Keeping Your Finances On Track Following A Personal Injury

Keeping Your Finances On Track Following A Personal Injury

Sustaining a personal injury can do more than harm your health, it can change your entire life. According to Newswire, more than 700,000 personal injury claims are filed every year in The States. Those who sustain a personal injury so severe that they’re unable to continue working can be awarded millions, just as James T. Mitchell discovered. In April this year, he won in excess of $5 million following two workplace injuries which prevented him from being able earn any income. Regardless of how much you are awarded, it’s essential you plan your future finances to prevent you wasting your compensation on extortionate medical bills and day to day living expenses.

File a legal claim

According to Arbill, 3.3 million people suffer a workplace incident which they may never recover from, such as head and brain injuries, therefore, if your injury could have been prevented and there is evidence to support that a third party was at fault, then you should instruct a personal injury attorney to start legal proceedings. Your attorney will fight to get justice for you and to prevent a similar incident occurring to anyone else, but, most importantly, they’ll seek compensation as a form of settlement. America’s highest ever personal injury claim saw $150 billion paid out to the claimant, according to ABC Money. Each state has a cap on the amount of non-economic damages that can be awarded to an individual, and in medical malpractice cases the federal government have capped damages at $250,000. Once you receive your payout, ensure you spend and save it wisely. Bear in mind that with your earning potential being limited for the foreseeable future you need to make the cash last so think about setting yourself a set amount to spend each month to ease any financial burden.

Get a second opinion

Following your injury you may be on multiple types of strong medication which causes you to become easily confused and which makes it difficult to concentrate, especially with something as complex as numbers. Rather than struggle in silence, ask for help from friends or family who’ll be able to review your outgoings, help you make cutbacks by speaking to companies such as your phone and television providers for you and advise on how best to proceed. It’s also worth seeking the advice of a financial advisor as they’ll have experience in dealing with people who have been in similar situation and their wealth of knowledge will help you get on top of your finances.

Claim what you’re owed

eHealthInsurance reports that the average American will pay a monthly health insurance premium of $321 per month, therefore, make sure you utilize your policy. Depending on your level of cover, they’ll help to pay your medical bills and will give you a lump sum of cash due to you being unable to work as a result of your injury. You may be reluctant to turn to benefits to get by, but it’s important to remember that your injury isn’t your fault and that what’s more paramount is keeping a roof over your head and your finances in good health, so you must look into and apply for any unemployment benefits that you’re entitled to. And if you’ve lent money to friends and family in the past, now is the time to claim back what you’re owed. So long as you explain your situation to your loved ones, most will be than happy to make arrangements to get your cash back to you.

A personal injury which impacts your ability to work will leave your finances in tatters if you don’t take action to keep on top of them. Therefore, you should file a legal claim in order to win compensation, ensure you request what you’re owed from various parties and seek the advice and help from your loved ones and a financial advisor to keep your finances in good order while you adjust to live with your injury.

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