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Can You Borrow Against Your Structured Settlement?

Borrow Against Structured Settlement
If you’ve hit a major financial snag, it’s important to consider your options and make good, sound decisions – it’s how you put yourself back in good standing with the powers that be! And if you have a structured settlement, you might consider how to leverage your ongoing payment stream. You might be wondering if you can get a loan by borrowing against your structured settlement. After all, it is guaranteed money, so you should be able to use it as collateral for a loan, right? Well, not really. Opting to cash in your structured settlement payments for a lump sum is by far a better choice than payday or other types of loans. Borrowing against your structured settlement could result in further financial issues.

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Saving Money During Your Accident Recovery

structured settlement
You’ve made it through the worst of it! You survived your accident and your recovery is in full swing. Perhaps you’ve even been awarded a structured settlement and are receiving periodic payments as a result of a win in court (if so, you may want to cash in those payments for a lump sum of cash. Connect with RSL Funding for a free quote). Coming out on top after an accident is no easy feat, especially when it’s time to get back to real life. And if you’ve become disabled as a result of your accident, “real life” is going to look very different from what it was before.

One of the main concerns most people have during recovery are the costs of medical care and rehabilitation. Treatment for injuries that don’t require surgery, such as minor sprains and lacerations, can range from $200 to $5,000 for the initial visit. And that’s just the tip of the iceberg. Therapy after back surgery will run you $30 grand, at least.

But you’re one tough cookie and can certainly prevail over the high costs of accident recovery. Below, we’ve compiled a few simple ways you can keep money in your pocket during your recovery and hopefully, over the long haul.

1) Compare Rehabilitation Facilities

According to Cost Helper Health, the cost of physical therapy typically costs $50-$350 or more per session, depending on how long it lasts, the particular service provided, and the practitioner. Physical therapy provided in a hospital setting tends to be more expensive. But there are ways you can minimize the financial burden. Medicare.gov offers a comparative tool to help you locate a physical rehabilitation facility within your budget. If you’d prefer outpatient services, try Select Medical – this company’s tool may be able to guide you toward a cheaper inpatient option.

2) Look for Discounted Prescriptions

prescription

Have you been prescribed pain meds? Chances are, you’re paying too much for them. Shopping around for discounted meds is a must during and long after your recovery. After checking with your insurance company to see whether or not it covers a particular medication, check out GoodRx or WellRX. They’re tools that help patients find the lowest prices on medications. It’s important to understand that pharmaceutical companies are in the business of making money, so they’re often going to charge high prices on meds (because they can). Being savvy and using these prescription discounting tools is a great a way to pay less in the long run. Remember, you can also save money on prescription drugs by choosing generic equivalents of big-named meds. We’re lookin’ at you Tylenol.

3) Pay in Cash Whenever Possible

This is a little-known secret: doctor’s offices are typically cash-poor. They’ll often offer discounts on services and procedures if you ditch the credit card and offer to pay in cold, hard cash. Taking cash means that the office doesn’t have to file an insurance claim and pay credit card transaction fees. In short, doctors’ offices would rather avoid the hassle. Stopping by the ATM and paying for services up-front could help you avoid a heftier bill later.

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4) Open a Health Savings Account (it’s pre-tax!)

Not every health insurance plan is the same. Depending on your coverage, some procedures, medical tests, or even prescription drugs may not be covered. Opening a “health savings” account will help you save money for these uncovered items on a pre-tax basis. To qualify for a Health Savings Account, you must be enrolled in a high-deductible health plan (HDHP), which is a plan that doesn’t cover all of your medical expenses. If you qualify, your employer may offer funds to your health savings account too – either way, the benefits of saving money far outweigh the high costs of certain medical expenses.

5) Review Bills for Errors

When you go to the doctor, the visit is typically itemized with each service given a particular code. When your doctor’s office submits the claim, these codes sometimes differ from what the insurance company has on file. After comparing and correcting discrepancies, you may end up with a higher bill, unnecessarily.

To help avoid this, ask for a copy of your visit summary, which should include a list of all the services you received. If you notice a discrepancy or error, request copies of your medical chart and/or pharmacy ledger so that you can compare the doctor’s orders for services with what you were billed for. It’s better to be safe than sorry.

6) Sell Your Structured Settlement or Annuity

We mentioned earlier that if you’re feeling overwhelmed by the costs of your accident recovery and you have been awarded a structured settlement, you can sell your future payments for a lump sum. The cash can help you pay for your recovery, get on top of your bills, and consequently, provide some much-needed peace of mind. If you’ve been disabled, these funds become especially important. From medical bills to regular household expenses, having a lump sum at your disposal can give you a leg up as you transition back into your normal day-to-day activities.

Conclusion

The path to a full recovery after an accident might be rocky…and by “rocky,” we mean expensive! You can take charge of your bills by doing a little research, asking questions, and utilizing cost-saving tools. Taking some of the financial load off of your shoulders will go hand-in-hand with you getting back on your feet. You’ve already proven that you can handle whatever life throws your way (including an accident). Now, it’s time to show your bills who’s boss.

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The Top 5 Scariest Money Mistakes (and How to Avoid Them)

avoid money mistakes
Zombies, monsters, ghosts, and psycho killer clowns have nothin’ on the fear of real-life money problems. The thing is, most people are guilty of the occasional financial flub. But consistent money mistakes can lead to very scary situations that are hard to come back from. But a little goes a long way in avoiding these types of nightmares. We’ve put together the top 5 scariest financial blunders and how avoid them. The hope is that you can be aware of the traps and use your know-how to dodge them.

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Ways You Can Eat Healthy…on a Budget

structured settlement

We’re guilty as charged! We buy food simply because it’s “there.” Some companies do an amazing job at marketing their food products. And YES, it can be hard to resist the call of super low prices on delicious flame-broiled burgers. But doing this kind of thing too much can affect our waistlines and our pocketbooks in negative ways.

The truth is, overindulging may be the culprit for some people. But for others, eating healthy on a budget may be a result of other reasons that are entirely out of their control.

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Keeping Cash In your Pocket: Tips to Make Your Money Last

structured settlement
Borrowing from Peter to pay Paul? Looking in your jeans pocket for loose change? We’re here to tell ya that all that’s for the birds. But scrambling for money doesn’t have to be a way of life. If you’ve been awarded a structured settlement, an annuity, or lottery winnings, it’s a good move to sell your payments for a large lump sum. But all is not lost if you don’t have a payment stream in place (other than your paycheck). We’ve put together a quick rundown of ways you can keep more money in your pocket. And please note, these are things you can do right now.

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Can’t Pay Rent? 6 Things You Can Do Right Now to Stay Afloat.

structuredsettlementpayrent

Have you fallen behind on rent? It’s a real issue if you don’t have the funds to make a dent in your housing debt. But don’t panic – if you’ve been awarded a structured settlement or annuity, you have a chance to set things right. And even if you don’t have structured settlement payments coming in, you can leverage other tactics to keep you in good standing. Understand that literally millions of folks have been in the same boat and have recovered…you can too.

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Buying a New Ride on the Cheap with a Lump Sum

structured settlements

No matter your flavor – be it Mercedes Benz, Porsche, Land Rover, BMW, or Jaguar – everyone’s got a favorite car. The look, the speed, the comfort…the unmistakable power of the engine are the lifeblood of most car enthusiasts. But let’s be real – nothing compares to owning a simple car that RUNS. The good thing is, after you sell a structured settlement or annuity, you’ll have a lump sum of cash to purchase a vehicle that’ll to get you from point A to point B (it may not be a Benz, but it’ll treat ya right).

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Cash for Class! Sell Your Annuity Payments, Go Back to School

structured settlement - cash for college

Just imagine – you sell annuity payments for a large lump sum of cash and soon after, make a move that’ll change your life forever (we know, dramatic right?). You go back to school, proving to the world that you are one. smart. cookie. With the cash earned by selling your annuity payments, you could indeed tie up your scholastic loose ends.

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6 Ways Selling Your Structured Settlement Makes You A Boss

StartABusinessBlog

Are you ready to be a boss? As in your own boss; someone who takes control of their future and starts their own business? If so, selling a structured settlement can provide the funds you need to make it over the initial hurdles all new businesses face.

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It’s Home Buying Time – 5 Things to Do Before Making an Offer

If you have a structured settlement in place – RIGHT ON. You’re in a perfect position to sell your structured settlement payments for a lump sum and use the cash to buy a new home. It’s the American dream, after all!

But let’s get serious for a minute. Selling your gradual payments is how you get the lump sum you need so you can be financially set to pursue your home-buying dreams!

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Paying Off the Debt Monster w/ a Structured Settlement Lump Sum

Structured Settlement
The money’s trickling in – but so are the bills! Being unable to get them paid is almost always a scary thought. But selling your structured settlement for a lump sum is an amazing way to keep the debt monster at bay.

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What the Best Structured Settlement Payout Companies Have in Common

Structured Settlement Payout Companies

There are certain characteristics that the best structured settlement payout companies have in common. Before choosing a structured settlement payout company, make sure you carefully consider the following list of attributes they share.

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Pre Settlement Funding Woes and How to Avoid Them

Waiting for a settlement while your case works its way through the court system can seem like an eternity, especially if your bills continue to pile up while you wait. At the time, pre settlement funding may seem like a viable option, but it has many disadvantages that many pre settlement sellers aren’t aware of until it’s too late.

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Moving? A Bigger Structured Settlement Buyout Is Key

Structured Settlement Buyout

Are you anticipating a big move in the future? While moving to a new place – whether across the street or across the country – is exciting, it is also a huge expense having many unexpected costs that pop up along the way. Pursuing a structured settlement buyout before your big move can get you the cash you need to ensure your move is as successful and easy as possible, with plenty of financial cushion. If you’re currently receiving payments, a lump sum might be the way to go.

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How Can I Avoid Bankruptcy?

How Can I Avoid Bankruptcy

 

Are your bills piling up? Have things gotten so bad that you can’t see foresee a time where you will ever be debt-free? You might be at a loss, asking yourself “How can I avoid bankruptcy?” Luckily, there’s hope if you’re currently receiving payments from a structured settlement or annuity. 

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