A car accident has immediate financial effects. Some hospitals will not even evaluate a person without a deposit. Hospitals do not provide information about how much treatment will cost. In an emergency situation, an accident victim may have no choice, even if it spells financial disaster. There are three tips on surviving financially after a car accident.
Loans may be another option to pay for your medical bills after a car accident. A personal loan through a credit union or a cash advance from your credit card company might help you stave off bankruptcy. Loans could also help you avoid dealing with providers who refuse to deliver any additional medical services until you are current with your account. Keep track of any loans or other debts that you make and include those in your negotiations with insurers.
Personal Injury Claim
Depending on the circumstances of your accident you might be able to file a personal injury claim to receive compensation for suffering caused by the accident. If you are less than 50 percent at fault for the accident, you may be eligible to file a claim for pain and suffering in addition to compensation or payment of your medical costs. Some states limit the amount of money that you can get for suffering during the recovery of an accident, but it is worth consulting a lawyer to find out the details for your situation.
Use Your Insurance Benefits
If you have health insurance, use those benefits while you wait for funds from a personal injury claim. A court case could take one year or longer, and the bills will roll in well before then. Also, consider your auto insurance coverage. If you have MedPay or PIP insurance on your auto policy, then that coverage may help you pay for the initial out-of-pocket medical costs that you incur. You may also want to consider the insurance of the other driver. Their insurance may also pay for some of your medical expenses until you find out about a personal injury claim settlement.
How you immediately respond to a car accident will affect the rest of what happens after. It is also important for an accident victim to hire a lawyer as soon as possible. The lawyer may be able to provide physicians, hospitals and rehabilitation centers with documentation of the pending litigation. Many lawyers also help accident victims with negotiating their bills to a level that will be covered by a settlement.
Even the most savvy money handlers can fall on hard times when unexpected circumstances push your budget beyond its limits. These ideas may help you emerge from a tough financial situation and get back on track.
How to Conquer Tough Financial Times
(Family Features) Even the most savvy money handlers can fall on hard times when unexpected circumstances push your budget beyond its limits. These ideas may help you emerge from a tough financial situation and get back on track.
Cut non-essential spending
Start by taking a close look at where your money goes by listing every bill you pay each month and the amounts you pay. Then include all the day-to-day extras, such as eating out, shopping and other entertainment. If the total of your bills and extras don’t match or exceed your income, it’s time to make cuts, and the extras are the best place to start.
Eliminate overwhelming debt
Fortunately, Smith recalled a conversation with her neighbors John and Corinne Tesh, owners of Citygate Homes LLC in Greensboro, North Carolina, an independently owned and operated HomeVestors franchisee.
The Tesh’s toured the house and felt it needed a lot of renovations, but they knew it would sell quickly after they rehabbed the property because of the neighborhood. They made an offer to purchase the home in cash. After the renovation was complete, they listed the home and received a full-price offer the first day on the market.
Extending their sensitivity and kindness, HomeVestors – largest home buyer in the U.S. with more than 65,000 houses bought since 1996 – hired movers for Smith and paid for six months of storage for items that did not fit in her new place. This allowed Smith to move without the burden she was expecting, including costly, time-consuming repairs and showing the home to potential buyers.
Learn more about the real estate resources available to help you overcome a difficult financial situation at homevestors.com.
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