8 ways a personal injury can affect your financial situation

Whether you’ve been involved in a car crash, a work accident, a public space accident or if you’ve been a victim of medical negligence, the personal injuries suffered after these types of events can have a serious impact on your life, health, and finances.

The consequences of a personal injury differ from case to case, but in almost all situations there’s some financial loss involved. Very often, accident victims are left without the financial means to care for themselves, and we all know that financial health is vital for ensuring a proper recovery process.

That’s why people who have the misfortune of suffering a personal injury should be aware of the financial implications that come with it, and take all the necessary measures to minimize or avoid financial loss altogether. Part of the problem can be solved by making a personal injury claim so that they can receive full and fair compensation for their damages.

But until you start thinking about making claims and calculating how much compensation you could receive, taking the time to understand how a personal injury can affect your financial life is a good starting point.

Loss of income

In many situations, a personal injury will leave you unable to perform your work duties as you once did. Whether it’s a broken leg or arm, a burn, a neck injury or anything else, the trauma you’ve suffered can force you to take time off work and that can lead to loss of income.

Even if you receive sick pay while you’re away from work, that might only cover a fraction of your lost wages, so you’ll have to make ends meet on a reduced budget. These issues can add an extra burden on your shoulders while you’re trying to recover.

Debt

Not being able to earn the regular amount of money for a while also means that you might not be able to cover all your expenses. Lots of people have large mortgage rates or loans they have to pay back, and they have their budget calculated down to the very last penny.

If you can’t afford to lose any money or take on any additional expenses because, a personal injury can ruin your carefully devised financial plans and cause you to get into debt. A few missed payments are all it takes to put you under financial strain.

Cost of medical treatment

Regardless of the severity of your injuries, you should have a doctor check you as soon as possible. Your injuries might not seem serious right after the accident as symptoms can take a while to manifest, so even if you feel like there’s not much to worry about, you should still seek immediate medical attention.

Depending on the injuries you’ve suffered, your doctor will prescribe you a proper course of treatment to help you recover, and that can include various therapies such as physiotherapy or counseling. Of course, all these treatments come at a cost that you or the insurance company will have to pay for.

Cost of medication

Apart from medical treatment costs, your doctor may also prescribe you medication to help you deal with the symptoms of your injuries and speed up the recovery process. These will add up to your medical bills, and they can come at a hefty price, especially if you’re going to be taking them for a long period of time. Keep the receipts for all your medical expenses safe so you can have them on hand when you want to make a compensation claim.

Special care and assistance

While some injuries will stop you from handling your job tasks for a while, others will become an impediment in performing basic daily activities as well. That means you’ll probably need someone who can provide special care and assistance while recovering. When friends and family can’t fulfill this role, you’ll have to hire someone to help you out until you get back on your feet. The type of assistance you’ll require will determine the costs you’ll have to pay. When making a claim, make sure you include both the paid and unpaid assistance you received after the accident.

Material damages

Apart from health issues, there’s also material damages you should take into account when calculating your financial losses. There are many personal items that can get damaged in the event of an accident, from clothes and jewelry to personal devices such as phones, tablets, or cars if we’re discussing a road accident.

Gather evidence and keep a detailed record of all the items that you’ve lost or got damaged in the accident, so you can add them on the list of material damages you’ve suffered when making a claim.

Travel expenses

After suffering a personal injury, you might have to make numerous trips to the hospital to attend appointments with your doctor, receive medical treatment or visit recovery clinics regularly. All this going back and forth to the hospital is going to require some serious financial resources.

If you used to travel by foot or by bicycle before the accident and now you have to use your car to get from point A to point B, you can add that up to your expenses. Travel expenses can also be added to your compensation claim, so don’t forget to collect all travel receipts as you go.

Cancelled plans

Needless to say, a personal injury can really mess up all your plans for the future. Maybe you bought tickets to go to a concert, or you planned a holiday that you already paid for and now you’re not going to be able to enjoy either of them.

It’s not only the disappointment of cancelling these plans that will affect you, but also the money you’ve already spent on them. You should be able to get a refund of these costs, and if not, you can make a compensation claim to cover for these expenses.

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