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Financial Solutions While Waiting on Workers’ Compensation Benefits

Female insurance agent planning financial solution while talking to young couple clients

Individuals waiting for a worker’s compensation settlement may qualify for financial assistance during the waiting period. Getting injured on the job does not translate to an immediate payout. Typically, workers’ compensation insurance claims involve a lengthy litigation battle between the claimant and the insurance provider.

Litigants in these cases often have to wait for a long time to recover an adequate claim payout. Medical bills, mortgage, car payment, rent, and other expenses continue to pile up. There are a few sources of assistance while waiting for workers’ compensation benefits.

Using Insurance to Settle Medical Bills

A person’s outstanding medical bills cannot be sent to a collection agency while a workers’ compensation case is pending. However, an injured worker may need to submit personal health insurance to get assistance covering the cost. A person can also call the hospital and request an arranged payment plan.

Considering Workers’ Comp Pre-Settlement Funding

Workers’ compensation settlement loans are designed for claimants who are experiencing insufficient income or overwhelming bills as a result of on-the-job-injuries. Injured workers may be eligible to borrow money against a portion of the proceeds expected from a workers’ comp award. 

This can help pay for living expenses, utility bills, auto loan payments, rent and mortgage payments, and unexpected vehicle repairs. A person may qualify for this funding during any stage of the case if the claim was accepted by the insurance provider and he or she has an attorney who is in charge of the payment of the funds.

Seeking Assistance

A person can seek help from friends or family who are able. If these are not viable options, an injured worker may consider seeking assistance through local, federal, and state support programs, including:

  • Supplemental Nutritional Assistance Program (SNAP)
  • General Assistance
  • Temporary Assistance for Needy Families (TANF)
  • Rental Housing Assistance
  • Low Income Home Energy Assistance Program (LIHEAP)
  • Medicaid
  • Earned Income Tax Credit

The state may have additional programs and a good place to start is the Department of Social Services or family social services office. A person may be to take out a home equity loan or borrow against a 401k or life insurance plan.

Planning for the Long Haul

 Individuals must examine personal finances and be prepared to change their life. For some individuals, this may involve pulling equity out of their homes, cutting back on expenses moving in with family members, using food banks, selling their car, or filing for bankruptcy.

The George Bochanis Injury Law Offices was established in 1985. Before opening his office, Mr. Bochanis spent years representing major insurance companies in litigation cases and prior to that was a law clerk to a prominent local district court judge. Our offices have grown from a small one person setting to having its own well known office location on South Ninth Street in Downtown Las Vegas with 15 employees.

Top-Rated Injury Attorneys Fighting for You

Since opening our doors in 1985, the accident lawyers at the George Bochanis Injury Law Offices have been committed to helping injury victims get full compensation after slip and fall accidents, motor vehicle crashes, workplace injuries, and other personal injuries.

We’re here to listen. Schedule your free consultation with an injury lawyer today.