring.
After the settlement has been reached, you should work with a professional to set up a structured payment plan. This typically involves working with an attorney, a financial planner, and an insurance company. The attorney will help negotiate the terms of the settlement agreement and ensure that your rights are protected. The financial planner will help develop a payment plan that meets your needs, and the insurance company will provide the annuity to fund the payments.
These professionals have experience working with structured settlements and can ensure you receive the maximum benefit from the settlement. Second, they can manage the payments over time, ensuring you have the financial resources you need and that the settlement meets your long-term financial goals.
When it comes to medical compensation, the money is typically placed in a Medicare Set-Aside account. This determines how the money is grouped and the special reporting requirements to tell Medicare how the funds are used. Your attorney can set up the account and provide you with a card that looks like an insurance card. You can then use that card to pay for your medical care, and all of your medical bills will go to the lawyers. That way, you don’t have to worry about anything. The law firm will review the bills for you, make sure the Medicare Set-Aside account can be used for those expenses, then pay the bills on your behalf. They also work to reduce the bills and get discounts where possible so that the money lasts as long as possible.
Furthermore, your attorneys will file the required reports to the government for you so that your Medicare benefits remain protected, and you don’t have to do any of the paperwork! They understand all of the technical language and processes and can walk you through everything. This can help save you from a ton of legal and accounting headaches.
Structured settlements can be very confusing to manage if you are not a professional. If you have medical injuries, complicated paperwork is probably one of the last things you want to be doing. So, you could try to manage your structured settlement yourself, but it is not recommended.
It can be compared to doing your taxes. Do you do them yourself, or do you hire an accountant? Doing it yourself is possible but can be complex, complicated, and high-risk. Instead, it is worthwhile to spend the $1000 and let professionals take care of it all for you and get you the best results.
After an injury, you probably want to move on with your life and focus on feeling better. It is invaluable to have a professional be your advocate and fight for you in your corner.
Are you interested in hearing more about this topic? We have a great episode on the Ringler Radio Podcast about this topic. The episode discusses how to simplify ongoing medical expenses and ease the hassle of the healthcare system.
Looking for a structured settlement consultant? Start your search for one in your state here: Find a Structured Settlement Consultant
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