Negotiating Tips for Obtaining the Best Structured Settlement
Every structured settlement is unique. Getting the best structured
settlement means making sure that the payment amount, frequency, and
other terms best match your present and future medical and personal
needs. Your personal lawyer and your health professionals can help you
evaluate structured settlement possibilities and decide upon a contract.
First, you will need to evaluate your immediate needs, which will generally be disbursed in your settlement in the form of an immediate initial payout. In other words, what do you need right now? Many people who are newly injured will need to purchase some expensive medical equipment and perhaps a modified vehicle that is specially designed for a person with your medical condition to operate. In addition, there are going to be doctor's visits, prescriptions, and other medical expenses that will occur during the first year after your settlement is finalized. You also will need to take account of any debts you have incurred while paying for your medical needs before the settlement was reached, because you should pay those off with your initial settlement lump sum. Finally, if you are disabled and unable to work, you will need to pay for any living expenses during this first year.
Second, you will need to calculate how much you will need per year for the next few years. Often times, this calculation will be similar to the one you've already done to identify your immediate needs, and is based on your average medical and living expenses. You can decide whether to receive annual payments or payments every several years -- the choice is up to you.
Next, evaluate how your needs will change over your lifetime. As you age, will you need increased care? Will your medical condition worsen over time, and if so, to what degree? Conversely, some people can expect to improve over time, in which case, payments should decrease over the years.
A final step is to determine whether any significant life events will impact your monetary needs. Some examples of life events include going to college or a training program, attending a medical rehabilitation program, moving to a new location or out on your own, marriage, beginning a family, and retiring. All of these events can increase your living costs or change your medical needs, so a good settlement takes th