Sustaining a traumatic brain injury present several physical, emotional and even financial problems in your life. In fact, the injury itself for decades, continues to be a major health problem across the world. It may be from car crashes, falls and sports injuries or gunshot wounds. While most survivors fully recover, many still suffer a multitude of cognitive and behavioral disabilities that require thorough medical attention. And while it remains that way, you may end up having financial strain as you continue dealing with your brain injury. With all the medical expenses you need to handle properly, here’s how you can avoid financial ruin after a traumatic brain injury.
1. Budget your savings well.
If you’ve experienced a traumatic brain injury, this means shelling out an exorbitant amount of money to pay for the hospital bills and other healthcare costs. And these would even shake the way you budget your savings.
- With all the medical needs you need to provide for your recovery, knowing how to budget your savings well can help. If you think your previous budget plan would no longer work in your current situation, then maybe it’s time to draft another one that suits your and your family’s needs.
- If possible, try to lower down your budget in a way that it can cover your daily expenses without having the need to apply for a loan. Also, temporarily remove from your budget all the things which you think aren’t necessary anymore.
- Be careful with every financial decision you’ve had to make because one simple mistake would affect yours as well as the lives of your family members.
2. Use your health insurance.
Accidents can happen anytime. And if you’re not financially prepared for it, then it can be a serious concern. Although accidents remain unavoidable, it’s still wise if you always prepare for the unexpected. This means getting the most out from your health insurance so you’re not going to shoulder all the medical costs on your own.
- By using your health insurance, you’re not only saving yourself from the potential financial drain you may experience buy you’re also trying to protect your family’s future.
- However, make sure that your health insurance covers a wide array of injuries including a traumatic brain injury. That way, you’d know that despite the situation, you’d still be able to manage your finances well. These are the reasons why you should never take these things for granted. While you’re still capable of working hard for your future, start investing on health insurance.
3. Refrain from applying loans.
It’s true that expenses coming from a brain injury is quite financially draining. Depending on the extent of your injuries, there’s a high possibility that you’d end up being almost penniless. However, don’t ever use the situation to secure more loans or credit while you’re trying to recover from the injury.
- Instead, ask help from your family and relatives to assist you throughout the situation. Remember that applying for loans is sometimes not the solution that you’re looking for. Instead, it’s best to try to be patient with what you’re going through.
- Get the most out from what remains with you and refrain from adding your financial burden that can eventually affect your credit score. Because by the time that you’re fully recovered, you may find it more challenging to restructure your financial health and to start a new life moving forward if you have many outstanding accounts to pay.
4. Seek for legal compensation from the party at fault.
This is the most practical thing you should do when you’ve suffered a traumatic brain injury caused by someone else’s fault. Under the law, you may be entitled to receive legal compensation against the party responsible for your injury.
- Depending on the severity of your injury, the economic damages to which you’re entitled to include medical expenses, lost wages, loss of earning capacity, mental anguish, and pain and suffering, etc. If you want to take full advantage of your right, it’s advised that you consult an experienced brain injury lawyer to help you bring a lawsuit in court or at least negotiate with the party at fault for a possible settlement.
- If despite settlement efforts, the same shows to be futile, then there’s no other way but file a lawsuit claim against the offending party. From there, it’s your lawyer’s responsibility to prove the negligence on the part of the offending party. And as soon as you win the case, then you’re good to go to receive compensation that can help you avoid a serious financial ruin after sustaining a brain injury.
The Bottom Line
It’s no question that brain injuries can impact the way you’re living your life. You even need to deal with all aspects of your physical, mental and financial undertakings. But what’s worse is the fact that you may end up experiencing a financial strain if you don’t know what to do with this kind of situation. Thus if you’re concerned about your financial future after a traumatic brain injury, don’t ever hesitate to speak with a qualified lawyer like the ones at Hershey Law who can provide you with all legal options available to your situation.