Finance Advice For Those With A Personal Injury

Tuesday, May 20, 2014, PM | Leave Comment

It is never easy to recover from an injury that you sustained at the hands of another negligent individual. While recovery should be a priority, it can be difficult to focus all of your energy on healing when you are trying to manage your finances on a limited or non-existent income.

If you have filed a personal injury claim and you have not yet received an offer for a settlement or award, you may need financial advice to cover your bills and other expenses while you are negotiating.

Here is expert advice for injured claimants and their families so that more time can be spent recovering physically and mentally:

  • Tap Into Your Rainy Day Fund Rather Than Accepting a Low-Ball Offer

    Many people save money in a rainy day fund to cover expenses when they are laid off or out of work. If you suffer from an injury, you might be out of work for days, weeks or even months, which can result in a loss of income.

    It can be very tempting to accept an early offer, which is typically a low settlement, so that you can pay your piling bills. Braithwaite Boyle Accident Injury Law, injury lawyers in Edmonton suggest that you hold off and deny initial low-ball offers. Tap into your savings to cover bills, and it will pay off over time in the form of a larger settlement.

  • Use Your Medical Insurance

    If you have medical insurance, you can rely on the coverage provided in the plan to seek treatment while you are fighting for compensation. You can also use your med-pay coverage limits to pay for your bills while the claim is still being investigated, up to the limits stated on the policy. You may be asked to reimburse your medical insurer for some medical bills if you receive a settlement to cover these bills.

  • Ask About Hold Agreements If You Do Not Have Insurance

    Not everyone has medical insurance. If you do not have insurance that will pay for a portion of the expenses that you incur, you may be worried at how you will cover the piling medical treatment costs. If you have already filed a claim, you may have the option to establish a hold agreement so that the account is put on hold until your claim is settled. This will prevent your bills from being sent to collections agencies.

  • File a Claim for Short-term Disability

    If you have individual short-term disability coverage, or you can qualify for coverage through your employer, you should file your claim so that you can receive some of your lost wages. This may help you deal with your living expenses if you do not have much saved for a rainy day.

Waiting for an auto insurer to send a fair settlement offer can take time, especially when you are asking for lost wages and other forms of compensation. Do not jump at the first offer you receive, and be financially prepared for the unexpected.

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