How Can an Asbestos Trust Fund Help You After a Diagnosis

When it comes to asbestos-related illnesses, you must reach out to every possible avenue for help. Asbestos tends…
How Can an Asbestos Trust Fund Help You After a Diagnosis

When it comes to asbestos-related illnesses, you must reach out to every possible avenue for help. Asbestos tends to make you sick. These microscopic fibers can gradually accumulate in your body, leading to fatal ailments such as mesothelioma. Approximately 90,000 people pass away from asbestos-related diseases annually globally. In comparison, over 120 million worldwide remain at risk of exposure to asbestos while working. 

As overwhelming as this situation sounds, there is help available for you. If you contracted an asbestos-related illness due to occupational exposure, you could file a legal claim and access trust funds. 

But, how does suing asbestos-using companies work, and what can you do with the money you receive from trust funds? Read on to find out more:

How Does The Process Work?

To file a claim, you should turn to a lawyer for help. Personal injury cases such as this one run on a timeline. You must respect the deadlines and details the court asks for and submit adequate evidence for your case to be reviewed. Therefore, to ensure that you reap the benefits of accessing an asbestos trust fund and get awarded a high percentage, you must seek top-notch attorneys to represent you. 

These asbestos trust funds can provide you and your family compensation for all you’ve endured. Most asbestos trust funds came into being after negligent companies went bankrupt but still had lawsuits to settle. So instead of going to court, the claims get settled through negotiated deals. 

An outline of your process includes compiling evidence after you learn that you have an asbestos-related illness like mesothelioma. You will need to submit medical reports, charts, and results. Once the claim gets liquidated after a group review or a personal inspection, the court will decide the amount you will obtain, which gets awarded on a percentage basis. 

Who Can File For An Asbestos Trust Fund Claim?

You are eligible for a claim if you prove you’re a victim of asbestos exposure. Family members can also file on behalf of the victim who has passed away. The process is slightly different from a direct personal injury claim in the latter circumstances. In case of death, your family will have to wait a certain period before they can file. 

How Much Will You Receive From The Trust Fund?

The money you get depends on the type of illness you have and the level of exposure. Generally, the most popular asbestos-related disease is mesothelioma, an aggressive type of cancer. So, the tumor’s location, intensity, overall health, and the years you’ve had this disease will all play a hand in your compensation. You can receive up to $1 million in damages. 

What Can You Do With This Money?

Asbestos-related illnesses are expensive. You have numerous tests, biopsies, and treatments that you need. Symptoms of asbestos take years to develop, some making their first appearance almost two decades since your exposure. Therefore, you may be quite far along when a doctor diagnoses your condition. Here are some ways you can utilize these funds:

  • Paying For The Treatment. Going through diagnostic tests can be heavy on the pocket. Imaging like CT, PET, and MRI can cost anywhere from $800 to $1,600 for each scan. If the doctor feels you need a needle biopsy, you’re looking at another $700. If you have to go through surgery, that’s a hefty price of around $20,000. 

Despite having insurance, the cost of getting treated is far too high. You’ll also need special care once you get discharged, including access to high dosage prescription pills, adjustments to your bed, and a nurse request. Dipping into your savings is not a feasible option and is not sustainable long term. If you have to travel out of state to access high-end facilities, the compensation you receive may help you cover the costs.

  • Makes Up For Lost Income. You may be far too exhausted to work as you get treated. This can result in you losing your job. You may also have trouble getting back on your feet. Therefore, a trust fund can help you compensate for this loss and ensure you continue living as comfortably as possible. 
  • Financial Stability. You’ll be in a good financial position after winning suitable compensation. Your family will also get to reap the benefits of your claim, and you can ensure that your children are also doing well.

Final Thoughts

Any type of illness is not easy to deal with, and if it is as intensive as mesothelioma, you may need all the help you can get. Asbestos exposure can take a toll on you and is a common occupational hazard. You can look into filing a claim to access trust funds. These can pay you for your losses, putting you in an excellent monetary position. 

Likewise, anyone can file on your behalf, including your family, but it’s important to iron out the finer details with a lawyer. The compensated amount can help you pay for your treatment, and save your family from financial distress. 

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