Tips for Managing Finances After A Personal Injury Accident. Undoubtedly, personal injury accidents can be traumatic. What can be more distressing than suffering due to someone else’s negligence? Your suffering causes more than physical and emotional distress. In fact, it can also wreak havoc on your finances.
Did you know that long medical bills and lost wages from personal injury mishaps cost Americans billions of dollars each year? Statistics show that the average cost per medically consulted injury was $44,000 in 2020. And the cost per death was a whopping $1,310,000. These numbers are gross, right?
If you’re worried about managing your finances after a personal injury, you’re not alone. But handling the situation is possible with the right approach. We’ve got some practical tips and strategies to regain control over your money after a personal injury accident.
Keep track of your bills and expenses
This is a no-brainer for everyone, but you’ve got to be extra cautious while recovering from a personal injury. You’ll actually have more to manage, from medical bills to prescription costs, and other expenses related to recovery such as physical therapy. Keep all the receipts and statements in one place.
It will help you get a clear idea of how much you’re spending on your injuries. This way, you can manage your budget and avoid any nasty surprises. Not to mention, you’ll need the bills down the line while claiming compensation for your injuries.
Rework your regular expenses
Besides tracking the expenses related to your injury, you’ve got to rework your regular ones. Your finances may go haywire with the medical bills and lost wages coming into play. So going into the savings mode makes sense. Review your lifestyle and monthly budgets to find areas where you can cut costs.
For example, trim the expensive gym membership because you’ll probably not go back for a bit. Give up expensive subscriptions and cut fuel and energy usage. Save every dollar possible because money may run tight.
Consider hiring a personal injury lawyer
You shouldn’t suffer physically, emotionally, and financially due to a negligent driver, doctor, or business owner, right? Lucky for you, personal injury law follows the same approach. You can claim compensation from the guilty person. But you’ve got to understand the role of personal injury lawyers in the process.
They can help you in many ways, from negotiating with insurance companies to gathering evidence, and representing you in court if necessary. Choose someone with relevant experience to maximize your claim. And you needn’t stress about the legal bill because the compensation is big enough to cover them.
Look into government benefits
Besides leveraging personal injury compensation, you can look for government benefits and programs to help people with disabilities and injuries. The good thing is that you can find more options than you imagine.
For example, you may qualify for Social Security Disability Insurance (SSDI) and get financial assistance to cover your living expenses and medical costs. Research your local programs to get the aid you deserve. And don’t hesitate to ask for help!
Take care of your mental health
How does your mental health relate to your finances? Yes, it does, because stress can lead to wrong financial decisions. You may end up in heavy debt or lose all your savings only to sustain through the rough patch.
Consider seeking therapy to cope with your emotional trauma. Your lawyer may even help you claim compensation for the therapy bills because it’s part of the recovery process. So don’t worry about the bills.
Plan for the future
Survival is often a big deal for personal injury victims. But you must think beyond the current money concerns and plan for the future. What if you’re unable to work due to a severe injury? How will you support your family in the long term? Well, you may need to make some hard decisions in such circumstances.
For example, you may need to make lifestyle changes, such as downsizing your home. Consider exploring alternative sources of income, such as starting a side hustle, working from home, or applying for disability benefits. You’ve got to be proactive and plan your finances to deal with the hurdles ahead.
Managing your finances after a personal injury may be daunting, considering your medical bills and lost wages. But with these tips, you’ll be on your way to getting your money back on track. Most importantly, seek the rightful compensation you need to recover and move forward. Stay strong and keep pushing forward. You don’t have to pay for someone else’s negligence, so fight for your rights!
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