A medical malpractice claim can be complex. Unlike a car accident, where you often can establish clear liability, a malpractice claim involves an extensive understanding of the relevant medical issues.
That requires expert testimony starting with a Certification of Merit from an independent medical practitioner in the same field. You must convince an insurance company, who will be reluctant to pay any claim, that your doctor or the hospital’s negligence caused you harm.
Fortunately, with the right legal advocate, you can overcome the challenges and prevail. The attorneys at McCoy & Hiestand, PLC have years of experience as skilled medical malpractice attorneys who’ve helped hundreds of victims of medical malpractice achieve a fair settlement.
If you’re contemplating filing this type of claim, you’ll want to know how medical malpractice settlements are paid out.
What Is a Medical Malpractice Settlement?
A medical malpractice settlement will effectively bring your claim to a conclusion. The settlement will be a mutually agreed-upon amount to cover any financial losses you’ve incurred due to a doctor’s negligence.
The settlement will also cover any pain, suffering, or mental anguish associated with the injury.
You agree to drop any current and future legal claims in exchange for this settlement. That’s why determining what that final settlement amount is so crucial. You won’t be able to come back in a year for additional medical expenses or pain and suffering. With an experienced medical malpractice lawyer on your side, you should be able to calculate an amount that you consider fair.
When agreed on, the settlement will be paid by the medical professional’s insurance carrier. Just as car owners are required to carry liability insurance, doctors are also required to have medical malpractice insurance.
A doctor will only pay if the settlement exceeds the insurance policy’s limits or if punitive damages are attached. In those circumstances, the doctor would need to make up the difference between what the insurance carrier will pay and the settlement balance.
Disbursing the Funds
After you and the insurance carrier agree to the settlement amount, they will draw an agreement for you to sign. Your attorney will ensure the insurance carrier sends the check after you sign it. That check will likely go straight to your attorney. They will first pay out any direct claims for medical expenses.
You might have liens on the settlement because of those bills.
After medical expenses are paid, your attorney will deduct their fees. This won’t be a surprise.
You’ll know what your attorney expects to be paid as part of the retainer agreement, which you’ll sign with them at the start.
The remaining balance will be transferred to you. You’ll want to discuss the best approach for handling the funds if it is a significantly large amount. Thankfully, a medical malpractice settlement is not considered a gain, so it is exempt from Kentucky state and federal taxes.
Caps to Damages
Many states limit the amount of money the victim of a medical malpractice claim can receive. These are referred to as caps. Fortunately, Kentucky has no caps on how much money can be awarded in a civil lawsuit. If you take your claim before a jury, they could pay you whatever they think is fair.
The only exception would be if you’re making a claim against a state government employee. In those cases, a $200,000 cap is in place.
Should You Accept a Settlement?
As mentioned, accepting a settlement means your case is closed. An insurance company often offers a settlement far below what you deserve.
The attorneys at McCoy & Hiestand, PLC, will be prepared for the lowball offers. It is a common insurance company tactic. We’ll enter into negotiations to try and raise that settlement number to an amount that is acceptable to you. If the insurance company refuses to budge, we’ll discuss taking them to trial.
It’s been our experience that filing a lawsuit will demonstrate your resolve. That could be enough for the insurance company to come back with a better settlement. They could also decide during the trial that things aren’t going their way and will want to avoid a jury award.
You can still accept a settlement in the middle of the trial.
The important thing to remember is that if McCoy & Hiestand, PLC takes up your claim, we’ll be with you every step of the way, fighting for you to get a fair settlement.
