Were you recently involved in an accident that caused a personal injury and you have reached a settlement with the insurance provider of the responsible party? If so, they are going to send you a release of all claims form. It's important to know the following things before you sign that form.
Your Claim Will Be Over
Once you sign that document your claim will be completely settled. You'll receive the agreed compensation that you arrived at during mediation and you'll be clearing the defendant and the insurance company of all damages associated with your claim. There is no going back once you sign this form, so make sure that everything is accurate and to your liking in terms of what you agreed to.
You Can't Claim Future Medical Bills
One thing to be aware of is that the release of all claims form means that you cannot go back and request compensation for future medical bills related to your injury. That's why it's important to look at the settlement amount and ask yourself if you have enough money to cover those future bills. If not, then you did not settle for the right amount and should think twice about singing that release form. It will be impossible to ask for more money if you end up having more pain and continue to see doctors with bills beyond the settlement amount.
You Should Be Compensated For Pain And Suffering
Another thing to keep in mind is that you should still have money in your settlement amount to cover the pain and suffering you endured. While your settlement may be for more than your total bills up to that point, the amount above the medical bills is essentially compensation for pain and suffering. Do not feel like your future medical bills should come out of that pain and suffering compensation.
You Should Be Paying For The Bills Directly
When it comes to who will be paying for your medical bills, make sure that you are the one that is responsible for paying for them as stated in the release form. This is because it is always possible to negotiate medical bills and pay less than what you owe, which allows you to hold onto more of your settlement for yourself. If the responsible party's insurance company pays for your bills, know that they are going to do the exact same thing and try to save money that could belong to you.
For more information on release of all claims forms, reach out to a personal injury firm such as Borbi Clancy Patrizi, LLC.