18 Jan

How Can Being Injured In An Accident Impact Your Finances?

If you’ve recently been injured in an accident, such as a car accident, or a bicycle accident, or a bad fall, allow us first to say that we are so sorry for what you have been through. Even sustaining “minor” injuries can be a traumatic experience! More serious injuries can be devastating, physically and emotionally. It may take a long time to recover, and some injuries may never fully heal. A single instance that you weren’t expecting can interrupt your life plans or change them forever; that can be hard to come to terms with.

Being injured in an accident can also significantly affect your finances, depending on how badly you were hurt and what the circumstances of the accident were. Unexpected medical emergencies (which include the costs of injuries caused by accidents) are actually one of the leading causes of personal bankruptcy in the United States. This makes sense when you consider how expensive injuries can be!

Here are a few ways that being injured can impact your finances…

Medical Expenses Now

The biggest and most obvious costs after an accident are going to be medical – if you’re injured, you are going to need medical treatment. If your injuries are more severe, this may include expenses like ambulatory transport, emergency room or intensive unit care, a multi-night (or even multi-week) hospital stay, imaging tests like X-rays and MRIs and CT scans, bloodwork and transfusions, surgeries, and more.

Even if your injuries are not as severe, you still may need imaging tests, prescription or over the counter medications and painkillers, braces, boots, etc. In either case, you will need follow-up doctor visits; you may have to pay copays or meet your deductible out of your own pocket before your health insurance kicks in. You might have to pay out of pocket for chiropractic care or physical therapy or rehabilitation, and there may be other medical bills that result from the accident.

Medical Expenses Later/Ongoing

Some accidents tragically leave victims permanently disabled, requiring lifelong care. Some injuries will improve over time but will require constant attention and treatment. For example, if an accident left you with herniated discs, you might not need surgery, but you might have to regularly attend physical therapy for the rest of your life or need corticosteroid injections regularly. If your injury isn’t as “simple” as say, a broken limb, it’s possible that it can continue to cost you in medical bills for years to come.

Counseling

Physical trauma isn’t the only kind you may suffer. Being injured in an accident can lead to anxiety and even PTSD. Not everyone will require therapy after an accident, but if you are having flashbacks, intense fear while doing activities (like driving) that you were doing at the time of the accident, trouble sleeping at night, or are suffering other negative emotional/mental health effects, it may be beneficial to seek professional help. However, mental health counseling isn’t cheap. It may not even be covered by your health insurance; you may have to pay for it out of your own pocket.

Current Earnings

You may have to take a few days, a few weeks, or even a few months off of work to recover. You may be unable to perform your usual work duties, earn overtime pay, etc. You may have to use up your sick and personal days, or you may not get paid at all for time that you miss due to your injuries. If you are like most Americans who live paycheck to paycheck, that can hurt your ability to stay out of debt and stay on top of your other bills (such as your mortgage/rent payment, car payments, grocery bills, etc.).

Future Earnings/Career Potential

If the accident did leave you permanently disabled or your injuries have long-term effects, your long-term career goals – and subsequent financial goals – will likely be impacted. You may miss out on professional development or promotions. You may have to switch careers entirely. You may never be able to work again, and have to live off of disability.

Incidentals, Property Damage, & Canceled Plans

There are so many other costs associated with being injured in an accident that can add up quickly. If your vehicle was also damaged in a car accident, you’ll have to pay for repairs or replacement (or meet your insurance deductible so insurance can cover it). You may need an alternate form of transportation until your vehicle is fixed. If you can’t drive for a while because of your injuries, you may need to pay for an alternate form of transportation as well. You may spend more on gas with trips to the doctor, physical therapist, chiropractor, etc. You may need to add accommodations to your home or vehicle, such as a ramp. If you had travel plans, or had tickets to an event or concert that you now have to miss due to your injuries, those may be nonrefundable or you may have to sell the tickets for less than the original price.

What Should You Do?

When all of these costs are considered, your injuries can end up costing you anywhere from thousands to tens of thousands to hundreds of thousands of dollars. Health insurance may cover a portion of those costs, but likely won’t cover most of them. You can work to negotiate with your hospital or medical provider to see if you can get some of the bills reduced, but even then you will still be left with out of pocket expenses. That’s not fair if the accident wasn’t your fault!

If someone else’s negligence resulted in your harm, our Florida personal injury lawyers can help you recover monetary compensation from their insurance company or your own. We know how important it is to stay afloat financially after such a major life event, and we will relentlessly advocate for you to get full damages paid! The Florida Law Group has won over $1 billion in damages for our clients. You don’t have to pay anything for our legal services unless and until we achieve a settlement! Call today to schedule a free consultation and learn more about your options.