Many personal injury victims in the US are in deep medical debt simply because they don’t have insurance. Getting into an accident, especially one with catastrophic injuries, can get you bankrupt, and of course, even if you have health insurance, it won’t always get you the assurance of the medical treatment you need.
If you or a loved one recently experienced a serious bodily injury, you may find yourself in a place where you need to borrow money to take care of your medical bills. These incidents can be traumatic and stressful and create a huge emotional and financial burden on any family.
Some situations that may require financial assistance to pay medical bills include slips and falls, car crashes, medical malpractice, negligence, and others.
If you have a pending lawsuit, legal funding could be an excellent way to go when you can’t pay your medical bills resulting from a personal injury. However, before you rush to get legal funding to cover your medical expenses, consider trying other avenues first.
Options to consider for paying medical bills before getting legal funding.
Check if you were billed correctly.
Review your billing records by contacting the medical records department at your hospital. Some points to look out for are duplicate charges, incorrect patient information, or services not received for which you were billed.
Negotiate your bill.
Many hospitals are often willing to negotiate bills or come up with a payment plan. Asking about this will not cause you any issues, and the worst-case scenario is that the hospital declines to negotiate any part of your bill.
Apply for financial aid through hospital charities, or ask family and friends for money.
Similar to negotiations, some hospitals also have financial aid packages to help pay for bills. You can also ask family, friends, and community members to host a fundraiser to help.
When you’ve already tried the options above and still find yourself unable to pay those medical bills, it may be time to consider legal funding.
How pre-settlement legal funding helps.
Legal funding is a risk-free financing process that allows you not to pay back the amount you borrowed if you do not get a settlement and win your case. That means you can get quick access to the money you need in order to access necessary medical care.
With a 24-hour timeframe, Baker Street Funding reviews your case, discusses the situation with our underwriters, and with your attorney’s cooperation, gets you the funding you need from your legal case upon approval.
Also known as non-recourse legal funding, you pay back the money you took out to pay for your medical bills through your settlement proceeds after you get compensated. This process is similar to how you would pay your attorney’s fees on a contingency basis.
For example, if you received a settlement amount of $50,000 after a serious car crash, your attorney’s fees are $5,000, your loan is $5,000, and the interest rate is $1,500; you would receive a total of $38,500 after all parties have had their liens satisfied.
Some of our legal funding mechanisms include medical lien funding, personal injury lawsuit funding, car accident loans, and law firm financing.
Type of medical costs you can pay through legal funding.
Most plaintiffs use pre-settlement legal funding to pay for their medical treatments no matter how much they owe. Here is an overview of the different types of medical charges your providers may be billing you for and that you can use the funding to pay for:
- Invasive surgery bills;
- Prescription medication;
- Physical therapy bills;
- Doctor’s bills;
- Emergency department bills;
- Hospital bills;
- Imaging bills.
If you or a loved one are looking for an opportunity to acquire a risk-free loan to pay necessary medical bills, pre-settlement legal funding can help. This type of funding allows you to take out a non-recourse loan against your settlement, and if you don’t win your case, you won’t have to worry about paying back the loan, and your assets will be untouched. Unlike bank loans, there are no monthly payments, no income verification, and no credit checks.
Legal funding to pay medical bills through Baker Street Funding is risk-free and will be assessed against the potential value of your pending lawsuit settlement. Loan amounts typically start at $1,500 and go up to $ 2 million, depending on the strength of your case.
Our process is fast, secure, and confidential. With a 24-hour turnaround rate, we can get you your funding promptly while your attorney works on winning a fair settlement and while you get the much-needed rest and recovery after your accident or injury.
To get started, apply for pre-settlement legal funding online and get qualified to get simple interest capped at three years. All rates and charges stop if your case takes over three years to resolve.