Use A Professional Estimate Before Accepting Settlements
An injury settlement is a positive step towards getting the compensation you deserve after an accident or altercation, but it isn't necessarily the end of your legal concerns. The settlement may seem tempting, but there are times when even a large, but specific compensation award may be far less than what you'll need as life goes by. Consider a few specific costs and unexpected exceptions that may change how well any settlement amount can serve you.
Finite Payments May Be An Escape Trick
Whether you're dealing with a temporarily broken leg or chemical exposure that may threaten your life for years, there's more to medical costs than the immediate hospital bills. Unfortunately, a basic tactic of opposing lawyers is to dangle a payment about that seems like a great idea at the time without planning for future costs.
Consider a settlement amount of $500,000. For many low income or middle income workers, this may be 5 to 10 years worth of paychecks. It's certainly good if you're still able to work while being paid in compensation, but there may be hidden facts behind that payment.
Your legal opponent may know that the cost of your injury may far exceed that amount. The broken leg may be a constant bother for the rest of your life, or the chemical exposure may be an unreported danger that could cost millions in medical care and research.
You won't be completely out of luck, as you can appeal such drastic differences in compensation versus reality, but your legal opponent will have time to delay and hopefully wait out your legal defense abilities. Instead, evaluate your future medical costs before signing.
Understanding Future Medical Costs
Contact an injury lawyer to find the best way to investigate your future medical costs. By working with legal and medical professionals, you can examine the nature of your injury and how it may change over the years. If there is chemical exposure, even a small stipulation in the settlement language can make it easier for you to appeal for investigation later.
In addition to medical costs, you'll need the assistance of a personal finance analyst to figure out how your work life and income earning has changed. If your work efficiency slows down or you have trouble maintaining a job because of complications caused by your injury, the settlement needs to have language that can help you with job training or college attendance.
Transition assistance can help you get back on your feet after an injury, but such assistance needs to be on top of the agreed settlement amount. Medical costs need to be paid at any costs, followed by other arrangements outside of that pool. To get help with settlement negotiations, contact an injury lawyer, like someone from the Law Office Of John J Barrow, as soon as possible.
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