When you suffer from job-related injury or illness, you may be covered by workers compensation insurance through your employer. However, receiving financial compensation for medical bills and lost time from work can take months, and you may even need to hire a lawyer. If your workers compensation claim is dragging on longer than expected and you find yourself short of cash, you may qualify for pre-settlement funding.
How Workers Compensation Works
Workers compensation is a program mandated by the individual states, and by the federal government (for federal workers). It is designed to provide benefits to employees who are injured or become ill directly due to job-related circumstances. It may cover anything from falling off a ladder to being injured or becoming ill while traveling for work.
You may be entitled to workers compensation no matter who was at fault, but there are some limitations. You may be denied benefits if you;
- Were under the influence of drugs or alcohol at the time of injury
- Had injuries that were self-inflicted, including if you started a fight
- Sustained injuries while committing a crime
- Were injured when not on the job
- Were in violation of company policy when injured
In general, workers compensation covers hospital and medical expenses related to the injury or illness, and disability benefits for as long as you are unable to work, most often amounting to about two-thirds of your regular pay.
The Down Side of Workers Compensation
Workers compensation coverage varies, depending on the state where your workplace is located, and not all employers are required to carry workers comp insurance. Mandatory coverage often depends on the size and type of business, how many people it employs, and the nature of work.
Moreover, workers are often required to be seen by a medical provider designated by the employer. This scenario could reflect a conflict of interest in cases where the doctor’s business relationship with the employer prompts them to minimize the severity of injury or illness, or to attempt to identify the condition as preexisting.
There is also a trade-off in terms of how much compensation you are able to receive. Typically, you are limited to the benefits provided by workers compensation, and are not allowed to sue your employer for pain and suffering, negligence or other compensation that is often sought in a personal injury case.
Why You May Need Pre-Settlement Funding
Before the insurance provider issues compensation for a workers compensation claim, and in-depth investigation must take place to ascertain the nature and severity of your condition, the circumstances surrounding the incident, and your degree and duration of disability. In many cases, the investigative process can drag on for months.
Meanwhile, you have obligations to cover your monthly expenses and provide for your family.
A workers compensation pre-settlement loan can help you weather the storm while you recover and wait for your claim to be settled. In some states, you may be able to negotiate a lump sum settlement instead of weekly disability payments. If you are permanently disabled from a work injury, you should be entitled to permanent disability payments and reimbursement for all related past medical bills.
Workers Compensation Pre-Settlement Funding at Cronus
If you have sustained a work-related injury or illness and your employer is covered by workers compensation, you should consult with a workers compensation lawyer as soon as possible. An attorney can help you file your claim and negotiate a settlement. In most states, you and your employer are required to submit a petition for workers compensation.
In order to apply for pre-settlement funding from Cronus, you must present a copy of your petition, along with documentation of your medical diagnosis and treatment. Bear in mind that some states prohibit cash advance funding for workers compensation cases.
If you need cash now to meet your expenses while you wait for your workers compensation case to settle, contact Cronus, and let our professional friendly staff guide you through the application process. Applying for funding is quick and easy, and you could have cash in hand in a matter of days.