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How Does the Rising Price of Medications Affect My Auto Accident Settlement?

Posted on: November 30, 2016

auto accident settlement

In an auto accident settlement, compensation is awarded for medical expenses, ongoing and future treatment of injuries, financial losses, and property damage. The compensation is paid by the at-fault party’s insurer directly to you, though the check itself may be sent to your attorney if you sought representation. The amount to which you agreed is expected to cover all expenses and damages.

One Price Pays All

Medical costs, including prescription medications prescribed for treatment of injuries sustained in the accident, are factored into the accident settlement. The amount you receive should anticipate whatever future care may be necessary; but more than likely it will not factor any projected increases in medical care, as that is purely speculative. The lump sum should be an amount that you agree will adequately compensate you for your overall medical expenses and financial losses, etc.

Hidden Costs, Hidden Injuries

It’s easy to overlook the hidden costs in recovery from an injury, like price increases for medications and treatments. You can’t know what the cost of care may be in a year or two if your medical care continues that long. Therefore, it’s very important to consider hiring an experienced auto accident attorney who can win you a settlement that adequately compensates you.

One reason to wait for an auto accident settlement until after medical treatment is completed is to allow for such variances in medical expenses. A more accurate compensation is possible once all the actual costs have been documented, rather than offering a ballpark figure that just sounds right.

Also, the extent of your injuries may not be apparent until after you have fully recovered. Some injuries occur well after an accident takes place, which wouldn’t be covered by a settlement that was agreed to before you were aware of the injury. The statute of limitations in Oklahoma for injury claims is two years.

Accepting an Auto Accident Settlement

Any settlement you accept prior to completion of your medical care and recovery is going to be an estimate on your expected financial losses and expenses. Additionally, if you have health insurance which is paying for your prescription medications, you may wind up having to repay those expenses with your settlement funds. This is another reason to wait, or at least hire a personal injury lawyer, before accepting a settlement offer prematurely.

Your best prospects for fair and equitable compensation in an auto accident settlement is to hire a law firm with a winning record and proven integrity. In Tulsa, McAlester, and across East Oklahoma and Arkansas, we have your health, success, and happiness in mind.

 

 

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