How Long Does it Take to Receive Compensation After a Settlement Offer is Accepted?
Were you hurt in a motorcycle accident, a slip and fall, or any other accident caused by someone else’s negligence? If so, you might be taking legal action to pay for your medical bills, lost wages, and other accident-related expenses. It’s only natural that you’d want to know how long it will take to receive your money once you agree on a settlement offer.
On average, it takes anywhere from four to six weeks. But as you might expect, there are a lot of factors that will go into determining the timeframe for obtaining your compensation. It might take less time in your case, or it might be longer.
The attorneys with the Jones Law Group have some information to give you a better idea of when you can expect to get your check. If you still need to hire a lawyer, we’re ready to help. We have a great deal of experience in personal injury cases. We’ll work passionately to help you get the money you deserve. Call (727) 571-1333 or contact us online for a free consultation.
First, You’ll Have to Sign a Settlement Release Form
After accepting a settlement offer, the first step is to sign a settlement release form. This form typically states that you agree to accept the offered amount as full and final compensation for your claim. Florida law mandates that the insurance company pay you no more than 20 days after agreeing to the settlement.
You must realize, however, that by signing this document, you waive your right to pursue any further legal action related to the incident. Never agree to a settlement without first speaking with an attorney. A Jones Law Group lawyer can ensure you’re getting what you deserve. Not all law firms can make that same claim.
Once the Insurance Company Processes Your Claim, a Check Will be Sent to Your Attorney
The insurance company will process your claim after receiving the signed settlement release form. This process involves verifying the settlement details and conducting any necessary internal reviews. Once the claim is processed and approved, the insurance company will issue a check for the agreed-upon settlement amount.
The check is typically made payable to your attorney rather than directly to you. The reason is your attorney will handle the distribution of funds and manage any outstanding debts related to your case.
It may take a few days for the check to clear the bank. If the settlement amount is large, you can expect a delay before the disbursement of funds.
Your Attorney Will Pay Off Your Medical Bills
One of the primary responsibilities of your attorney is to ensure that your outstanding medical bills are paid from the settlement offer. These bills include all the medical expenses you incurred due to the accident leading to the settlement. Your attorney will work with healthcare providers, hospitals, and other relevant parties to settle these outstanding bills on your behalf.
Skilled lawyers know how to negotiate with healthcare companies to reduce a client’s bills so they can keep more money in their pocket (yes, there are some instances where medical bills are negotiable).
The negotiations might delay your payment by a few weeks. But if you receive a larger check, you’ll probably agree the wait will be worth it.
Your Attorney Will Deduct Their Fees
Your personal injury attorney is entitled to receive a fee for their services in handling your case. This fee is usually a percentage of the settlement offer, as agreed upon in your attorney-client agreement. Once your attorney receives the settlement check, they’ll deduct their fees from the total amount before disbursing the remaining funds to you.
You’ll Receive the Remaining Compensation from Your Settlement Offer
After deducting their fees and paying off your outstanding medical bills, your attorney will provide you with the remaining compensation. The attorney will issue a check or transfer the funds to your designated account.
It’s important to note that the timeline for receiving the remaining compensation can vary depending on various factors, including the efficiency of the insurance company and the complexity of your case. But your attorney will keep you informed about the progress of your settlement and the expected timeline.