Structured settlements are not enough to pay Hospital bills

Even with a health insurance policy in place and periodic payments from your structured settlement, people who have been injured in an accident due to another person’s negligence may not be able to afford to pay all of their hospital bills. Health insurance companies limit the amount of money they will apply toward their clients’ medical bills. Furthermore, the injured parties’ structured settlements limit how much money they receive every month. With this being the case, people injured can be left to pay several unaffordable medical bills on their own.

When the Health Insurance Coverage Is Insufficient


Generally, people are not expecting to be injured in an accident, and they may not have sufficient health insurance set aside to cover these costs. Although these people may have excellent coverage, the insurance will have limits. For example, people with Medicare will only have their hospitalizations covered under the policy up to 365 days. If they do not have supplemental coverage, the injured parties will be responsible for paying the bills in their entirety after Medicare stops paying.

The only people who could possibly afford to pay their bills if they require extensive stays in the hospital are those who have the most expensive premium insurance coverage. However, if people do not have this type of coverage when an accident occurs, they may be left in a situation like the one described above.

Other Losses People Suffer After an Accident


Hospital and other medical bills aren’t the only concerns that people involved in personal injury cases have. Those who are so severely injured that they cannot return to work also lose their salaries. If they must be out of work for several years, they miss the chances they may have had to earn promotions. They lose the ability to pay their regular monthly expenses at the same time that their medical bills increase the amount of money they must pay after an accident.

When Structured Settlements Are Not Enough


Those who obtain a structured settlement consider themselves to be lucky because they have money coming in with which to pay their bills. However, a structured settlement can often fall short of meeting the injured parties’ obligations. They may even be saddled with unexpected expenses after the original unexpected event of the accident, but they may be unable to work extra hours to make up the difference because they are still too injured to do so.

The Benefit of Selling a Structured Settlement

Structured settlements are typically offered to people in personal injury cases.

In lieu of receiving a lump sum payment, structured settlement recipients will receive small payments over time. However, people injured in an accident may sell their structured settlement so that they have a large sum of money all at once. It takes time for the insurance companies to determine which insurance company is responsible for the bills and how much each party must pay. In the meantime, the injured parties may be required to pay their deductibles to their health insurance companies and copayments to their healthcare providers.

After they sell their structured settlements, those injured have a large sum of money to do with as they please. They can suddenly cover the bills that they are required to pay, and this eliminates their constant worrying. The best part just may be that they will have the money that they need for any unexpected future expenses at the time that they occur.