Yes, you can use your pre-settlement funding to pay for medical bills. The steep cost of healthcare is one of the key reasons plaintiffs choose this option. For example, even if you are insured, you may be faced with deductibles or co-payments, and these out-of-pocket costs can be high, and some treatments or specialists may not be fully covered.
As a leading lawsuit lender, Mustang Litigation Lending is committed to helping individuals, groups, and legal firms make safe and informed choices. It can take months or even years for a plaintiff to receive compensation. A lawsuit advance gives you some breathing room to negotiate a higher settlement, so you don’t feel the urgency to settle quickly just to keep up with the bills. Contact us today to learn more.
How Pre-Settlement Funding Can Help with the High Cost of Healthcare
There are many reasons why insurance may not cover all your medical expenses after a serious accident:
- Delayed Reimbursements: Insurance payments may not arrive quickly enough to cover immediate bills.
- Uninsured or Underinsured Situations: You may not have adequate coverage.
- Surgeries: Procedures like spinal surgery, orthopedic surgery, or traumatic brain injury surgery can have significant out-of-pocket costs.
- Rehabilitation: Ongoing physical or occupational therapy sessions often come with high co-pays.
- Emergency Room Visits: Initial emergency care can be costly, especially with extended stays or multiple follow-ups.
- Specialist Consultations: Appointments with neurologists, orthopedic surgeons, or other specialists may have high fees.
- Imaging Tests: MRI, CT scans, and X-rays can be expensive, even with insurance coverage.
You can also spend that money on routine checkups, treatment for a long-standing health condition, or any other healthcare you require. In addition, you can use your pre-settlement lawsuit funding to make mortgage and car payments, pay credit card bills and tuition for your children, and pay for gas, food, and other daily expenses. These costs add up, especially if you’ve sustained serious injuries and cannot work.
Understanding Pre-settlement Lawsuit Funding
While some use the term “lawsuit loan” to describe pre-settlement funding, that term is incorrect. Unlike traditional loans, a lawsuit advance is non-recourse, meaning you do not have to pay it back if you lose your case. Pre-settlement funding is like a cash advance on an anticipated settlement or verdict in a personal injury case. You are only required to repay litigation financing if you win your case or reach a favorable settlement out of court.
The ability to access cash quickly is good news for plaintiffs who feel pressured to settle their cases quickly for medical bills and other expenses. A rushed settlement often means less compensation than you might have received if you gave your case more time to settle the right way. When plaintiffs and their attorneys have adequate resources, they are better equipped to pursue a claim to its full potential.
If you have more questions about how pre-settlement funding works, our team will be happy to provide you with the information you need. Read our ultimate guide to pre-settlement funding to learn more.
Get the Funding You Need Now
Mustang Litigation Funding provides best-in-class capital solutions for law firms, plaintiffs, litigation vendors, and other legal assets. We offer ethical institutional litigation funding to support justice. With pre-settlement funding, you can obtain compensation before your case is resolved in as quickly as a few days—without a complicated application process. It allows you to focus on your recovery rather than stressing about medical bills. We look forward to speaking with you.
