The immediate impact of a serious car accident, workplace injury, or other injury is often pain. For many injury survivors, health is rightfully their first priority.
However, the team at Flaxman Law Group has often seen that finances are a close second when it comes to priority. After all, unexpected medical expenses are a leading cause of personal bankruptcy in the U.S. If you have sustained a catastrophic injury, protecting your financial future is important to your health and to rebuilding your life.
Here’s what you need to know.
Your Injury Will Cost More Than You Think
The costs of a serious injury can be astronomical. A serious head trauma injury or permanent spinal cord injury can cost millions of dollars over a lifetime in treatment costs, personal care expenses, and lost income. At the same time, these injuries can prevent you from earning income because they keep you from work. Most patients cannot easily afford millions of dollars (or even tens of thousands of dollars for a less serious injury), much less with no earnings.
If you have long-term injuries, you also need to think about inflation. If you have an amputation, the cost of replacing a prosthetic will increase over time. As treatments and prosthetics get more advanced, getting the best quality care will also be more expensive—the better treatments will cost more.
And don’t forget incidental costs. When thinking about injury costs, many plaintiffs consider the big items, like income loss and immediate medical bills. But there are many additional costs that can add up. For example, you may need to add accessibility features to your home or car to accommodate an injury. You may need to pay for taxis or transportation to get to doctor’s appointments if you can’t drive because of your injury. If you’re injured, you may need to pay someone to help care for your home or everyday needs.
All these reasons are why it’s important to seek the fairest compensation possible, so you can afford to care for yourself and can live your life after an injury, without worrying about the bills.
You Need a Plan
Ideally, you have a financial emergency plan. If you don’t, you will need to take stock as soon as possible. Can you continue to work with your injury? How much will your medical bills be? Evaluate how much you have that can go towards medical bills and how much money you will have coming in.
Try to tighten your financial belt any way you can. Look for ways to save, whether it’s cutting subscriptions you don’t need or reducing spending in other ways. A written budget can help you find ways to cut back.
Look for ways to bring in more. If you have insurance policies, read them carefully to see what could be covered. Contact a personal injury attorney to find out what rights you may have to compensation. Attorneys understand that financial worries are a reality of a serious injury. They can work with you to seek financial recovery.
Be Careful About Making Financial Decisions
Any decisions you make after a serious injury can impact your finances, potentially for years to come. Signing insurance paperwork or even talking about your injury can affect how much compensation you can recover.
To protect your right to financial recovery, contact a Florida personal injury claims attorney as soon as possible after your injury. You can always call Flaxman Law Group at 866-352-9626 to speak to a live person 24/7 or contact us online to set up a free, no obligation consultation. We can help you understand your options and take action right away to preserve evidence and protect your rights.