For those who don’t have health insurance, there may be fewer (or less desirable) options available. You may have to pay out of pocket, perhaps wiping out a savings account. Or you may have to borrow the money from someone else.
Sometimes the medical provider is willing to work with you by putting a hold on the account or allowing you to make smaller payments. This keeps the collection agencies away. But it’s with the agreement that once the case is settled, they will be paid.
Pre-settlement Loans
Taking out a loan is another option to consider. Of course, this means figuring out what the anticipated expenses are going to be, which can be difficult if there is the potential for future medical treatment.
You may consider a pre-settlement loan. You will receive a cash advance with the promise to repay after the case has settled. You may not have to pay back the initial advance if you do not recover compensation in your claim.
The loan company will consider your likelihood of settling and estimate a potential settlement amount when deciding whether to loan you the money. But because of the risk, fees and interest rates are usually substantial. It’s important to shop around to find a place that offers the lowest fees and interest rates.
Seeking Legal Counsel to Ensure the Personal Injury Settlement is Fair
There are two main goals when it comes to reaching a settlement. One is that the amount awarded is fair, in that you get exactly what you deserve. This could mean not only compensation for medical costs and lost wages; if the injuries were serious or life-threatening you may be entitled to other damages such as:
- pain and suffering;
- disfigurement; or
- disability.
The other goal is to reach a settlement that is full. This means that it adequately covers current and future medical bills, along with current and future lost income. The only way to ensure both goals are met is to have legal representation and discuss the extent of your damages.
Contact a Peachtree City Personal Injury Attorney
Consult an attorney at the Law Office of Jason R. Schultz to review your case and the damages to which you may be entitled. Set up your consultation by calling 404-474-0804 or fill out our contact form to schedule your appointment.
