On average, one American is injured in an accident every second, according to The National Safety Council. Some injuries are sadly more serious than others. If you have been in a serious accident or sustained a serious injury, you are well aware of the loss of income and opportunities in your future. As such, it is crucial that you create a financial plan to continue to safeguard your financial future. Here are a few good reasons why you need a financial plan.
To See If Restitution Is An Option
If you are a soldier, it is not unusual to be in the line of danger. This is proven by recent events where 109 US soldiers sustained brain injuries following Iran’s airstrike on Ain al-asad airbase in Iraq. In an ideal scenario, these military personnel would get the very best medical care. However, instances of military medical malpractice do exist. Developing a financial plan can give you and your family an opportunity to see if restitution is an available option for personal injuries, medical expenses, loss of earnings, and loss of earning capacity. A financial plan can also help you create a projection of how much income you stand to lose because of your injury in the line of duty. It will also help any legal experts assess your case quickly so they can determine what sort of compensation they should demand on your behalf.
To Prepare For Future Emergencies
A serious accident or injury isn’t just a physical or mental disaster: it’s a financial one, too. Hospital stays, doctors’ bills, therapy, and medications can be really expensive over time, and in severe cases, can lead to personal bankruptcy. Medical bankruptcies represent roughly 62% of all bankruptcies in the US, according to Investopedia. Creating a financial plan can help you prepare for future emergencies by identifying any income that can be directed to an emergency fund and cut out any unnecessary spending. This can help you create a fully itemized budget that can guide you towards making smarter financial decisions in the coming days.
To See Which Organizations Can Help Out
Creating a financial plan after a grievous injury or accident can also give you a frank look at the state of your finances. If you find that your income is not enough, this can help direct your attention toward organizations that may be able to help you out financially. Wounded soldiers have several options, including The Gary Sinise Foundation, The Semper Fi Fund, Special Operations Warrior Foundation, and many more. Having a clear financial plan can also help these foundations assess how much you may need in financial aid since you’ve already laid out your incoming and outgoing cash flow.
Finances may be a stressful topic, but it is an essential part of living — especially for those who have been seriously injured. Life after a serious injury or accident can be difficult, but a clear financial plan and a set budget can help ease the tension. When you know your finances are taken care of, you can focus on getting better instead of having to worry about the state of your accounts in the future.
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