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Economic Effects of Serious Personal Injury Accidents

| May 2, 2014 | Catastrophic Injuries

When a serious injury occurs, such as a head injury in a car accident, a person isn’t only affected physically but he or she is also hit hard financially. Medical expenses can quickly add up when they include hospital stays, surgical procedures, specialist visits, physical therapy, and rehabilitation. It’s not uncommon for hospital and surgical bills to run a person thousands and thousands of dollars—even after insurance kicks in.

When a person arrives to a hospital by ambulance, undergoes expensive tests like an MRI, endures emergency surgery, and has a lengthy hospital stay, it can lead to a financial nightmare. And while all these medical bills are piling up, an injured person may also be suffering the economic effects of a job loss or job change.

Serious Injuries Lead to Serious Financial Effects

Because catastrophic injuries can lead to disabilities, disfigurement, paralysis, or a brain injury, an injured person may suffer a permanent job loss or a change in job position in which a person can work but isn’t able to make the same amount of money. As a result of a job change or job loss, many injured victims are seriously affected financially. Some injury-related financial effects include:

  • Inability to pay rent or mortgage. This expense is typically a person’s largest monthly expense. If someone is no longer making an income, or if wages are lessened greatly due to injuries, a person may be forced to move out, sell, or foreclose.
  • Inability to pay child support. When a parent is injured and cannot make the same type of income, he may be unable to support his children and make the proper payments.
  • Inability to pay for food, clothing, and other necessities. When less money is being made or money is no longer coming into a household, an entire family can suffer these adverse effects.  
  • Inability to pay for hospital and medical bills. Traumatic injuries typically lead to tremendous medical expenses—even after insurance coverage. As a result, many people are unable to pay for these bills due to their change in income.
  • Inability to pay for physical therapy and rehabilitation. Insurance only covers so many physical therapy and rehabilitation sessions. Consequently, injured people who need ongoing services are often charged hundreds of dollars a month, even though they typically don’t have the means to pay for these services.
  • Inability to pay for home care assistance. When people suffer serious injuries, they often need assistance at home to help them with their personal hygiene, medication, and meals. Unfortunately, these services can be expensive and unaffordable for people who have lost their income.

Car accidents and other personal injury accidents can take a devastating financial toll on victims. Lost income and medical bills are calculated into one’s financial recovery, as well future lost earnings and the cost of ongoing medical treatment. But it is also important to note that the real cost of an accident should include compensation for pain and suffering and lost quality of life.

Understanding the Economic Impact of a Personal Injury

Because everyone’s injuries and financial losses are different, the real economic cost of a traffic accident can be extremely difficult for a person to determine. Insurance companies bank on this fact, which is why insurance adjusters rarely provide injured victims with fair settlement offers—especially when it comes to quality of life valuations. This is why victims of personal injuries need to speak with accident attorneys who are experienced in determining the value of pain and suffering and the value of lost quality of life.

If you have questions about getting a fair financial recovery to soften the economic consequences of your injuries and losses, we would be pleased to talk with you and provide you with a free consultation. You can reach us at 703-721-4233 or visit our Contact Us page and fill out a short contact form.