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Managing Your Finances After Serious Injury
When you have suffered a serious injury due to a car accident, it can be overwhelming trying to manage your finances. After the initial shock of the accident, many people are left dealing with medical bills and other expenses that can make financial matters even more complicated.
Despite these difficulties, there are steps that you can take to ensure your finances stay manageable throughout your recovery.
Our experienced personal injury attorneys at Mickey Keenan P.A. explain.
- A serious injury can have major impacts on your current and future financial well-being.
- If you were injured at work, you are entitled to seek compensation through a Workers’ Compensation claim.
- PIP benefits can be helpful if you are in a car accident. But remember, you only have 14 days to seek medical care after an accident to be considered eligible. We strongly recommend due to the delayed nature of some injuries to always seek care – even if you don’t feel hurt right away.
How Do Serious Injuries Impact Your Finances?
Suffering a serious or debilitating injury can impact your ability to earn a living and pay your bills. Here are some ways that your finances can be disrupted:
#1. You May Not be Able to Earn Wages
If you are hurt you may not be able to attend work, which means you aren’t earning any money. With most Americans living paycheck to paycheck, bills such as rent, mortgage payments, car payments, and other expenses become very difficult to pay.
#2. Your Future Earnings May Be Impacted
A serious injury can impact your ability to pursue your career, and if you are away from work for a while because of an injury, you may miss out on promotions and professional development opportunities that could increase your earning power.
It can take a long time to make up for even a few weeks of missed work. And if you can’t return to your job, you may have an employment gap on your resume – hindering your appeal to future employers.
#3. You May Face Ongoing Medical Expenses
After an accident, there are immediate medical expenses to consider. You may need surgery, a hospital stay, or ongoing physical therapy.
Long-term or permanent injuries can cause an increase in medical expenses for years or even the rest of your life.
Further, you may have a permanent pre-existing medical condition that can increase your future insurance expenses.
Managing Finances After a Serious Injury
Fortunately, there are steps you can take to help manage your finances during this difficult time.
First and foremost, reach out to any insurance provider that may be able to help cover costs associated with the accident and your injuries. Make sure you understand what benefits are available under each policy so that you don’t miss out on any potential payments that could reduce financial strain.
Depending on your situation, one or more of the following may also be an option:
- Short or long-term disability insurance may be available through your employer.
- If your injury causes a long-term disability, you might be eligible for disability benefits. Workers who have paid into Social Security can apply for Social Security benefits.
- Employees injured on the job in the United States can often receive wage and medical benefits through their employer’s workers’ compensation insurance.
- If your injuries resulted from someone else’s negligence, you might be able to recover substantial compensation through a personal injury lawsuit.
If your medical bills are overwhelming, consider speaking with an attorney, like one of ours at Mickey Keenan P.A. who specializes in personal injury cases. We will help ensure that you receive everything you are entitled to. It’s our goal to make you whole again.
What About PIP Insurance?
An often overlooked way to pay some medical bills after a car accident is using your personal injury protection, or PIP insurance.
PIP falls under the umbrella of your auto insurance and covers some medical expenses and possible coverages like lost wages for you and your passengers, regardless of who is at fault.
However, it is important to note that PIP is designed specifically for car accidents, so if you sustained an injury from a slip and fall or a worksite accident, this coverage will not apply to you.
The specific medical expenses that are covered by PIP vary from plan to plan, but generally, it covers any necessary medical procedures and associated expenses related to injuries sustained during a collision.
These covered expenses can include:
- Ambulance charges
- Hospitalization charges
- Necessary medical procedures such as operations or surgery
- Ongoing care
- Physical therapy and rehabilitation
- Lost wages if you can’t work
- Death benefits and funeral costs
- & Other related expenses (such as house cleaning or childcare )
PIP pays out immediately, so you won’t have to wait until a lawsuit is settled before getting the compensation you need. While it may not cover everything, it can relieve some of your financial headaches while you work towards a settlement with the help of a personal injury attorney.
Attorney’s note: You only have 14 days to seek medical care after an accident to be considered eligible for these benefits. Don’t wait. Seek medical care immediately after an accident.
Learn More > When Should I Call a Lawyer After an Accident?
Contact Mickey Keenan P.A. Today
If you have been in an accident and have sustained a serious injury, contact our personal injury lawyers immediately by calling (813) 871-1300. Our attorneys have the experience, knowledge, and compassion you deserve and will help you get the settlement that you deserve.
Here you are a part of the family, and your fight is our fight. Get in touch with us today.