Getting injured on the job is an all too common occurrence and injuries can be life changing. According to the Bureau of Labor Statistics around 3 million workers in the United States are injured or become sick due to job-related injuries each year. Workers' compensation is required of employers in most cases and it protects workers' incomes in the event of work-related injuries, illnesses, or deaths. Each state has specific requirements that govern workers' compensation, but most offer coverage of medical costs and income loss for covered workers. For some injuries, workers can also seek permanent impairment settlements, and workers may qualify for pre-settlement workers' compensation funding while they wait.
Pre-Settlement Funding for Workers' Compensation Claims
Employers reported around 3.2 cases of nonfatal workplace injuries and illnesses per every 100 workers in 2014 across a range of industries. Many of these injuries were minor and non-life-threatening. Others were more serious, leading to impairments that are permanent and affect the worker's future capacity to earn a living. In those cases, a permanent impairment rating is determined and the plaintiff can seek a settlement for the impairment. Some states may take a loss-of-earnings-capacity or wage-loss approach to determining impairment because of the variation amongst workers’ compensation programs. In cases where monetary awards are anticipated, workers' compensation pre-settlement funding can provide a needed source of funds while claimants withstand the often bureaucratic process involved in settling workers' compensation claims.
Access Fast Workers' Compensation Pre-Settlement Funding
When you apply for workers' compensation pre-settlement funding an underwriter examines your case to determine Lawsuit Funder’s ability to give you an advance. If you are approved for funding you will receive a cash advance against the proceeds of the settlement to do with as you wish. If and when your case is settled, you repay the advance. If it is does not come to fruition, you do not repay the advance.
How Much Can You Receive Through Workers' Compensation Pre-Settlement Funding?
The amount you can qualify for depends on a variety of factors such as the percentage of permanent impairment after your injury. Doctors working with workers' compensation use American Medical Association Guidelines to determine the significance of your work-related injury or illness.
With the average duration of workers' compensation claims lasting 15.7 months to as long as 18.2 months for permanent disability claims, workers' compensation pre-settlement funding is a viable solution for many injured workers. Learn how Lawsuit Funder can help you keep your finances on track as you await a decision on your case with workers' compensation pre-settlement funding.