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If you have ever been involved even in a minor accident, you know how quickly the bills can pile up.
It is a double-trouble situation. First, you need proper medical treatment not only for your health, but also for the lawsuit claim. Medical bills can rack up to huge amounts, especially if you need long-term treatment.
Second, your injury might be so severe that you cannot work until you recover. Your employer might pay workers compensation benefits but even this might not be sufficient for you and your family.
A personal injury lawsuit settlement offers a light at the end of the process. If your injury was caused by another person’s negligence, the law allows you to seek a justified amount of compensation according to the damages suffered. While this is good news, investigations and negotiations can derail a lawsuit so that it takes months or years to settle.
The common question among injury victims in such a situation is; how do I pay the bills while waiting on a settlement? Let’s look at some of the financial options you have.
Always ensure that you go through these options with a financial advisor beforehand so that you understand what you are getting into.
It is not uncommon for personal injury medical bills to surpass what your health insurance can cover. In this case, you can request a medical lien from the hospital or specialist.
A lien gives the other party the right to a future award, which in this case, is your settlement money. The health provider will then deduct the total medical bill from your settlement funds.
A medical lien will take care of your hospital bills but what do you do about all the other additional expenses that come with an injury? A lawsuit loan can solve this problem.
Also known as pre settlement funding, this option provides you with the funds you need to survive while waiting on a settlement. When you apply for a lawsuit loan the lender company will evaluate your case to ascertain the chances of winning. If your application is successful, the lender expects you to repay the loan after settling.
One of the benefits of a lawsuit loan is that the lender only expects you to repay if you win. However, most plans are usually expensive in the long run and you should consult a lawyer before proceeding.
Depending on your health policy, your insurance company might help you stay afloat while waiting on a settlement.
A personal injury protection (PIP) insurance is added to your auto insurance and covers you in the event of an accident. The good thing about this option is that the conditions for compensation do not depend on which party was at fault for the accident.
If you do not have PIP coverage, you can agree to subrogation with your insurance company. This simply means that your insurer pays the medical bills, lost wages, and other expenses even when you are not at fault. The company will then put a lien on your compensation funds so that the amount given to you is deducted after settlement.
If you do not have enough money for a legal claim, ensure that you hire an affordable attorney, preferably one who works on a contingency basis. What does this mean?
The attorney will only deduct their fee if you win the lawsuit. Besides saving money that you might not have at the moment, this option will also assure you that the lawyer has both of your interests at heart.
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