Pre Settlement Loans for Workers Comp
Are you behind on bills due to a work-related injury? Pre settlement lawsuit funding or workers comp loans from TriMark can provide the cash you need before your case settles.
TriMark Legal Funding has provided pre settlement loans on workers comp cases nationwide since 2003. If you’re in a financial bind, workers compensation lawsuit funding could put cash in your hands as quickly as tomorrow.
An injury at work is painful in more ways than one. An accident at work can result in more than just physical pain. It can also cause diminished income, and with it, a barrage of financial problems to you and your family – which is why many plaintiffs need workers comp settlement loans.
TriMark Legal Funding provides workers comp loans on state workers compensation programs. We do not provide funding on Federal Worker’s Compensation claims.
Settlement funding or a workers comp settlement loan may be the answer you’re looking for. This type of financing lets you advance a portion of the settlement money or structured settlement payment you’re expecting. In turn, you can use the cash to iron things out: your rising medical bills, skipped mortgage payments, and inescapable living expenses.
You can get these stressors out of the way while you recover from your injury and fight for the compensation you deserve.
If you filed a third-party liability claim against your employer, you might be eligible for pre settlement or post settlement legal funding on top of your workers compensation.
What Is Workers Compensation Lawsuit Funding?
Workers comp settlement loans are a lifeline for plaintiffs who are suffering in the hands of this unholy trio: a crippling injury, a protracted legal battle, and a demanding financial ordeal.’
A workers comp cash advance is fast, affordable, and risk-free.
To be clear, it is an advance you make on your anticipated settlement. Unlike traditional bank loans, this form of financing is non-recourse. This means you can keep the advance you made if you lose or do not get paid the amount you agreed on.
At TriMark, we are known to offer low rates that are non-compounding, so you can keep your future money safe.
And here’s the clincher: your funds can be in your account by tomorrow.
We don’t perform background checks of your credit score, income status, and employment status. Those are irrelevant. Our bet is solely placed on the merits of your case. So we use them as a basis for your approval.
How Does It Work?
Our process is pretty simple.
Application can be done online or through the phone. This is usually fast provided that you have the information and documents we require.
We will then review your application, including your case and related files. This step includes some collaboration with your attorney. Give us around 24 to 48 hours to complete the tasks.
Once we reach a decision, we will let you know about it. If your case is approved, you can expect the money in your account within one to 24 hours of approval.
Finally, your funds are transferred to your chosen disbursement channel.
How to Qualify for Workers Compensation Settlement Funding
A few conditions must be satisfied for you to qualify for a workers comp settlement loan:
- You must have a contingent-fee attorney who is willing to cooperate;
- You must have an accepted workers comp claim;
- You cannot have received any prior funding on your case; and
- You must reside in one of the eligible states (see below).
This is where it gets tricky. We can’t fund against your case if you don’t have a separate third-party liability suit, such as premises liability or product liability. You must also have serious injuries associated with it to complete the criteria.
These ARE THE ONLY STATES THAT ARE ELIGIBLE for workers comp settlement loans:
There are currently only about 21 states in the US where workers comp loans are available.
Alaska, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Iowa, Louisiana, Mississippi, Missouri, Montana, New Mexico, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Dakota, Tennessee, Washington, and Wyoming.
Unfortunately, if the state your worker’s comp case is in is not on the list above, you are ineligible for a workers comp settlement loan.
About Workers Compensation Benefits
You can find four types of benefits provided in almost all states. However, they can differ in amount and delivery from state to state. These are medical coverage, disability benefits, rehabilitation, and death benefits.
This is the most common coverage received by workers comp claimants. It covers most medical costs, such as treatment, doctor consultation, diagnostic tests, medications, physical therapy, and durable medical equipment.
Typically, the injured party will continue to receive benefits until he or she is fully recovered. Dollar limits, deductibles, or copays may not apply to medical coverage. However, state laws may dictate the duration or frequency of treatment, such as 24 visits for physical therapy. Your state may also impose the type of alternative treatment allowed.
Workers comp insurers may provide benefits to employees under a managed care plan in specific states. A managed care plan brings together a network of providers that treat individuals with work-related injuries or occupational illnesses.
Employees with disabilities sustained at work may receive a portion of their wage loss, known as disability benefits. The amount of compensation depends on the type of disability one has:
- Temporary Total: Short-term complete disability
- Temporary Partial – Short-term partial disability
- Permanent Total – Permanent disability without a cure (you may lose the ability to earn income as you did before the injury)
- Permanent Partial – Partial disability without a cure (you may lose the ability to earn as much income as you did before the injury)
Another factor that affects disability payments is the state your case is in. There’s a waiting period, usually seven days, before benefits are provided to the injured worker. Your average weekly wage will be the basis for the calculation of your benefits – with some following minimum and maximum thresholds.
To give you an idea, here are some figures for each disability type:
- Temporary Total: Benefits are based on a percentage of your average weekly wage, paid out during your period of disablement.
- Temporary Partial: Pay is reduced (for work you can perform); a percentage of the difference between your normal pay and reduced pay is then added.
- Permanent Total: Benefits are calculated similarly to those of temporary total (for instance, 66.67% of your average weekly wage), but paid for the remainder of your life or until you reach the official retirement age (depending on the state).
- Permanent Partial: Disabilities under this category may be listed as schedule or non-schedule. Examples of schedule injuries are those involving an eye, hand, finger, or any other body part. In this case, you may receive benefits for a specific period, such as 45 weeks of disability pay based on 66.67% of your average weekly wage.
If your permanent injury is not listed on a schedule, your disability benefits are calculated according to state law. The extent of your impairment, loss of earning capacity, and loss of wages are some of the factors that may affect the amount you receive.
Depending on the state and injury status and impact, the worker may undergo vocational or psychological rehabilitation. The former is provided for disabled employees who can no longer perform the labor required at their previous job. The latter is given to individuals who’ve suffered a mental injury at work.
If an on-the-job injury results in the death of the employee, their spouse, minor children, and other dependents will receive death benefits. The costs of burial are also covered.
State Workers Compensation Board Websites
Every state has its own board or agency that is responsible for enforcing its workers compensation laws. For your convenience, we have listed the links to all of them below:
State Workers Compensation Boards
State Compensation Insurance Fund
State funds are workers comp insurance providers owned and operated by the state. Washington was the first to adopt this approach in 1911, followed by Michigan in 1912.
State funds are either exclusive or competitive.
States with monopolistic funds are North Dakota, Ohio, Washington, West Virginia, and Wyoming. They require all employers to either purchase from the state fund or self-insure.
Competitive funds allow employers to choose from the state fund, private insurance, or authorized self-insurance. Competitive state funds offer a ready market that is not dependent on the employer’s premium, nature of business, or loss history.
States with competitive funds are as follows: Arizona, California, Colorado, Hawaii, Idaho, Kentucky, Louisiana, Maine, Maryland, Minnesota, Missouri, Montana, New Mexico, New York, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, and Utah.
Work Injuries Covered Under The Jones Act and FELA
The standard workers comp may not apply to some of the conditions related to industrial jobs. In this case, laws like the Jones Act and the Federal Employment Liability Act (FELA) determine how maritime and railroad workers, respectively, can get compensated.
Under the Jones Act, seamen who get injured on the job are entitled to claim damages from their company. The law applies even if the vessel is docked at port. Compensation may come in the following forms: medical bills, lost earning capacity, lost wages, loss of quality of life, and pain and suffering.
Meanwhile, a FELA litigant may recover damages in the following forms: past and future medical treatment, past and future wage loss, past and future pain and suffering, and mental distress.
If the injured worker passed away, the compensation would be given to their spouse or child. In the absence of either, it will go to any surviving parents or other close family members.
Types of Injuries Covered By Workers Comp
Work-related injuries are usually those occurring at the place of work. Yet, it can also extend to activities connected with people’s jobs, even if they’re not done on company property. One of the best examples here are truckers who perform their duty on the road.
In this light, some of the injuries covered by workers comp are:
- Back or shoulder injury
- Equipment malfunction resulting in injury
- Hearing or vision loss
- Neck or head injury
- Onsite injury
Every state has its own board or agency that is responsible for enforcing its workers compensation laws. For your convenience, we have listed the links to all of them below.
Click on your state’s workers comp board to contact them now: