Accidents can happen to anyone anytime. And they can take a toll on your overall physical as well as financial health. And they say financial loss is the most tangible one. If you have caused the injury to yourself, you don’t have a choice other than bearing all the pain and financial burden by yourself. However, if the injury is caused by someone else, you can legally transfer at least the financial burden onto that person.
How is your finance affected by the serious injury caused by an accident?
You can’t claim the justifiable compensation if you don’t know the extent of financial risk the injury can pose to you. So, let’s understand how to calculate the effect of a serious injury on your finances:
- Medical Bills – This is the most obvious financial burden of an accident or injury. When you are seriously injured, the bills also go seriously high. In many cases, you may require medical attention for a continued long time. It is safe to say that the severity of the injury is directly proportional to the medical bills.
- Lost Wages – This is a type of indirect financial burden. When you are seriously injured you don’t work and don’t get paid either. Loss of potential income is equal to expense. And this expense has been caused due to the accident that happened.
- Diminished Capacity of Earning – Even after you recover from the serious injury, you might not be able to work like before. If the injury degraded your earning capacity, it also is a financial loss.
How much can you get as compensation for a serious injury?
This is a subjective question. Every accident and the extent of damage caused are different from one another. So, there is no set formula that helps you calculate the amount of compensation you are entitled to. However, experienced lawyers can give you an estimate after assessing the situation. Further, the law regarding this slightly differs in different states. So you will need to meet an attorney and talk to him/her about all your financial losses. And don’t forget to tell about the pain and mental trauma the accident has caused you. Most states have the provision to provide compensation for these intangible and incalculable things too.
How can you recover your financial losses?
Now that you have assessed your financial losses you may like to know how to recover those losses or at least get compensated. Here are some of the tips that can help you in stabilizing your financial position.
- Get the legal help – As soon as you come out of the hospital you should seek legal help. If you are not in a position to get out of hospital soon, you can ask your family to do this for you. Contact an attorney specialized in the serious injury cases such as the experts at Nehora Law Firm’s Serious Injury Lawyers. A specialized lawyer can suggest you the best course of action. They will also help you in settling the best compensation deal. The compensation money can take-off the extra financial burdens from your shoulders. Some divorce lawyers are also very keen in settling the finances and recoveries.
- Understand the working procedure of your insurance – While paying the premium we assume our insurance will meet all our medical expenses. But when you are seriously injured you get to know all aspects of medical expenses are not covered under the insurance terms. Try and understand the insurance terms and settlement process. You might also need to involve your attorney to settle the claims with the insurance company.
- Ask family and friends for help – You cannot afford to interrupt your medical treatment till you receive insurance claim or lawsuit compensation. Your first priority after the accident must be getting proper medical care. Sloppiness at this point can cost you too much in future. So, if you are running short on funds ask your family and friends for help. Don’t be shy about telling your dear ones that you need their support.
- Start working and re-creating your professional life – A serious injury might make you unfit for your job. Although your appointed attorney will positively get you the compensation you can’t rely your whole life on that money. Further, you should not allow any accident to stagnate your life. The best way to the financial soundness is to work and earn. So, start doing whatever job you are capable of doing once you are back from the hospital. Start from scratch and build your new professional identity even if you find it difficult.
Not only you but your close relatives, such as your spouse, too can claim financial compensation for the loss they suffer due to your injury. Your partner may get loss of consortium if the accident has affected your married life. Know your rights and claim them legally.
Life insurance etc. is something people do not think about. It is important for the loved-ones left behind so that when you go, you wont leave them with the burden of where to get funds to even spend for your funeral expenses and its good at least you are already taking care of things especially when you have kids who might be left behind. Also important that with you life insurance you take care of your living will so in case anything happens to you, the division of properties or monies is legally smooth sailing and nobody in the family fights over it.