Health insurance and lawsuits are two things in life that can be very expensive. This is the case when you’re dealing with either one alone, but the two combined are a nightmare! Add in exorbitant medical fees from injuries related to a lawsuit, and you may feel that your whole life savings are going towards legal expenses. If you are facing a lawsuit without medical insurance, the prospect of spending more on lawsuit fees is even more daunting. But luckily there is hope, and it comes in the form of pre-settlement funding. Pre-settlement funding provides money to individuals who suffered a loss or injury and need help covering life expenses like medical bills during recovery.
What Is Pre-Settlement Funding?
Pre-settlement funding is similar to a conventional loan, such as for cars, homes, and education, but it is designed specifically for lawsuits. Pre-settlement funding is distributed based on an individual’s financial needs to help cover the ongoing cost of a lawsuit. This includes providing payment for litigation fees, medical bills, missed workdays, and more. Lawsuit lending companies do a screening process first to evaluate the merits of each case, such as the type of case, how long the case is expected to last, and what the projected expenses are. You can get more background information about your case and whether you might qualify for lawsuit funding here: https://www.nolo.com/. If you do, you’ll have to apply for funds through an application. If the application is approved, you’ll get funding to offset expenses related to the lawsuit. Having that financial security often makes it easier to take the time needed to get a more favorable outcome.
How Can Pre-Settlement Funding Offset Medical Expenses?
You never know when you’re going to have an accident, but if you do, there are often hefty fees attached. Between hospital fees, ongoing medical care, and taking time off from work due to an injury, you’re left with a stack of medical bills. And if you don’t have health insurance to begin with, the cost is even more significant. In the worst case, paying for medical bills can put a serious dent in your bank account, if it doesn’t drain it completely. But pre-settlement funding is designed to avoid that. Loans on lawsuit cover the cost of medical fees following an accident or injury, which makes it possible to avoid draining a personal savings account. With the guarantee of having medical services covered during the recovery period, litigants can focus on healing and recovery instead of mounting doctor’s bills and debt collection agencies.
If you’ve suffered an injury or loss from an accident, you may be eligible for loans on lawsuit to cover the cost of medical care and living expenses while you recover. When you submit an application to lawsuit lending companies, your information will be reviewed, and you might be asked to provide additional information, such as medical bills and other documentation showing the lawsuit’s cost. Any funding that you get is called non-recourse funding, which means that you’re only obligated to repay the money lent if the case settles in your favor.