Many structured settlement recipients are awarded settlements as the result of unexpected and unfortunate medical emergencies. In some cases, the medical costs associated with these events can significantly impact your finances even before you begin receiving settlement payouts. The one-time costs incurred from medical procedures often put a significant strain on injury victims even if their long-term finances might be helped by the promise of future annuity payments.
If you have been saddled with a significant medical bill that puts undue pressure your immediate financial situation, the benefits of a longer-term annuity might be cancelled out by going into debt to pay that bill off. You can opt to sell a portion of your annuity payment stream, using the proceeds from that sale to pay off your medical bills while retaining some of your annuity payments for a later date. This strategy balances the need for future financial stability with the demand for immediate resolution to a pressing financial issue.
If you decide to pursue the sale of part (or all!) of your structured settlement payment stream, the presence of an existing large medical expense will likely be one of the factors that helps convince the court that the sale will be in your best financial interest. Courts have often recognized the importance of settling major financial obligations as being a legitimate, beneficial objective for the sale proceeds.
Getting the best value for the sale of your payment stream is especially important in cases where a large medical expense needs to be accounted for. Most annuity recipients want to keep as much of their future payment stream as they can so that they are able to offset the future costs of their injuries. Working with Genex Capital offers an opportunity to find the best value for structured settlement payments on the market, as we are committed to offering our best price upfront and completing the sale process in the shortest time permitted by law – usually within 5 to 7 weeks. We can fund faster because we are a direct funder, not merely an intermediary. Contact us today to learn more!