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Mesothelioma compensation varies depending on case type. Compensation may be available from asbestos trust funds, settlements or jury verdicts. Settlements average around $1 million and lawsuit verdicts average $2.4 million. Compensation from trust funds may take less than one year. The time frame for payouts from trials or settlements varies based on the specific case.
01. Financial Compensation Amounts
Average Mesothelioma Compensation Amounts
Average mesothelioma payouts vary depending on the type of compensation pursued and several other factors. The annual Mealey’s Litigation Report: Asbestos states average mesothelioma compensation amounts, including:
- Average mesothelioma lawsuit verdicts are about $2.4 million.
- Average mesothelioma settlement payouts vary from $1 million – $1.4 million.
- Trust fund payouts vary greatly. High-paying trusts may award $125,000 or more. Individuals may seek compensation from more than one trust.
Mesothelioma patients and their families should discuss claim options with an experienced lawyer. Many factors may impact the amount of compensation awarded. For example, though lawsuits often have higher average payouts, some individuals may wish to avoid a trial.
Factors Affecting Mesothelioma Payouts
The amount of mesothelioma financial compensation awarded varies based on several factors, including:
- Type of asbestos claim filed
- Venue, or location, of where you file your mesothelioma claim
- Occupational history, including any military service
- Asbestos exposure history (type of asbestos, location and amount of exposure)
Your mesothelioma law firm can help you determine which option is best suited to your situation.
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02. Types of Compensation
Types of Mesothelioma Compensation
There are several types of compensation for mesothelioma. A mesothelioma lawyer can help you determine which compensation options you may be eligible for.
Asbestos Trust Funds
Asbestos trust funds are created by bankrupt asbestos companies to provide compensation for current and future claims. Individuals may be entitled to file an asbestos trust fund claim when they are exposed to asbestos by a company and develop an asbestos-related disease.
More than $30 billion has been set aside in trust funds to compensate mesothelioma victims. There are more than 65 asbestos trusts.
Asbestos companies often file for bankruptcy due to rising legal issues and costs surrounding dangerous asbestos product exposure. As part of the bankruptcy proceedings, trust funds are established to ensure funds are available for victims of asbestos exposure.
These trusts have certain criteria mesothelioma victims must meet in order to be eligible for a payout. An asbestos attorney can help determine your eligibility and handle the filing process. Some patients may be eligible to file a claim against multiple asbestos trust funds.
Mesothelioma Settlements
Mesothelioma settlements are legally binding agreements between an asbestos defendant and plaintiff. A settlement can be offered before, during or after a mesothelioma lawsuit goes to trial. In many cases, companies will offer a settlement before the claim reaches trial.
The patient or family member filing can decide whether or not to accept a settlement. An experienced mesothelioma lawyer will guide you through the settlement process.
Mesothelioma Lawsuit Verdicts
Mesothelioma lawsuit verdicts are decided by a jury at the end of trial proceedings. If the jury finds a defendant liable for asbestos exposure, they will determine an asbestos lawsuit payout. The amount awarded will be determined by various factors, such as expenses incurred from the mesothelioma diagnosis. The trial verdict award may also include punitive damages.
A skilled attorney can advise you about the strength of your case and the likelihood of a favorable verdict and award.
Other Types of Mesothelioma Compensation
Patients or loved ones may be eligible for other types of compensation, including:
- Workers’ compensation claims: Individuals exposed to asbestos at work may be eligible for workers’ compensation. Some industries that commonly used asbestos include construction, manufacturing and shipbuilding.
- Veterans’ claims: Military personnel are often exposed to asbestos. Veterans who were exposed to asbestos and develop an asbestos illness may be able to file a claim with the United States Department of Veterans Affairs (VA).
Individuals may also be able to receive financial assistance from other institutions. Private health insurance, Medicare and Medicaid, disability insurance, social security disability and community grants may be available for eligible patients to assist with mesothelioma costs.
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03. Payout Time Frames
How Long Do Mesothelioma Payouts Take?
Mesothelioma payout time frames vary greatly. In general, asbestos bankruptcy trusts will process and payout successful claims within a year of being filed. Mesothelioma settlements and lawsuit verdicts may take additional time.
Settlement offers may arrive before a case goes to trial, during the trial or during any appeals. Once the asbestos victim and their attorney accept a settlement offer, the victim may receive their compensation within months.
Mesothelioma lawsuit award time frames depend on a number of factors, including lawsuit type, number of defendants named in the case and availability of all involved parties. Depending on these variables, a lawsuit verdict and award may take several months to one year or longer.
04. Who Is Eligible to File?
Who Is Eligible for Mesothelioma Compensation?
Individuals diagnosed with mesothelioma may be eligible for compensation. Surviving family members may also be eligible to receive compensation.
Eligibility requirements differ slightly based on claim type. However, there are several general mesothelioma compensation eligibility requirements, including:
- Medical records and documentation of a mesothelioma diagnosis or another asbestos disease
- Evidence of asbestos exposure
- Adherence to the statute of limitations for your claim type
It is important to consult an experienced mesothelioma law firm to determine your eligibility.
Are Family Members Eligible for Compensation?
Family members of mesothelioma patients may be eligible for compensation. Close loved ones, such as children and spouses, may be eligible to file a wrongful death lawsuit. These lawsuits are filed after a mesothelioma patient has passed.
Wrongful death lawsuits can help family members cover lingering medical costs, pay for funeral expenses and provide financial security.
Experienced mesothelioma attorneys can help family members get the compensation they deserve on behalf of their departed loved ones.
05. How to File for Compensation
How to File for Mesothelioma Compensation
The filing process will vary based on which type of compensation you choose to pursue. However, the general process for filing any mesothelioma compensation claim is similar.
- Connect With a Mesothelioma Lawyer
The first step for filing any mesothelioma claim is to consult an experienced lawyer. Mesothelioma attorneys have experience with these types of claims and can help you receive the maximum award possible. - Research Details for Your Claim
Your lawyers will research claim details, such as how and when you were exposed to asbestos. It is also important to provide your attorney with any medical or employment documentation to prove these facts. Lawyers also have access to previous cases, product records and exposure reports to help with this stage. - Determine Your Options
Your lawyer will discuss your compensation options and help you choose which type of claim is right for you. - File Your Claim
Once your case is prepared, your lawyer will file the claim on your behalf. After filing, next steps will vary based on your chosen type of claim. For example, settlement offers may arrive after filing or during lawsuit hearings. - Negotiate Your Award
After your claim is filed, a compensation award will be determined and negotiated.
06. Common Questions
Common Questions About Mesothelioma Compensation
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How do I apply for asbestos compensation?
- Individuals may apply for asbestos compensation by submitting a claim to an asbestos trust fund or filing a lawsuit. This process includes consultations, research and documentation. A mesothelioma lawyer will guide you through the process.
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How long does it take to get an asbestos payout?
- The time frame for receiving a payout varies based on claim type and negotiation. Claimants may receive asbestos trust fund payouts within months. Settlements and lawsuits may take longer, depending on the progression of the case.
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How much money will I get from an asbestos payout?
- Average payouts for mesothelioma settlements range from $1 million to $1.4 million. According to Mealey’s Litigation Report: Asbestos, the average lawsuit verdict is around $2.4 million.
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Does everyone with mesothelioma get money?
- Mesothelioma patients may be eligible for compensation. Mesothelioma patients who can tie their disease to specific asbestos exposure are often eligible to file for compensation. Attorneys can help research which asbestos companies may be liable for the patient’s exposure.
That’s the much we can take on the topic “Compensation Mesothelioma – All You Need To Know”.
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