An Accident Can Drain Your Funds, Here's How to Minimize the Pain

Accidents happen every day to people who are not expecting to undergo a life altering event. In the case of severe injury, the resultant pain can be overwhelming in more ways than one. Not only is it difficult to endure physical pain from an accident, but the financial drain will also be painful for victims to have to endure. When funds are exhausted, this will make it hard for accident victims to receive the extended medical treatment they need. The following are a few ways to help accident victims reduce the pain of financial burden that accompanies their accident.

Plan for an Accident Ahead of Time

Just because a person is not injured today does not mean they will not become injured tomorrow. Now is the time to plan to shoulder the financial burdens associated with a severe injury resulting from an unfortunate accident. Whether you purchase additional medical insurance or build your savings for times of future need, steps that you take now will protect you with financial padding for the future. This way, if or when an accident occurs, you will not be caught totally unprepared.

Worker’s Compensation

If your accident occurs on the job, then it is possible that you are due some sort of worker’s compensation while you are busy recovering from your injuries. According to TheAtlantic.com, it should be noted that worker’s compensation cases in many states do not guarantee as much medical and monetary coverage as in years past. In other words, the state in which a person lives will have a dramatic effect on the amount of coverage they will be eligible to receive. Other factors, such as receiving medical treatment from an employer-approved medical facility, will also factor into whether your worker’s comp case will be covered.

 

In any case, any money you are able to receive through worker’s compensation is coverage that in part will help to ease the financial burden associated with your accident. In situations of severe, permanent injury, you will also want to consider applying for permanent disability. Disability payments generally provide a permanently disabled person with monthly income to help with their living costs. In addition, even though a person is receiving permanent disability, they are still able to attempt to obtain a small monthly income. This makes it possible for many accident victims to continue to make ends meet despite their disability negatively affecting their work situation.

Personal Injury Cases

If you have been injured due to the negligence of another person, then you may be eligible for monetary compensation from a personal injury lawsuit. From being struck by a drunk driver to being the unwitting victim of a product defect, the range of compensatory personal injury lawsuits extends into numerous situations involving multiple parties. It is important to speak with an Austin personal injury lawyer or one from a firm near you to determine the amount of monetary compensation your personal injury case has the potential to bring.

Liquidating Assets

In times of serious financial burden from an accident, it may be necessary to consider liquidating personal assets to cover one’s living and medical expenses. Although liquidating assets is sometimes unpleasant, it can mean the difference between barely scraping by and making life easier during a long-term recovery process. If enough monetary compensation is achieved through this process, there may be money left over for reinvestment purposes to help with asset recovery later.

 

An accident will often be a costly situation for most people. If you are injured and unable to work, such a situation can potentially put your finances in grave danger. It is important to consider your options carefully and to not be rash in how you intend on meeting the financial demands placed on you during your recovery period.

By Erica Buteau

Change Agent. Daydream Believer. Maker. Creative. Likes love, peace and Jeeping. Dislikes winter, paper cuts and war. She/Her/Hers.

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