Can I Use Pre-Settlement Funding for Medical Bills?

Many accident victims in the US struggle with medical debt, especially if they lack insurance. But even with coverage, it doesn’t always get them the assurance of the medical treatment they need. You’re probably now wondering if legal funding could help cover medical bills. And the answer is yes, you can use a lawsuit loan (pre-settlement funding) for medical bills, including hospital bills, equipment, therapy, medications, transportation, home modifications, and future costs.

However, before getting a lawsuit loan, consider alternatives first. Let’s break down what you need to know about your funding alternatives, how pre-settlement funding works, and how it might help you manage your medical bills more effectively.

Before Seeking Legal Funding For Medical Bills, Consider These Alternatives

1. Double-check your bill. Reach out to your hospital’s medical records department to review your bill. Look for errors like duplicate charges, wrong patient info, or services you didn’t receive.
2. Negotiate your bills. Don’t hesitate to ask your hospital about negotiating or setting up a payment plan. There’s no harm in asking, and they might agree to help.
3. Financial aid. Check if your hospital offers financial aid packages.
4. Reach out to loved ones. Consider asking family and friends for financial assistance.
5. Crowdfunding. Platforms like GoFundMe can help raise funds for medical bills. Share your story and provide updates on your situation to encourage support.
6. Selling or pawning assets. If you own valuable items, you might want to consider selling or pawning them to cover immediate medical expenses.
7. Temporary work or freelance projects. If your injuries allow, taking on temporary work or freelance projects can generate some extra income.
8. Personal loans from financial institutions. Some banks and credit unions offer personal loans for medical bills. Keep in mind that these loans may require good credit and a steady income.
9. Medical bill sharing. Some religious and community organizations offer medical bill sharing programs.
10. Legal aid clinics. These organizations may provide free or low-cost legal advice.

How Pre-Settlement Funding Works

Lawsuit loans, also known as pre-settlement funding or legal funding, provide plaintiffs with cash upfront in exchange for a portion of their expected settlement. This non-recourse legal funding means you only repay if you win your case, similar to paying attorney’s fees on a contingency basis.

Here’s how it works:

1. Apply for legal funding. Reach out to Baker Street Funding at (888) 711-3599 and provide details about your case, injuries, and medical bills.
2. Evaluation and approval. Our underwriters discreetly assess your case with your personal injury attorney to determine if it’s viable for funding. This process usually involves reviewing your lawsuit’s merits and potential settlement value within a 24 – 48 hours.
3. Receive funds. If approved, you’ll receive the agreed-upon cash, typically the same day. That means you get quick access to the money you need to access the necessary medical care.
4. Repayment. Once your case settles, Baker Street Funding is repaid from the settlement amount by your attorney. This payment includes your principal, interest rates, and fees.

Medical Costs You Can Cover With a Lawsuit Loan

A lawsuit loan can help alleviate the financial burden of medical costs associated with a personal injury case. These costs include:

1. Hospital bills. Pay for in-patient or out-patient services, surgeries, and other treatments related to your injury.
2. Medical equipment. Assists with costs of wheelchairs, crutches, or prosthetics.
3. Rehabilitation and therapy. Physical therapy, occupational therapy, or counseling sessions.
4. Medications and treatments. Prescription medications, ongoing treatments, or alternative therapies.
5. Transportation. Ambulance rides, taxi fares, or public transportation costs.
6. Home modifications. For necessary home modifications, such as ramps or grab bars.
7. Future medical costs. For anticipated medical expenses, such as future surgeries, or long-term care.
8. Other Medical bills. Pay off past medical debt from healthcare providers, imaging specialist bills, or ambulance services.

The Takeaway

When facing medical bills from personal injury, the best way to make a smart decision is after exploring all other possibilities. These include double-checking bills, negotiating, seeking financial aid, reaching out to loved ones, crowdfunding, selling/pawning assets, temporary work, personal loans, medical bill sharing, and legal aid clinics.

If all else fails, consider pre-settlement legal funding. However, keep in mind that this should only be used as a last resort, as the interest rates are typically higher than those of traditional loans. This funding can cover various medical expenses, including hospital bills and future medical costs.

Companies like Baker Street Funding specialize in providing pre-settlement funding to help accident victims manage their financial burden during a personal injury case. Reach out to our team today at (888) 711-3599 or apply online for fast, safe, and confidential pre-settlement funding.

Our benefits include:

• No repayment if you lose
• No monthly payments
• No income verification
• No credit checks
• No asset or collateral requirements

Ready to get started? Apply for pre-settlement legal funding online and get qualified within minutes. Our interest rates are simple and limited to a maximum of three years. In the event that your case extends beyond three years, all costs will cease.