Unfortunately, you will not be able to receive any compensation for your injuries and medical expenses until long after the necessary treatment has begun. In the meantime, you’ve got to find a way to manage your own medical expenses. To receive compensation for this at a later date, you’ll want to maintain thorough records and documentation of your medical treatment and expenses.
Medical Insurance Payments
Your medical insurance company will typically pay medical bills and will be reimbursed for this after the personal injury claim is settled. Medicaid and Medicare will do the same. This is generally the fastest and easiest way to pay your medical debt while waiting for compensation. You will still need to keep track of the payments made by insurance companies, Medicaid, or Medicare to ensure that the payments are all reimbursed in the end.
Out of Pocket Payments
Out of pocket payments for costly medical procedures and treatments can be a terrible financial strain, though if you don’t have insurance, this may be your only option. You can discuss payment options with your medical providers and inform them of the pending claim to discover what sort of options you may have until the claim is settled.
Medical Provider Hold Agreement
In some cases, medical providers will give you a hold agreement, wherein the provider promises not to notify credit agencies about unpaid bills until after the personal injury claim is settled. This can reduce the stress of medical debt and give you some breathing room.
Personal Injury Loans for Medical Expenses
Many injured individuals choose personal injury loans to handle their medical debt. You may hear these loans referred to as lawsuit advances or pre-settlement funding. There is a simple application process and an approval process that involves the cooperation of your attorney.