Are you one of the 32% of Americans that are facing medical debt? Even worse, half of those people have defaulted on it. All too often, these bills come unexpectedly from a sudden injury.
You don’t have to struggle with your medical bills while waiting for your personal injury lawsuit to settle. There are several answers to the query, “how will I pay my medical bills?”
Consider these options when facing repayment of your medical treatment.
Speak to the Provider
Your first step is to speak with the medical provider and negotiate a repayment plan. You could request that payments get deferred while you wait for your settlement. Most will agree, but you could also request lower payments instead.
Letter of Promise
It won’t be enough to make a verbal promise to the medical provider. Most will require you to sign a letter of promise that states you’ll repay them in full for medical treatment upon the receiving of your settlement. Speak with a personal injury lawyer before signing this agreement to ensure it’s the right decision.
PIP Insurance
Some states require that you have Personal Injury Protection (PIP). If your injuries are related to a vehicle accident, you’re required to use this insurance first. However, you’ll want to speak to an attorney regarding this.
The insurance company can place a lien on your settlement for the costs they’ve paid for if your settlement includes payment for these medical bills.
Health Insurance
Another option is to use your health insurance. This coverage should pay for medical costs while you wait for your case to settle. Your provider will pay up to your policy limits, and you’ll pay for deductibles and copays.
Pre-Settlement Funding
If insurance options aren’t available to you, consider a pre-settlement loan to pay off medical bills while you wait for your personal injury lawsuit to settle. You’ll apply for a loan with a lender and get approved for a certain amount of money based on your case’s predicted outcome.
This option is nice because it doesn’t require you to have a strong credit score or a steady income. You can also get your money quickly and use it for more than just your medical bills. Many lenders don’t require that you pay the loan back should you lose your case.
The interest rate will be higher on this type of loan. It’s best to shop around and get several offers. You can get more information here on applying for your own settlement loan.
Savings
If you have money saved, you could use it to pay your medical bills. However, this reduces the amount of money you have saved. You may need this money for living expenses if you can’t work.
Pay My Medical Bills Today
You have options when it comes to paying your medical bills during a lawsuit. If you find yourself struggling and wondering, “how do I pay my medical bills?” seek out help. Your attorney can help you understand your options and advise you on the procedure for each.
Check out our other finance articles for more helpful advice to help you manage your money during a lawsuit.
