• About
  • Mortgage Basics
  • $40K Challenge
  • Aunt Doris
  • Grandfather Says
  • Privacy
  • Archives

Len Penzo dot Com

The offbeat personal finance blog for responsible people.

6 Ways to Protect Yourself Financially In Case of Serious Injury

By Sabado Domingo

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

December 11, 2020

Comments

  1. 1

    Money Man says

    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.

  2. 2

    Spedie says

    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!!

  3. 3

    Pretired Nick says

    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!

Trackbacks

  1. The 4 Basic Types of Disability Insurance Coverage – Len Penzo dot Com says:
    October 3, 2019 at 12:05 am

    […] you work in a highly risky environment where sustaining serious injuries is the reality of your everyday life, you should no doubt get disability insurance. What if you do […]

  2. Can You Get Monetary Compensation For a Car Accident? – Len Penzo dot Com says:
    January 30, 2020 at 4:15 am

    […] the victim’s financial situation and income play into the compensation as well, since any missed time from work or issues with earning their normal pay will also be included in the damages being […]

The Question of the Week:

How big is your home?

View Results

Loading ... Loading ...

Disclaimer

This site is for informational and entertainment purposes only, and the content herein should not be mistaken for professional financial advice. In fact, making investment decisions based on information published here, or any other website for that matter, is more than unwise; it is folly. This website accepts advertising in the form of monetary and other compensation; as such, topics of discussion are occasionally influenced by these advertisers. Sometimes, an article may also include affiliate links, meaning, at no additional cost to you, this blog earns a commission if you click through and make a purchase (for example, as an Amazon Associate I earn from qualifying purchases). Remember, you and you alone are responsible for the decisions you make in life, so please contact an independent financial professional for advice regarding your unique personal situation.

Sign up for the weekly Len Penzo dot Com newsletter
Len Penzo dot Com Delivered Weekly
Join more than 40,000 readers and fans who enjoy personal finance and macroeconomics with an offbeat twist!
Invalid email address
Thanks for subscribing!
Black Coffee: The Good Ol’ Days
Grandfather Says: The Continuing Chronicles of Elaine, Part 24
An Overview of the Most Common Student Loan Options
6 Ways to Fix Your Finances: Smart Tips for Resuscitating Your Bank Account
My 13-Year-Old Daughter Shares Her Financial Fears
Black Coffee: It Ain’t What It Used to Be
How Thinking Outside the Box Can Save You a Fortune
The Pros and Cons of Higher Interest Rates
Five Frugal Ideas for Fall Season Family Fun
I’m Not Rich, But I’m Financially Free; Here’s How I Got There

All-Time Most Popular:

  1. 1. 19 Things Your Millionaire Neighbor Won’t Tell You
  2. 2. Dear Friend: Here Are 41 Reasons Why I’m NOT Lending the Money
  3. 3. Why Your Expensive Luxury Car Doesn’t Impress Smart People
  4. 4. If You Can’t Live on $40,000 Annually It’s Your Own Fault
  5. 5. 21 Reasons Why Corner Lots Are for Suckers
  6. 6. 4 Smart Reasons Why College Isn’t for Everyone
  7. 7. 18 Fast Facts About Social Security Numbers
  8. 8. My Ketchup Taste Test: Upset! Guess Which Brand Topped Heinz
  9. 9. Why I Prefer a Spreadsheet to Track Expenses and Manage My Finances
  10. 10. Here’s a Simple Trick for Getting Credit Card Interest Charges Waived

Popular Now:

  1. 1. My Personal Journey to Financial Freedom
  2. 2. Why I Run My Household Like a Business (and Why You Should Too)
  3. 3. 5 Ways You Can Save Money on Groceries This Week
  4. 4. My 15th Annual Cost Survey of 10 Popular Brown Bag Sandwiches
  5. 5. 5 Frugal Tips for Family Fun During the Fall Season
  6. 6. Expensive 401k Mistakes People Make Every Day
  7. 7. 10 Ways to Get Fit for Little of No Money
  8. 8. The Ethics of Found Money: Should You Keep It?
  9. 9. Historical Gold & Silver Benchmarks for Wages and Commodities
  10. 10. 4 Good Reasons Why Some Quarters Are Painted Red

Copyright © 2023 Len Penzo dot Com · All Rights Reserved · Designed by Nuts and Bolts Media

© Len Penzo dot Com 2008–2023