The Financial Impact of a Serious Injury
From climbing medical bills to lost wages and future earning capacity, serious injuries can have a significant financial impact. Understanding these costs helps victims know the burden they have to shoulder presently and in the future. Injury lawyers help uncover the calculations that should be included in compensation claims.
Time off From Work
Serious injuries require time to heal. As a result, the injured victims are likely to miss work for several weeks or months. Resuming work too early could exacerbate the injuries. This prolonged absence causes a significant loss of income.
When a person sustains serious injuries, medical expenses can pile up quickly. There will be bills and charges for services like:
- Ambulance rides
- X-rays, MRIs, and other medical tests
- Emergency room treatment
- Hospital stays
- Specialist visits
Serious injuries usually need extensive treatment that lasts for a significant period. Consequently, medical expenses can be massive. People who are not at fault for their injuries and have a strong claim for compensation can have their private insurance providers meet their medical costs temporarily. The providers will expect to be paid back once the claim is settled. Therefore, victims should speak to personal injury lawyers for legal advice on what to do after sustaining injuries.
Lost Earning Capacity
Someone who suffered a severe injury may be unable to resume work in the same capacity that he or she held before the injury. Career advancement may be hampered. The victim may have to do less strenuous work with lower pay because of new limitations. In Chicago, damages for lost earning capacity can be recovered.
Pain and Suffering
Serious injuries result in pain and suffering, such as emotional anguish and having to endure mental or physical pain. These can affect a person’s everyday existence, as well as his or her family. This can be factored into the damages when seeking compensation because the at-fault party’s negligence caused the victim to be unable to go on with his or her daily life.
A serious injury can affect finances in several ways. People should not accept settlement offers from insurance companies before determining all of the damages. Some compensatory damages can be hard to assess. Personal injury lawyers help determine the impact of severe injuries and calculate a suitable monetary value that people can pursue in their claims.