You’ve been injured in an accident that was someone else's fault. Now it’s a waiting game, as you work with the insurance company to resolve your case. Meanwhile, the bills keep coming in. Because of your injuries, you are unable to work. There could also be ongoing expenses such as rehabilitation or prescription medication costs.
It’s tempting to settle a claim quickly just to avoid the financial burden, even if you don't recover a fair amount. But you could still end up financially insolvent later if it turns out that additional medical treatment is necessary. But there are options to consider that cover those expenses.
Your Own Insurance, Borrowing, or Financing to Cover Expenses
A common option is to pay medical costs with health insurance coverage. However, keep in mind the insurer may place a lien on future settlements to recover its costs. Also remember that you may be responsible for deductibles and copayments.
If you have appropriate car insurance coverage, your own policy may provide coverage. This may include medical payments coverage that pays for medical expenses regardless of who is at fault for the accident.
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.
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
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.
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.