50K in medical bills from hit & run accident; settlement?

Question

13 months ago, my car was hit by a speeding hit&run driver. Two witnesses provided statements to the police. Car was totaled after flipping 5 times and rolling down a hill. I was airlifted to trauma center with three broken bones, a collapsed lung, and a contusion to forehead. My passenger, a child, was taken by ambulance to an ER, with very few injuries.
I have had physical therapy, one surgery, more physical therapy and am now facing another surgery to repair the fracture that did not heal. Medical bills, paid by my health insurance, are $50K thus far. Policy limits for uninsured motorist are 100K/300K.
The child's ER bill was $9000; child was offered a settlement of $11,250 plus $6000 in MedPay.
1) Is child's settlement fair?He has a scar on his arm and the usual anxiety about cars and accidents.

2) I have not discussed a settlement. What is fair for me? After the next surgery, I will have more PT and another procedure to remove the plate from the healed bone.

Ins is GEICO.

The statute of limitations in my state runs out in 10 months. What if I am still treating??

milehigh: the policy limit is 100K. The child has one injury, a scar on his arm.

claims adjusters: I live in a state that does not allow the health ins to seek reimbursement from the proceeds of personal injury. My health ins has paid about 80% of the med bills. I owe the rest. Is it necessary to hire a lawyer in order to get the policy limit or close to it (with the next surgery and the small procedure and the physical therapy, my total med bills will be approx 100K). Isn't this case a matter of adding up the medical bills and evaluating my injuries which are objective and show up on x rays, MRIs, etc. ? Thanks for all advice.

I added everything up -- med bills alone are $63000.

Answer 1

Check with the adjuster handling your claim. In many states, a large settlement for a child has to be approved by a judge.A judge is not going to approve a settlement that is unfair to the minor child.

It looks like the total settlement on the child is $17,250.00. Given that the bills are 9000 - it seems fine to me (this is not legal advice - just personal opinion based on the very very limited information you provided).

A really neat thing you should ask the adjuster to do - is give you a quote for a structured settlement. The adjuster can pay cash up front for the bills and then put the minors pain and suffering money in a structure settlement. The structure can then be set up to start paying out when the child reaches a certain age (ex at 18 to be a college fund). The longer you leave the money in the structure - the more it earns and the larger it grows.

The big advantage of a structure - is when the insurance company sets it up - the money grows tax free. If the insurance company gives you the money and you invest it - then the growth is taxable. But when the insurance company sets the structure up, the growth is non-taxed.

If I had a child injured in an accident - I would be looking to have a structure set up. It really is a good thing to talk to the adjuster about.

If the statute of limitations is going to run this year - go ahead and sign a medical authorization so that the insurance company can go ahead and order the medical bills/reports for the treatment you have received to date. Once they get that information in, they may be willing to attempt to settle with you even if you are not done treating.

Answer 2

1) Childs settlement absolutely fair- if not TOO generous. 7k over medicals for nothing more permenant then an arm scar? Not to be blunt.. but.. thats nothing in accident world. And yes, we all get traumatized from accidents but unless hes actively treating with a psychologist and scarred for life and its a huge deal.. that doesnt really matter. TAKE THE MONEY AND RUN!

2) If you already have 50k in meds and still have another surgery and PT... you will likely have 100k in medical bills and if not you will be very close. They will likely tender (give youf ull amount) but unfortunately you wont have much to keep for yourself.

Answer 3

You need an attorney! That's a very low amount offered for the child's injuries!
And you should be looking at hundreds of thousands, at least
2 or 3 for pain and suffering!!
The attorney will get you what you deserve, as well as the child's.
The amount you give is so below a decent settlement, it's
outrageous!
Let the lawyer sue 'em and you will see!!
Best to you and the dear child

Answer 4

Your best source of information will be your insurance agent. Until all your treatment is finished and you have some closure from the doctor I would not be thinking about final settlement.