As the year draws to a close, many individuals find themselves eager to settle their claims and receive their settlement money in time for the holidays. However, the process can be lengthy and requires careful planning. Here’s what you need to know to ensure you get your claim settled before the year ends.
Key Takeaways
- Start Early: Begin the mediation process as soon as possible.
- Understand the Timeline: Familiarize yourself with the steps involved in settling your claim.
- Plan for Delays: Be aware of potential delays, especially around the holidays.
The Importance Of Timing
If you are considering settling your case and want to have money in hand before the end of the year, it is crucial to get your case on a mediation calendar now. While it may seem early, the reality is that time is of the essence.
Steps To Take For A Successful Settlement
- Schedule Mediation: Start by scheduling a private mediation with a mediator. This is where the back-and-forth negotiation takes place to facilitate a settlement.
- Plan Ahead: Look for mediation dates that are at least six weeks out. This timeline is essential to ensure that everything is completed before the holidays.
- Document Submission: Once a settlement is reached, the signed documents must be submitted to the state board for approval.
- Approval Process: Currently, the approval process takes about a week. This means that if you start now, you could expect approval by early November.
- Insurance Payment Timeline: After the state board approves your settlement, the insurance company has 20 days to issue the payment. This could potentially land your payment around Thanksgiving.
Why You Should Act Now
The holiday season can create additional delays in the claims process. With many people taking time off and the state board experiencing a higher volume of cases, it’s essential to act quickly. By starting the mediation process now, you can avoid the rush and ensure that your claim is settled in a timely manner.
Conclusion
In summary, if you want to have your claim settled and receive your money before the end of the year, it’s imperative to get your case on a mediation calendar as soon as possible. The process takes time, and planning ahead can make all the difference in achieving a successful settlement before the holidays.
