4 Ways to Manage Money after a Slip-and-Fall Accident
Wednesday, January 31, 2018, 6:00 PM | Leave Comment
Suffering an injury and having to miss work is a huge financial hardship. Many people are unprepared to deal with this financial crisis.
Here are some ways to help you manage your money following a slip and fall accident.
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Consider Using Sick and Vacation Time
Use what sick and vacation time that you can for your missed work days. This will allow you to still be bringing in money while you’re recovering from your accident.
If this injury occurred on the job, you have the option of using workers compensation. The doctor will be able to determine how long it will take you to recover from your injury.
Communicate with your employer about your expected return date to work. You want to still have your job waiting for you once you’ve recovered.
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Look at Disability Insurance
Depending on your prognosis, you may be out of work for a long period of time. Look into whether your insurance has disability. There is short term disability and long term disability policies. If you qualify, this can help to cover your expenses while you’re out of work.
Not all insurance has this option. You may have been required to purchase a supplemental insurance plan to get this type of coverage. Ask your employer to see if you are eligible.
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Utilize Savings
Consider what money you have set aside in savings. This can come from a traditional savings account or even a 401k account. You can borrow against your retirement if you have a qualifying condition. The only stipulation with this is that you will have to pay back the amount once you’ve returned to the job.
If you lose your job, you will be required to pay back the whole amount right away. Consider using this option with caution. It may be only a short term solution.
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Ask for Assistance
You may have options that you haven’t considered. Speak to a personal injury lawyer to get a more comprehensive overview of your options. You may have a case for your slip and fall accident.
A lawyer can give you more flexibility in paying your bills. They may be able to negotiate with your employer so that you can keep your job even if you’re out of work for a long period of time.
In some states you may qualify for assistance on mortgage payments and credit card debt.
You shouldn’t have to worry about having to pay your bills while recovering from an injury. Consider the resources that are available to you. Try these solutions if you’ve suffered a slip and fall accident.
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Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter and Facebook.
