What Comes Out of My Personal Injury Settlement?
Updated: Mar 28, 2021
From the first time we speak with a new client, we like to make sure we keep things as transparent as possible. At the end of the day, the most reassuring way we can get the best results for our clients is through constant communication. A lot of injury victims get consumed with the large number of an insurance policy, but what they don't know is that we are responsible for making sure you are not left with any medical expenses at the end of their case.
Generally, when your injury claim is settled, there is no looking back. You cannot reopen the claim if you have an aggravation of your injuries or a more serious condition develops after settlement. The insurance company will more than likely require that you sign a release of all claims to assure that you cannot reopen the claim.
Your attorney will more than like you provide you with a closing statement that will show the total amount paid on the bodily injury claim. Everyone that is owed money from the case will be paid from those proceeds.
1. Medical Bills and Liens
Once your claim has been settled, your attorney will need to satisfy unpaid medical balances from the settlement amount as well. An experienced personal injury attorney will negotiate with medical providers and often Doctors will work with you to reduce their bills if necessary. If the insurance policy is small and the medical bills high, the only way for you to come out with any money is to get the medical bills reduced.
In addition, it is important to notify your health insurance that you have an open injury claim. Often times, if your health insurance has paid for any of your medical expenses, related to your accident, they will place a “lien” against your claim. This lien will often result in the medical provider’s name actually appearing on the settlement draft with yours, and your attorney’s if you have one. It is highly advisable to have any needed reductions agreed upon before you reach settlement with the insurance company.
2. Case Costs
The costs related to the case are different from attorney’s fees. Costs are monies paid for goods and services that are separate from your attorney’s time. For example, most medical providers will charge a fee for providing a copy of your medical records. This is considered a “cost.” Another example is the filing fee paid to the court to start a lawsuit. Such costs are usually paid by your attorney, but the client is legally responsible for the costs if your attorney is successful in reaching a settlement. The costs for most personal injury cases are quite low if the case settles. Once in litigation, the costs can become a significant factor. Although your attorney may be paying these up front, the costs will ultimately affect what you get out of the claim, so make sure you understand them and approve them.
3. Legal Fees
If you hire an attorney to handle your injury claim, they will more than likely be working on a contingent fee contract (as we do) that means the fee is “contingent” upon success of the case. If your attorney is not successful in obtaining a settlement or judgment for you, you pay no attorney fees under a contingent fee contract.
The percentage of the settlement or judgment that attorneys charge does vary, and is usually between 25% to 50%, depending on the type of case and at what point the case was settled. The attorneys at Ferrer Law, P.A. try to only take cases where we believe our clients will be better off for our services.
The Miami Personal Injury Lawyers at Ferrer Law, PA have represented individuals with various injuries due to automobile accidents throughout Miami-Dade, Broward, and the rest of the state of Florida. If you or a loved one were involved in a left turn collision call Ferrer Law, PA at 305-697-2224 for a free consultation.