Compensation Mesothelioma| How to Get It
Compensation Mesothelioma| How to Get It
If you or a loved one has been diagnosed with mesothelioma or another asbestos-related disease, you may be eligible for significant financial compensation. This compensation is intended to help cover the high costs of treatment, medical bills, lost wages, and other unexpected expenses that arise from dealing with this serious illness. On average, mesothelioma compensation, including settlements and trial verdicts, ranges from $1 million to $11.4 million.
The process of securing compensation can be complex, involving asbestos trust funds, personal injury lawsuits, or even wrongful death claims if a loved one has passed away due to mesothelioma. While the exact amount of compensation depends on factors such as exposure history, location, and the type of legal action taken, many patients and their families find relief through these funds.
If you are unsure where to begin, the first step is to consult with a mesothelioma lawyer who can guide you through the legal process. An experienced attorney can help maximise your compensation and ensure that your case is handled efficiently. Do not wait; pursuing compensation early can improve your chances of receiving the financial support you need. Seek help today and secure the compensation you deserve for the impact mesothelioma has had on your life.
What is Mesothelioma Compensation?
Mesothelioma compensation is the financial support given to individuals diagnosed with mesothelioma or their families. This compensation helps cover expenses like medical bills, lost wages, and the pain and suffering caused by the disease. It can come from several sources, including lawsuits against the companies responsible for asbestos exposure, trust funds set up by bankrupt companies, veterans’ benefits, and sometimes settlements.
The amount of compensation can vary based on factors like the type of legal action taken, the severity of the illness, and the level of asbestos exposure. It’s meant to ease the financial burden of treatment, support loved ones, and help cope with the emotional and financial impact of the disease.
READ ALSO: Average Settlement For Mesothelioma Cases
Average Mesothelioma Compensation Amounts| Compensation Mesothelioma| How to Get It
The average mesothelioma settlement typically ranges from $1 million to $2 million. On the other hand, the average trial verdict for an asbestos lawsuit is around $20.7 million, according to the 2024 Litigation Report.
However, compensation amounts can vary widely depending on the specifics of each case. Recent data shows that from 2021 to 2022, the average mesothelioma trial verdict was $10.6 million. Interestingly, between 2018 and 2020, the average jumped to an unusually high $53 million.
Types of Compensation for Mesothelioma| Compensation Mesothelioma| How to Get It
There are several ways you can receive compensation if you have been diagnosed with mesothelioma. Here are the main options:
- Asbestos Trust Funds
Many companies that used asbestos filed for bankruptcy after mesothelioma lawsuits. As part of their bankruptcy, they created trust funds to compensate victims, with billions set aside specifically for asbestos-related claims. To access these funds, you must prove exposure, usually through work history or locations where exposure occurred. An experienced lawyer can guide you through the process.
- Personal Injury Lawsuits
If exposed to asbestos and later diagnosed with mesothelioma, you may file a personal injury lawsuit against the responsible companies. This lawsuit seeks compensation for medical bills, lost wages, pain, and suffering. The legal process can take time and may involve court proceedings, but a successful lawsuit can result in a large settlement or jury award.
- Wrongful Death Lawsuits
If a loved one passed away from mesothelioma, you may file a wrongful death lawsuit seeking compensation for funeral expenses, lost financial support, and emotional distress. Family members, such as spouses or children, can file wrongful death lawsuits, which may end in a settlement or trial decision.
- Veterans’ Benefits
Veterans exposed to asbestos during military service may qualify for compensation through the U.S. Department of Veterans Affairs (VA). The VA offers disability compensation, healthcare, and survivor benefits. Veterans in shipyards or construction-related jobs face higher risks of asbestos exposure. If you’re a veteran, contact the VA to explore your compensation options.
What Compensation for Mesothelioma Can Be Used For| Compensation Mesothelioma| How to Get It
Any money received from a mesothelioma lawsuit or asbestos trust fund is yours to use as needed.
Many patients and families use mesothelioma compensation to pay off debt, cover medical expenses, and manage other financial burdens. Mesothelioma compensation can help you and your family:
- Cover extended or experimental treatments
- Create trusts for children or grandchildren
- Handle everyday living expenses
- Hire in-home support or respite care
- Make up for lost income during treatment
- Donate to charities and meaningful causes
- Pay for mental health services
- Travel to top treatment centres
Who Is Eligible for Mesothelioma Compensation?
Mesothelioma patients and the family members of those who have passed away from the disease are eligible for compensation. Family members, who may also represent the deceased’s estate, can file a wrongful death lawsuit following the loss of a loved one. They can also submit a claim to a mesothelioma trust fund.
Asbestos Trust Funds
Some individuals develop mesothelioma after being exposed to asbestos products manufactured by companies that are now bankrupt. In these cases, your legal claim may be handled through the bankrupt company’s trust fund instead of the court system.
Over $30 billion is available in asbestos trust funds to compensate those affected by mesothelioma or other asbestos-related diseases. Asbestos trust fund claims usually process faster than mesothelioma lawsuits, as they don’t require going through court. Claimants often receive compensation within a few months.
How Much Money Is Left in Asbestos Trust Funds?
While the exact amount remaining in asbestos trust funds is debated, many experts suggest it exceeds $30 billion. In 2016, a report from the U.S. Chamber Institute for Legal Reform estimated that about $25 billion was left in these funds. The exact amount is difficult to pinpoint as several new trusts have been established recently, and trust funds make investments to increase the available compensation for mesothelioma survivors and their families.
How Do Trust Fund Payment Percentages Work?
Asbestos trust funds offer a set payment percentage of a claim’s value to ensure there are enough funds available for future claimants. Trust administrators regularly assess the percentage to maintain balance for long-term claims. For example, if a claim is valued at $180,000 and the trust’s payment percentage is 25%, the payout would be $45,000. This compensation could help cover medical expenses and lost wages.
Mesothelioma Trust Fund Payouts| Compensation Mesothelioma| How to Get It
The exact payout amounts from mesothelioma trust funds are often not publicly disclosed, but research from organisations like RAND shows a wide range of potential payouts. These can vary from as low as $7,000 to as high as $1.2 million.
On average, mesothelioma claims tend to settle around $180,000, with some experts estimating that the typical payout falls between $300,000 and $400,000. The amount you can receive depends on factors like the payment percentage and specific details of your case.
How Long Do Mesothelioma Payouts Take?
The time it takes to receive mesothelioma payouts varies depending on the specifics of each case. Verdict payouts can take several months to a year, while settlements may be quicker, depending on when the case is resolved. Asbestos trust funds usually process payouts within a few months. Filing soon after a mesothelioma diagnosis or death can help speed up the process.
Mesothelioma lawyers can provide an estimate for your case’s timeline. They will explain how factors like the type of lawsuit, the availability of parties, and the details of the case can impact how long it takes to resolve a legal claim.
READ: Mesothelioma Attorney Assistance
Factors Affecting Mesothelioma Payouts| Compensation Mesothelioma| How to Get It
Several factors influence the amount of financial compensation awarded to mesothelioma victims. These factors include:
- Economic losses: Compensation often accounts for money lost due to a mesothelioma diagnosis, including lost wages, lost earning potential, and medical expenses.
- Filing location: Different jurisdictions may offer more or less favourable outcomes for asbestos victims. A lawyer can help determine the best place to file a legal claim.
- Type of legal action: The type of legal action taken can affect the payout. Typically, asbestos lawsuits lead to higher compensation compared to trust fund claims.
- Exposure history: A patient’s history of asbestos exposure can impact the compensation options available.
- Individual goals: A victim’s personal goals may influence compensation decisions. For example, someone seeking faster compensation may choose to settle rather than pursue a potentially higher payout through a trial.
How Long Do You Have to Make an Asbestos Claim?
The time limit for making an asbestos claim, known as the statute of limitations, varies by state. In many states, the deadline is 2-3 years after a mesothelioma diagnosis.
This time frame typically starts from the date of diagnosis or when the illness is discovered. However, since statutes differ by state, it’s important to consult an asbestos attorney to understand your specific deadline for filing a claim.
Additionally, mesothelioma trust funds have their filing deadlines, so you may still be eligible for compensation even if the statute of limitations has passed.
How to File for Mesothelioma Compensation| Compensation Mesothelioma| How to Get It
Mesothelioma lawyers can file lawsuits and claims on behalf of asbestos victims. While the process varies based on the legal action, there are general steps to seek compensation.
- Connect With a Mesothelioma Lawyer:
The first step is to consult an experienced mesothelioma lawyer. Many top firms offer a free initial review. These lawyers are skilled in handling various claims and can help maximise your compensation.
- Research Details for Your Claim :
Lawyers will gather details about when and how asbestos exposure occurred. Clients should provide medical or employment records to support these facts. Lawyers also have access to case files, asbestos product records, and exposure reports.
- Determine Your Options:
The lawyer will discuss your compensation options and recommend the best strategy to achieve your goals.
- File Your Claim :
Once prepared, the lawyer will file the necessary lawsuits or claims. The next steps depend on the type of claim, such as whether settlement offers come after filing or during hearings.
- Negotiate Your Award :
After filing, the lawyer will manage the case, negotiating settlements or litigating in court if needed.
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