Insurance settlements often take a long time to process and approve, so injury victims must manage medical bills through alternate funds until a payout is awarded.
Waiting on a Worker’s Comp Settlement
Work-related injury claims are typically handled through workers’ compensation insurance. In many cases, the insurance company offers a settlement to resolve the claim, but these settlements may take months, even years, until final payouts are awarded. In the meantime, an injured worker must manage his or her own expenses for medical costs and financial obligations.
Some work-related accidents result in serious injuries that require extensive time away from work, hospitalization and surgical procedures, and rehabilitation. This often results in mounting bills for mortgage payments, car loans, household expenses, and other essentials. While waiting on an insurance settlement, an injured worker may need to rely on other financial options.
Workers compensation pre-settlement funding is designed to help injured workers get a cash advance while waiting on a claim settlement. It is not a loan. Anyone who is involved in a workers’ comp case with a workers’ compensation attorney is qualified for pre-settlement funding through a cash advance based on the settlement amount.
Medical expenses from a work-related injury can often be paid through a person’s health insurance while a workers’ compensation case is pending. This can protect against mounting bills and credit damage caused by late payments. When medical bills exceed insurance limits, turning to health insurance can prevent out of pocket payments.
Medicare of Medicaid
Workers who have Medicare or Medicaid may be able to use this insurance for necessary medical treatments after an accident. However, reimbursement may be required once the workers’ compensation settlement is resolved through the insurance company or the court with a jury and attorney.
Med Pay or PIP Coverage
Med Pay and Personal Injury Protection (PIP) coverage provide payment for medical expenses following an accident, regardless of who is at fault. Under these types of coverage, a worker can file a claim up to policy limits to help with medical expenses.
Medical Payment Arrangements
When an injured worker is waiting on a workers’ compensation settlement, hospitals can’t legally send outstanding medical bills to a collection agency. However, bills still need to be paid, even if a workers’ comp claim is denied. Until the settlement is awarded, a workers’ compensation attorney can help with a payment arrangement plan to ensure that the hospital is reimbursed.