Managing Your Finances After Suffering a Serious Injury

When someone sustains a serious injury, whether in a car crash, slip and fall accident, or other type of accident, managing their finances is often the last thing on their mind. The reality, however, is that once the initial shock of the accident has passed, injured parties will be left with a number of financial issues on their hands that they will need to deal with, including medical bills and potential property damage. Fortunately, there are steps that accident victims can take to help keep their finances manageable during their recovery.

Serious Injuries Can Impact Your Financial Situation 

Sustaining any kind of injury can affect a person’s ability to earn a living and stay on top of everyday expenses. Those who suffer serious injuries, for instance, may be forced to take time off from work, sometimes indefinitely. This can wreak major havoc on a victim’s finances, as many people are reliant on each paycheck to cover rent, mortgage, car insurance, and utilities.

Injuries Could Impact Your Future Earnings 

While some victims are lucky enough to walk away from their accidents with only minor injuries, many are not so fortunate and sustain injuries that are serious enough to affect their financial future. A severe injury can impact a victim’s ability to continue pursuing the same career. Fulfilling the same tasks may no longer be possible because of a permanent disability, while in other cases, an injured party may miss out on promotions and professional development opportunities that would have increased their earning power. Those who are unable to return to work could also end up with a gap on their resumes, which in turn, can make it harder to find new employment in the future.

Serious Injuries Could Result in Ongoing Medical Expenses 

Besides having to stay on top of the standard household bills that we all have to pay, accident victims who suffer serious injuries are also often faced with mounting medical debt. Even once immediate medical expenses are paid, an injured party could require additional surgeries, have to stay at the hospital, need expensive medications, or require ongoing therapies. These kinds of expenses could last for years, or even the rest of a victim’s life.

Tips for Managing Your Finances After an Injury 

If you were injured in an accident, there are steps that you can take to help manage your finances while you recover, including:

• Reaching out to your insurer for help covering those costs;
• Seeking short or long-term disability insurance and benefits; and
• Recovering compensation from the at-fault party who caused your injury.

If you are overwhelmed by your post-accident medical bills and other expenses, please call our legal team for advice.

Contact Anderson & Anderson Today 

To speak with one of our dedicated and compassionate Tampa personal injury lawyers at Anderson & Anderson about your post-accident financial situation and potential recovery options, please call 813-251-0072 or reach out to us via online message today. Our skilled attorneys and dedicated support staff have been helping Tampa accident victims for more than 40 years and are eager to put that experience to work for you.

Sources: 

m.flsenate.gov/statutes/627.737

forbes.com/advisor/legal/personal-injury/injury-compensation