People who have gone through a traumatic injury are more likely to experience negative financial complications, such as bankruptcy, poor credit rating, and late payment fees. Rising medical bills in America is making it even harder for the injured to stay on top of their finances. 30% of people with insurance say they can’t afford their medical bills or any out-of-pocket medical costs. But there are ways to successfully manage your finances when you’ve been injured.
Check what benefits you can get
If you get injured at work and are unable to return because of your injury, make sure you claim workers’ compensation benefits. Unfortunately, this only covers two-thirds of your wages, so you’ll still need to budget carefully. Check to see whether you’ve got private disability insurance. This will give you a regular income if you become disabled following a traumatic injury and are no longer able to work. You’re also likely to qualify for social security benefits if your condition is expected to last for at least a year. So make sure you do your research and rightfully claim all that you can.
Claim compensation and costs
Car accidents are one of the biggest causes of traumatic injuries. Serious collisions resulting in fatalities rose by more than 18% in the first half of 2021. If you’re lucky not to have lost your life, you’re still likely to have sustained a serious injury on the road. When you’re not at fault for a car accident and you have injuries, you can claim costs and compensation from the at-fault party. A car accident attorney will be able to advise whether any out-of-pocket medical costs you’ve had to pay can be claimed back. A lawyer will also look into the severity of your injuries, as well as the long-term implications of them, and help get you the compensation you deserve. The average payout in the U.S. is $19,000. This means you won’t have to worry about paying your bills or losing your home.
Reduce your expenses
If one good thing can come out of your injury, it’s having the chance to go through your finances in detail. The average person says they waste $139 every month on pointless purchases. When you haven’t got income from a job, this is money you can’t afford to throw away. Look at all your outgoings and see where you can save cash. The best way to do this is to go through your bank statement and highlight essential and non-essential spends in different colors. You can then look to cut your expenses. For example, if you’re not going to drive for the foreseeable future because of your injury, cancel your breakdown cover. Unsubscribe from any subscriptions you’ve got for things such as beauty and candy subscription boxes to save yourself some cash too.
It’s common for your finances to take a hit when you’ve had a traumatic injury. These tips will ensure your finances remain in good shape, no matter how long you’re out of work for.