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Post : Making Sense Of A Structured Settlement Payment Solution
Title : Making Sense Of A Structured Settlement Payment Solution

Making Sense Of A Structured Settlement Payment Solution

There are many things in life that can come up unexpectedly; the death of a loved one, the loss of a job, and many other things. Another is getting hurt at work, especially when it’s serious enough to cause permanent disability. When reaching a settlement with your employer and their insurance company, negotiating a structured settlement payment solution then becomes of paramount importance, as your life has been suddenly and forever altered.

 Medical bills, physical therapy and other medical expenses all have to be taken into consideration when negotiating a structured settlement payment solution, and understanding that while you now are unable to work, living expenses still have to be taken care of. The structured settlement must take all of these factors into consideration, so that financial peace of mind can be achieved as a result. There are also other factors that must be weighed when negotiations for a structured settlement are entered into as well.
Typically, once a settlement has been reached between a claimant and their employer, or in the case of medical malpractice, their doctor, the insurance company will then enter into the negotiations. A certified broker will be called in to first evaluate the claimant’s overall cost of living expenses, medical expenses that need to be dealt with in the future, and any expected increases in medical costs and cost of living expenses. The broker will then calculate the overall total cost of all items put together, and then set up a structured settlement payment solution that is agreeable to both parties.

Once agreed to, it is the insurance company’s responsibility to set up an annuity to cover the total cost of the overall settlement, to be paid out in regular periodic payments directly to the claimant. In 1982, Congress declared that structured settlement payment solutions are considered annuity payments, and are therefore not eligible as taxable revenue under state and federal laws. This is much more beneficial than taking a lump sum cash payment, which is in fact taxable.

A structured settlement payment solution offers the claimant a guarantee that future income is in place to take care of all normal financial needs. Generally the payments are made monthly, but can be altered in case of special circumstances. A structured settlement payment solution is also guaranteed by the insurance company’s use of an annuity that funds the total costs of the structured monthly payments, without fear of the company going bankrupt in the future.

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