If you have been seriously injured, you’re no doubt feeling overwhelmed with the number of decisions that need to be made. It can be helpful to keep a list of items that need to be addressed and cross them off one at a time. Regardless of your injury, your finances will continue to need your attention.
Here are six steps you should consider taking to protect your financial life in case of a serious injury:
1. Take advantage of short-term disability coverage. If you have insurance through your employer, and your injury causes you to miss work, submit a claim for short-term disability coverage as soon as possible. While it will not make up for all of your lost income, it is a good place to start.
2. Get help with medical bills. If you are injured, and do not have medical insurance, contact the hospital and doctors’ offices as soon as possible. Some hospitals offer financial assistance and payment plans. Some hospitals may even forgive your debt altogether, depending on your income. Even with good insurance coverage, there are bound to be some uncovered medical expenses. By keeping the lines of communication open with medical providers, you may be able to avoid unpaid bills being sent to a collection agency and damaging your credit.
3. Hire a personal injury lawyer. A personal injury lawyer – preferably one who is armed with personal injury law software – is necessary if you choose to sue for damages resulting from your injury. This may also be the only way to recoup your medical and other expenses after an accident. If your injuries are severe enough to warrant ongoing medical care, be aware that these costs can quickly add up. A respected personal injury lawyer can explain these considerations to you.
4. Stay in contact with your insurance company. It can be frustrating to deal with insurance companies, especially when you are already injured and not feeling your best. However, be sure to call them regularly to stay up to date on your benefit claims. It’s very likely that you will have more than one person working on your claim. Whenever you call your insurance company, make a note of who you spoke with, as well as what was discussed. Additionally, you may need to reference more than one insurance claim number, so make sure to add these numbers to your notes.
5. Don’t be afraid to ask for help. Depending on your injury and recovery process, you might have trouble keeping track of details or remembering things. If this is the case, ask a trusted friend or family member to assist you with organizing your bills. Consider moving your bills to automatic payment so that no expense is accidentally overlooked.
6. Don’t rush into decisions. At some point, you will be tired of dealing with hospitals, bills and insurance claims. You may wish it could all be over, so you can get back to your life. However, do not rush into any decisions or sign anything without consulting your lawyer first. After all, their job is to look out for your best interests.
When the last piece of paperwork is signed and your medical expenses have been paid, it’s time to review your financial situation. This might be a good time to make changes, such as adding or increasing medical insurance coverage.
Photo Credit: ell brown
Another one we may want to add to the list before you get injured is to get adequate life insurance if you are responsible for anyone else. Best wishes to all of us that we are not seriously injured.
I once had a job that emphasized safety. Safety at work AND safety at home and when out and about. Over 90 percent of the folks that got injured were on their own time when the injury occurred, and 90% of those injuries happened the first year of employment – before the employer really got safety into their heads and hearts.
It simply cost the employer too much to replace their employees that most often got hurt while off the job.
Even though I do not work there anymore, I will forever remember the lessons I learned from that work place. I always think twice when lifting something heavy, climbing a ladder, parking correctly to avoid hits in parking lots, and defensive driving techniques I learned that were more than rudimentary.
It is time well spent to learn this stuff. Avoidance is the best plan of action. Do not let it happen to you, in the first place!!
I had one point where I should have gone on short term disability and didn’t and just toughed it out. I still regret not doing that today. Oh well!