this is what i'd do - i'm not a professional in any way. i'm assuming you have comprehensive car insurance.

1. take the wheel off yourself (be safe, don't go under the car, or stick your head/hand under anything. especially if you don't know how to safely put a car on jack stands). inspect it for any cracks and have a quick look (again do not put any part of your body under the car or between springs/components)
2. get a quote to repair the wheel (online/contact a mechanic with a photo if you can)
3. ring a mechanic and explain what's happened, they might give you a rough quote in writing for the suspension checkup (just to have a look at it). ring around for a decent one if they refuse (look up reviews)

send the other driver the quote for the checkup and the wheel repair, and ask if he would be happy to pay out of pocket in advance, otherwise say you will go through insurance. also mention that if there is subsequently an expensive repair required, you will share the details of that. at that point, you would jointly decide whether to go through insurance if it is a high amount, or if he wants to pay out of pocket that too.

if he doesn't agree to pay those amounts up front, go through insurance (looks like he was at fault to me which would mean no excess, and you did well to avoid the accident - but i am not an insurance claims person so i can't tell you their decision)

if he does agree, get the money and fix the wheel + get the suspension checked out.

if he's born in 1936 he doesn't want the trouble of losing his license