Should I Cash Out Structured Settlement Payments? - DRB Capital
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June 3, 2021
 

The decision to cash out structured settlement payments isn’t one to be taken lightly, as there are several advantages and disadvantages to selling structured settlement payments. However, many people find that with the flexibility offered and the different options available, you can easily cash out structured settlement payments to accomplish certain tasks or meet specific goals, while also keeping the remainder of your structured settlement payment intact. Many people who decide to cash out structured settlement payments use the cash they receive to take care of medical debt and mounting bills.

Although excessive credit card use is one of the leading causes of debt, medical care doesn’t fall far behind. Even if you have adequate health insurance, the costs you might have to deal with can still be overwhelming. If you have a lot of medical bills and don’t know where to begin, selling future structured settlement payments can be the solution you’re looking for to take care of these medical expenses. The following tips can also help you get a handle on your medical debt:

Take Care of it Right Away

pay off billsDepending on your insurance carrier and the type of medical treatment you received, you might not be required to pay immediately, and it might take a while for the bills to come in the mail once your insurance carrier has been billed. In fact, it’s not unusual for medical bills to take weeks—perhaps even a couple of months— to arrive. Sometimes, these medical bills seem to arrive at the worst times; you may have more pressing financial issues to handle, especially if you are still recovering from an accident or an injury. It can be tempting to put off paying those bills and worrying about them later on. But this is how medical debt can easily accumulate and it can just make matters worse. Some doctor offices, hospitals, and rehabilitation centers might implement late charges for missed payments, and if you ignore the bills and end up forgetting them completely, they might be turned over to a debt collector. Avoid these negative repercussions and address these medical bills immediately, even if it means just acknowledging that you received the bills and making a partial payment.

Work Out a Payment Plan

budget plan to pay off debtIt’s always important to take care of your medical bills before they turn into past due debts. Address them immediately and pay what you can. If you can’t make any payments towards your medical bills, contact your physician’s office and explain your situation, and find out if you can work out a more affordable repayment plan.

You might have the option to make smaller payments over a longer period, or you might receive a due date extension so that you have some extra time to pay what you owe.

Increase Your Coverage

Prevent medical debt from accumulating in the first place by ensuring that more of your medical expenses are taken care of from the get-go. If possible, increase your healthcare coverage, which can help you cut down more on medical expenses and make your bills more affordable in the future. If you’re currently paying out-of-pocket for medical expenses, consider the money-saving benefits of a health insurance plan.

Carefully Look Through the Charges

review medical bills and expensesIt’s not at all uncommon for medical bills to contain errors. For example, you might be getting billed for the wrong medical treatment, or you could be getting billed multiple times for the same visit. Carefully check the charges and see if there are any repeats, and research the billing codes that are being used to make sure they apply to the treatment you received. Although it’s usually an accident, medical bill errors do happen. They can be easy for someone to overlook, and for a patient to just assume that all of the charges are correct.

As such, you may think you owe money that you don’t, and you could be in more medical debt than you technically should be. If you find anything that doesn’t seem correct, you can double-check with your insurance carrier and dispute the charges if necessary, or reach out to the medical provider and attempt to sort out these mistakes.

Try to Settle for Less than What You Owe

If you can’t work out a payment plan for your medical debt and you still owe a substantial amount, ask the medical provider if it is possible to settle your account for less than what you owe. If debts are incredibly past due, they might take what they can get and be willing to work something out with you. Whether you’re dealing directly with the physician’s office that billed you or your debt has been turned over to a collection agency, try to negotiate your debt to a lesser amount that you can comfortably afford.

Cash Out Structured Settlement Payments Today

Do you have medical debts to catch up on? We may be able to help by providing you with a lump sum in exchange for selling your structured settlement payments. Contact us today at 855-582-9975 to learn more about how you can cash out structured settlement payments for a lump sum payment, and use that money to take care of medical expenses.

 
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