Getting in a car accident is a tragic ordeal. Most of these victims are not only having to deal with devastating injuries, lifelong treatments, and an entirely new way of life, but they now also have to figure out how to pay for skyrocketing medical bills and other expenses that have come up because of their accident.
Luckily, car accident settlements can help those injured get back on their feet and recover for the damages they ensued. However, the bad news is that it is not that easy. Settlement negotiations may take a significant amount of time to resolve, in some cases, even years. So what can a car accident victim do while they are waiting for their much-needed funds? Can their lawyer lend them the money they need? Unfortunately, no. Your attorney cannot provide you with any cash assistance to cover your living expenses or medical bills while you are waiting for the settlement process to wrap up. However, they can provide help in other ways.
At the Law Offices of John W. Redmann, LLC. we understand the hardships that you are going through after a car accident. That is why it is our firm’s goal to obtain not only the compensation that you deserve as quickly as possible but also provide you the information you need to get through this challenging time. In this blog post, we will explain in detail some different financial assistance options and programs available to you while you wait for your settlement to come through.
Pre-settlement loans are precisely what you think they are- they are loans that you can get before you receive your settlement amount. And many companies in Louisiana offer this service. The specifics of the pre-settlement loan process involves an individual applying for the loan, the lending company reviewing the details of your accident case, and then estimating how much of a cash advance they can offer you. However, in order to borrow this money, you have to agree to repay the lending company once your car accident settlement comes through.
Waiting for a settlement can take quite a toll on a victim and their families. Not only is the legal process often much slower than most people assume, but bills do not halt. In fact, they tend to increase after someone has been injured. And sadly, many car accident victims find themselves in a difficult situation, as they are forced to miss work because of their injuries while still getting bombarded by these expenses. That is why a pre-settlement loan can help many victims stay afloat while their attorney fights for the compensation they need.
Yes, getting money quickly while you wait for a settlement is excellent news. However, it is not without its negatives. First, a pre-settlement loan does not come cheap. Many lending companies charge some type of fee (monthly, flat) for their assistance. If you cannot afford to pay these charges, you may need to look into other financial assistance sources with cheaper rates or lesser fees. In addition, if your case settles for less than you thought it would, you are still required to pay back whatever money you borrowed initially from the lender.
If you have health insurance available either through your own plan or through an employer, you can reduce some of your medical bills by submitting an insurance claim to your provider. You will be required to pay any necessary copays; however, your doctor will send the invoice to your health insurance provider, who will take care of the costs.
This also applies to Medicare or Medicaid coverage. If you are enrolled in Medicaid or Medicare, you may use that coverage toward your accident-related expenses.
It is important to remember that you are making a claim through your health insurance, and not your car insurance. This will ensure that your personal injury claim with your car insurance will continue to play out and include any further ongoing expenses while your health insurance pays your bills.
It is essential to check your specific insurance policy and see exactly what relief is available for your particular situation. Some private health insurers and Medicare or Medicaid usually have subrogation rights, which means that they can claim reimbursement against a settlement you are awarded. Put simply, if your health insurance covers the bill initially, and you recover money from the accident, you can be required to repay the provider.
In Louisiana, there are quite a few charities, non-profits, and other assistance programs that can provide help to those individuals or families looking for financial assistance while waiting for their settlement.
Many of these organizations provide low-interest pre-settlement cash advances, which offers much-needed relief for many struggling families looking for capital without the hefty add-ons, interest rates, or charges many pre-settlement loan companies require.
Unlike pre-settlement loan companies who can provide you with a loan in about 24-28 hours, the turnaround time for these charitable organizations varies—in some instances, even taking up to two weeks once the request is approved. This lag time is often because the organization will take extra time to consult with each family or individual to get the information they need to only provide them with the money they require to get by.
Dealing with a car accident is stressful enough. Dealing with the legal process, the financial hardships, and the many questions that you need answering is something you should not handle alone. If you have been involved in a car accident, you need to contact an experienced Louisiana personal injury lawyer today. The sooner you call, the sooner we can get your claim going, and get you that much closer to receiving the compensation you are due. Do not wait any longer; call the Law Office of John W. Redmann, LLC, at 504-500-5000. Let us provide you with the legal help that you need and the answers you want.