At High Rise Financial, we provide pre-settlement funding to clients who are involved in a personal injury case and are represented by a lawyer. Not everyone involved in a personal injury case needs pre-settlement legal funding. It depends on your individual financial circumstances.
But if you can’t work because of your injuries or you lost a substantial amount of wages, you could be in a financial bind. That’s especially true if, like millions of Americans, you were living paycheck to paycheck before your accident or injuries.
If you’re considering applying for legal funding, you may wonder if you have to pay medical bills out of your settlement funding. The answer is: only if you want to. There are no legal requirements and no strings attached to your settlement funding.
Once your pre-settlement funding is in your bank account, that money is yours so spend however you see fit. You may want to prioritize your bills. Most of our clients spend the money on necessities, such as:
- Mortgage payments
- Car payments
- Credit card payments
- Buy groceries
- Medical bills
But the point is, the money is yours to spend without mandatory payments or restrictions.
If medical bills have you in a panic, you have several options available to you. Your lawyer may have already discussed these options with you.
Get Continuing Medical Care from Lien-Based Doctors
If your medical bills are continuing to mount after your accident or injury, you and your lawyer may want to turn to lien-based doctors. Whether this is a good option for you depends on the severity of your injuries and the strength of your personal injury case. Even if you go this route, you will still have to pay your outstanding medical bills from your accident.
Medical providers who work on a lien basis are a network of professionals who specialize in medical evaluation and the treatment of people injured in personal injury cases. These providers can be doctors, physical therapists, and even hospitals.
The way it works is similar to the way your financial agreement with your personal injury lawyer and your agreement with High Rise Financial work. We get paid out of your eventual settlement or jury award.
A medical lien allows your doctor or hospital to join your personal injury case. They agree to treat you without sending you any medical bills and agree to be paid when you recover damages, whether through a settlement or jury award. You also sign a legal agreement with lien-based medical providers guaranteeing your providers will get paid when you get your settlement.
If you lose your case, these medical providers would rather not create financial hardship for you by pursuing collection. Depending on your case, they may write off your bills but that is not guaranteed.
For a free legal consultation, call (877) 735-0016
Negotiating Your Medical Bills
Your lawyer may be able to negotiate your existing medical bills for you. In many cases, they can knock 20% off your bills rather easily. We have also seen cases where lawyers get medical bills reduced by half or more. Of course, every case is different, but you might want to talk with your lawyer about this possibility. He or she may be able to help you negotiate other bills as well.
When You Get Your Settlement or Jury Award
When you eventually get your personal injury case settlement or jury award, there are some rules that must be followed. First, the third party will send the funds to your personal injury lawyer. Your lawyer will then pay High Rise Financial and deduct their own legal fees. In addition, if you received medical treatment from a lien-based doctor or hospital, those medical bills will be paid by your lawyer. The rest of the money is yours.
At that point, you will be required to pay any outstanding medical bills. If you did not have lien-based medical care, you need to make paying medical bills one of your first priorities. You may have negotiated a payment schedule or a payment when your case settled. Pay those bills before they go to a collection agency.
Apply for Settlement Funding Today
To help make ends meet while you wait for your personal injury case to resolve, you can apply for pre-settlement funding. The amount you may be eligible for will depend on the specifics of your case and the state in which you live.
Begin the process by filling out the form on the Apply Now page. If you have additional questions, you can also call us at (866) 407-6404.