Menu

Plan to deal with financial impacts after a catastrophic injury

Suffering a brain injury during a motor vehicle accident can lead to serious life impacts. One area of your life that can be affected is your finances. You have to think about the increase in expenses that you will have because of the need for medical care and life assistance. You may not be able to continue to work at the same capacity as you did before the accident, which can mean you have a reduction in income.

Finding ways to make your finances work can be a challenge. Depending on the type of brain injury you have and the longevity of the impacts, you might need to make some long-term plans about money.

Create your financial plan

One of the best things that you can do when you suffer a catastrophic injury is to set your budget so you know what you have to spend. Be realistic about your income and include all of your expenses. Things like $25 copays for therapy once per week might seem nominal but that can be a huge component in your budget. You can alter your budget as necessary but always make sure that you know exactly where your money is going.

Find out about assistance

There are usually assistance programs that can help people who are suffering from a brain injury. If your condition is a long-term one, you might qualify for Supplemental Security Income or Social Security Disability Insurance, so explore those. Other types of assistance include grants for necessary medical equipment or funds to help with utility bills. Even in small amounts, assistance can be beneficial. The goal is to get what you need and still pay for basic necessities. One consideration that you have right now is whether you can handle this on your own. You may need to seek help from a trusted individual.

Consider filing a compensation claim

If the accident that injured you was due to another person's negligence, you might choose to seek compensation for the injury. This could help cover expenses directly related to the crash. You only have a limited time to file the claim so start the process early. Be sure that what you are seeking is enough to cover your past, present and future expenses because you can't ask for more money once your case is resolved.

No Comments

Leave a comment
Comment Information

Escandon, Fernicola, Anderson, Covelli & McPherson

Allenhurst Office
301 Main Street
Suite 3
Allenhurst, New Jersey 07711

Map and Directions

Bayonne Office
561 Broadway
Suite 1
Bayonne, New Jersey 07002
Map and Directions

Toms River Office
204 Court House Lane
Suite 202
Toms River, NJ 08753
Map and Directions

Phone: 732-663-1920
Fax: 732-663-0011