Published on:

Injuries May be the Biggest Threat to Your 2016 Financial Goals

You might have big financial goals for 2016. Maybe you want to save a certain amount, get out of debt, or start earning more income. They’re all great goals, but if you don’t have a plan for injury, you could be hurting your chances of improving your financial life.

The reality is that injuries are extremely expensive, whether you have medical coverage or not. For the US, injuries cost the economy $671 billion in 2013 alone. For individual families in Hollywood and across the nation, unexpected medical costs (like those caused by injuries) are one of the leading causes of personal bankruptcy.

1430395856phk9w

Personal Injury Costs in Hollywood and Florida

Injuries – whether caused by a car accident, workplace injury, medical malpractice, or another incident – can end up costing you a lot of money in a few ways:

  • Medical costs (some of which may not be covered by your medical insurance)
  • Increased insurance costs
  • Expenses associated with staying home from work or being unable to work
  • Non-covered medical services and expenses (at-home care, therapy, rehabilitation)
  • Long-term income loss because of a permanent injury
  • Long-term medical costs (such as medical devices or medication)
  • Incidental costs (such as the cost of taking a taxi to the doctor’s office)
  • The cost of altering your home or car to adapt to a permanent injury

Protecting your Finances

Injuries can cost a lot more than you think. A serious spinal cord trauma, for example, can cost more than $100,000 in surgeries and medical costs alone in the first few months to a year of treatment. A serious head injury can cost in excess of a million dollars in lost income, medical care, and other expenses over a lifetime.

There are a few ways you can keep your finances safe, however:

1) Reduce your chance of injury

You can’t eliminate the risk of an injury, but there are a few things you can do to lower your risk:

  • Take defensive driving classes
  • Only drive when sober and alert to reduce your risk of a Hollywood car accident
  • Get additional safety training at work
  • See your doctor regularly if you’re fatigued or have any other symptoms
  • Get good sleep and avoid multi-tasking
  • Don’t walk distracted (it can increase your risk of pedestrian accidents in Hollywood and Florida)
  • Wear proper safety equipment when biking or playing a sport
  • Drink responsibly
2) Invest in insurance

Good car insurance, homeowners’ insurance, medical coverage, and other forms of insurance can help protect you if the worst does happen. Insurance is not a perfect solution – insurance disputes do happen in Hollywood and sometimes injured people don’t get the full amount they deserve when they first file a claim – but being underinsured can be a much bigger problem.

3) Have a financial emergency plan

An emergency financial plan for your finances can include a pared-down budget you can use to save money each month if you suddenly can’t work. It can also include insurance information for your policies, an emergency find (with at least six months of income in it) and a plan for reducing expenses at once. Knowing what to do when you’re injured and worried about money can help you protect your bank accounts, assets, and your credit rating.

If you’ve suffered an injury and don’t know where to turn, you can always contact Flaxman Law Group for a free, confidential consultation to review your situation with one of our attorneys.