Personal injuries don’t just harm your physical and mental health. They can hurt you financially, too, if you’re not careful. Do you have the financial resources to cover lost wages, medical expenses, or legal fees?
If you haven’t considered that question, you’ll need to when dealing with a personal injury through a workplace incident or accident.
Read on to discover some critical steps to help shore up your finances after an accident so you can return to normalcy sooner rather than later.
Clarify What Resources Are Available
What are your immediate needs after a personal injury accident? You can count on medical bills due to care for injuries, but it’s also important to account for ongoing medical bills. You may need physical therapy or recurring prescriptions, for instance. Even with health insurance, you might incur added expenses that damage your budget if not everything is covered.
And if you can’t work right away, you’ll need extra help. You may be able to secure short-term disability benefits through your insurance coverage or workplace.
Reach out to your employer and insurance company to know what resources could help cover your basic living expenses in the aftermath of an injury.
Look into Legal Help
It can be hard to assess financial readiness when you’re sifting through complicated medical and legal issues after an accident. Whether you’re at fault for a personal injury or not, you’ll need to deal with insurance companies, the police, and other entities. In these situations, working with a professional attorney can help protect your rights and interests.
Personal injury legal services in Las Vegas can help you pursue compensation for lost wages and medical bills. You also can count on them to help you navigate complex legal jargon and processes.
They will know how long you have to file a lawsuit, for instance, if you’re hoping to take action and secure compensation through court proceedings. Good attorneys will know what you can realistically expect thanks to their experience handling other personal injury cases.
Evaluate Your Insurance
With a personal injury, you will have to balance interactions with auto and health insurance companies. You may need to file workers’ compensation claims, too. In all of these situations, you need to know what is covered and how to file your claims properly.
Insurance companies often try to limit payouts. As a result, you may have more out-of-pocket expenses that start to pile up. Be clear on your policy deductible and maximum payout limits.
Know what medical situations or treatments are not covered. And maintain a file with copies of all your medical records and bills. Insurance providers may request these as they review your claim, and you can use them to negotiate for a better payout. Having a lawyer at your side can help with negotiations, as well.
Know What Work Accommodations Are Necessary
After an injury, you probably will need time to heal before returning to your job. This can translate to lost paychecks that affect your finances. To go back to work, you may need to ease back into a routine with adjusted hours or lighter responsibilities. Know your employer’s policies regarding medical leave and how it impacts your job security.
Did the injury happen at work? If so, apply for temporary disability or workers’ compensation benefits. You’ll gain supplemental income while you recover. Further, vocational rehabilitation programs can help transition you into a new role if you have prolonged challenges due to an injury.
Plan for Your Financial Future
Lastly, use this setback as an opportunity to plan for your financial needs in the future. After all, you may have chronic issues that force you to leave a higher-paying job or cope with ongoing medical bills.
You can work with a skilled financial advisor to structure your finances toward both short-term and ongoing medical needs. Investing money or trimming your budget may be necessary changes to help prevent future debts. Try to avoid dipping into savings for retirement or other long-range goals as you map out a plan.
Get Your Finances in Order
Don’t let a personal injury sidetrack you from financial stability. Understand your long-term medical needs and be swift in reaching out to insurance companies to file claims. Set a realistic timeline for returning to work and plan how to cover lost wages.
Working with an attorney can give you the best chance of getting the compensation you deserve to get back on your feet. And, ultimately, you’ll be equipped for a brighter future if you make budgeting a priority now.
