Sunday, October 9, 2016
Uncovering the Financial Impact of a Serious Injury
What would you do tomorrow if you or a family member suffered a serious injury? Would you be able to cope financially? Given that millions of Americans are working from paycheck to paycheck, it’s unlikely. A serious injury can have grave consequences on your life, whether it is you who are hurt, or a close family member. In today’s guide, we’re going to take a look at the financial impact of such an event. We’ll also look at how you can make sure you don’t dip into financial hardship. Read on to find out more.
Your health is the most important factor in all of this, of course. But the sad truth is that when you suffer a serious injury, your treatment will be expensive. The co-pay and premiums on your health insurance will soon stack up, and you may need to make choices about the level of care you receive. The trouble is, without the fastest possible recovery, you will be unable to work for longer. Try leaning on your medical insurance provider. If you have a strong case for compensation, they might be willing to meet the costs if you pay them back once your claim has been settled.
Lack of income
Every day you are on the sick bed is a day when you aren’t earning money. Loss of revenue will have the most dramatic impact on you and your family. If the accident is someone else’s fault, look into hiring the services of a personal injury lawyer. They will be able to help you get the compensation you deserve and take the pressure off your finances. However, in the short-term, you may not be able to pay your mortgage or rent. Try reasoning with your landlord or mortgage provider as much as possible. If you go back to work too early, it means you could exacerbate your injury even more.
You may have to borrow money to get through the tough recovery period. If financial hardship occurs, it is critical to seek out help. There are plenty of organizations out there who will offer you advice, so seek out non-profit debt relief help. The worst thing you can do about debt is ignore it. Even if you are expecting a big compensation settlement, you want to avoid throwing money away interest.
If your injury is severe enough, you might be off work for a long time - maybe even for good. And you might have to fit the bill for all kinds of equipment and home alterations to make your life more comfortable. You can put in a claim for compensation, of course. But you will still need to have robust financial plans in place if you want to lead a reasonable lifestyle.
With any luck, you will never experience the difficulties that a serious injury can bring to your finances. However, it’s important to understand that there is help out there that can protect your and your family’s future. It can be a long road to travel, and it will be tough. But with the right advice, you will all pull through the challenging times.