If you are involved in a motor vehicle accident, there is a good chance that you'll incur some sort of injury. For instance, you might experience mild headaches, backaches or other pain that takes days or weeks to heal. Regardless of how severe your injuries are, you may rack up significant medical debt to treat them, and there are many ways to help manage that debt.
Work With Your Medical Provider
Most hospitals have programs that provide charity assistance to those who can't afford their bills. This means that your debt might be forgiven even if it isn't paid as part of a settlement or judgment against the party that caused your injuries. Even if your debts aren't forgiven, your medical provider might be willing to provide a discount or otherwise work with you to ensure that you can pay your bills in a timely manner.
Do You Have Insurance?
If you have medical insurance, your coverage provider may pay for most or all of the bills related to your accident. Most policies have out-of-pocket limits that cap how much you owe in a given year. For instance, if your maximum out-of-pocket is $5,000, you would only have to pay $5,000 even if your overall bills came to $100,000 or $1 million.
Bankruptcy May Help
Medical debts can often be included as part of a bankruptcy proceeding. This means that they can be wiped out in the event that you can't afford what you owe because you can't work or because you take a pay cut after the wreck. Depending on your income and the type of assets that you own at the time of filing, it may be possible to have eligible debts discharged without losing property or making payments to creditors.
Borrow Money from Friends or Family
Friends, family members or colleagues may be willing to gift or lend funds to help you cover costs related to an accident. Any funds raised may be used to cover direct expenses such as medical bills or indirect costs such as the need to hire people to drive you to work or buy your groceries.
Personal Injury Claims Can Take Time
It's important to note that these strategies can be effective even if you do plan to pursue a personal injury claim at some point. This is because it can take months or even years to settle a case. Factors such as the severity of injuries, complicated liability and the complexity of the accident can impact the amount of time it takes to process your claim. Therefore, it's critical that you know and understand your options for staying financially afloat in the interim.
If you have been hurt in an accident, you may be entitled to compensation from one or more parties. However, there is no guarantee that you'll receive anything or that you'll receive it anytime soon. An attorney may be able to help you understand your rights or help create a strategy for paying medical bills without the benefit of a personal injury award.
