Regaining Control Of Finances After A Life Changing Injury

 

 

The costs of serious medical injuries are varied and, in many cases, substantial. The CDC estimates that fatal and non-fatal medical injuries cost $670 billion every single year to employers and households, with many individuals becoming destitute. This is a symptom of the current labor market which has created a large number of people on slim budgets living paycheck to paycheck. Getting financial affairs into order at the onset of a serious injury will help to alleviate the stress of financial burdens, and set up a proper plan going forward to assist with recovery.

 

 

The first step in any move towards financial solidity is finding a financial base. Finding out who is in the wrong in any accident and whether restitution must be paid is the first step. Moving on from that, insurance policies are, too, crucial, in estimating where financial support can be derived from. Take, for example, car accidents – one of the most common modes of accidental injury. How accident and injury cover is applied is not even; a car accident death insurance payout may come from something within the policy or, as Investopedia highlights, it could come from a rider on the initial payment. The first step, then, is being aware of exactly what cover is there and how that will help after injury.

 

 

There will almost certainly be long-term medical care associated with a life-changing injury. This will also come at the same time as a potential loss of earnings – a situation that nobody wants to be in. Planning can help to ease this. A guide by the Brain Injury Association of America highlights the steps to take here – firstly, look to cut items from the budget that you may be able to save on, for instance use of a car. Secondly, look into the various benefit schemes that are available to injured Americans to help them attain financial security.

 

 

There are a huge range of benefit schemes, at both federal and state level, that work to help those diagnosed with disability. You will likely be eligible for something of this kind if you have been impacted by a life-changing injury. The SSA outlines the full range of benefits available, and its notable that some can be overlaid to help people impacted by specific types of injury. Fully investigating what you are eligible for is an essential part of the process of obtaining financial security and independence following injury – just as important as seeing what you are entitled to following the event itself.

 

Having financial control will set a foundation for a concerted onward recovery. Life-changing injuries are by their definition traumatic and are hugely impactful, and it’s difficult but a quickly enacted plan to manage finances afterwards is essential. Only properly managed finances can help to support long-term recovery and give an important sense of stability and calm in otherwise very difficult circumstances.