As if suffering from a personal injury isn’t already enough of a burden, medical liens can create even more of a burden for you when you suffer an injury.
A medical lien is an extra burden aside from the medical bills, lost wages, and other recovery costs you are already facing.
If you are facing a medical lien, you may find yourself tempted to accept the first settlement offer you receive, but if that settlement fails to fully compensate you for your injuries, you are in a lose-lose situation.
Medical lien funding can alleviate the immediate financial burden of your medical lien while you continue to fight your case. In other words, your medical lien loan can turn a seemingly lose-lose situation into a win.
Apply today to get started.
What Is a Medical Lien?
Parties impose medical liens on individuals who suffer injuries and do not immediately pay for their treatment.
In such situations, someone inevitably pays for the medical treatment.
If someone else pays for your medical treatment and you are filing a legal claim to recover damages, the party who paid for your medical costs can put a lien on your eventual settlement. Essentially, that means that they have a claim to a cut of your eventual settlement.
If your settlement offer does not account for your total damages, then you can see where problems arise. A lowball settlement offer may not even cover the cost of your medical lien, so without medical lien funding, you may end up worse off financially than you were before the injury.
There are no two ways about it: such a situation is a miscarriage of justice that no one should have to go through. Luckily, with personal injury medical lien funding on your side, you don’t have to go through anything of the sort.
Who Can Issue a Medical Lien After My Personal Injury?
In a general sense, just about anyone who pays for your medical costs prior to you reaching a settlement can issue a medical lien. With that said, however, different states have different rules on who can issue medical liens.
Parties who issue a medical lien on your personal injury claim may include:
- Hospitals and other medical providers;
- Any insurance company who pays for medical costs;
- Workers’ compensation funds; and
When any of these parties pay your medical costs prior to you settling your injury claim, they can, hypothetically, issue a medical lien. Still, it is important to remember that some states place various restrictions on who can issue a medical lien and for what amount.
If you learn of a medical lien being placed on your injury settlement, it is best to inform your injury attorney as soon as possible.
What Is Medical Lien Funding?
For all intents and purposes, medical lien funding is a loan you take out to help pay for your medical lien while you wait for your case to settle. Unlike most loans, however, medical lien funding is a non-recourse loan.
With most loans, if you default, your lender can recover their debt through any assets that you own. With a non-recourse loan, however, the collateral is something specific. With medical lien funding, the collateral is your eventual settlement itself.
This means that if you don’t reach a settlement or win your case in court, you do not have to pay back a cent of your medical lien funding. This rule applies, generally, to any sort of pre-settlement lawsuit funding.
For the Best Medical Lien Funding Rates Around
If someone issues a lien on your medical debts and you haven’t received an adequate settlement offer, don’t panic; Injury Wallet has you covered.
Injury Wallet will help you get the best rate possible on your medical lien funding, so you can take care of your medical lien and other bills now and fight your case to the end.
Nobody should have to accept a lowball settlement offer because they are facing a medical lien or other bills, and neither should you. With the help of Injury Wallet, you don’t have to.
All you need to do to get started with Injury Wallet is fill out our short application. We will use the information you give us to contact your attorney so we can better understand your claim.
Then, we will submit your application to some of the nation’s top medical lien funding companies. Within 24 hours, we will come back to you with the best rate we can find. It’s that simple. Let Injury Wallet do the shopping for you: apply today!