Ways Personal Injury Could Affect Your Finances

Your health is one of your biggest assets when you are in good health you can earn money, enjoy life and look after your loved ones both financially and physically. Many people take this for granted so when they are injured it can impact not just on their health and well-being and quality of life but also on their finances. If the damage is serious enough this could go on for many years. Here’s a few ways that personal injury can affect your finances:

  1. Hospital bills and medication costs

Depending on the extent of the injury, you could find yourself in hospital for weeks or even months and in need of complicated procedures or operations. Unfortunately these cost money and medical bills could leave you with thousands of pounds worth of debt, and if you have no income or savings you might find it very difficult to find the money to pay for your treatment.

  1. Career growth and promotion

Many careers require you to be at a high level of health in order to progress. Unfortunately, if your injury forces you to have to stay off work or leaves you permanently impaired in some way then it could seriously affect your career progression. This is especially true if you have a job or business that requires you to be physically active.  Similarly, if you are off work for long periods then you will not be able to reach your full potential and show your employer the extent of your capabilities and talents.

  1. Loss of income and earnings

If you can’t work because of your injury and are not entitled to paid sick leave then you might find that your income dramatically decreases. You might also discover that even after leaving hospital, you still need time to recover, and there is no telling how long this could take. Recovery times vary from person to person and depend on how bad the injuries are, the person’s age and how their health was prior to the injury. Loss of income can affect the quality of your life, your ability to pay bills and in extreme cases could result in you losing your home. If you are self-employed or run a business then you could lose clients, be unable to fulfil contracts or end up going into administration.

  1. Increased cost of living

Illness and injury can turn someone’s world upside down. If you don’t have friend or family who can help you get back on your feet. You might find that you need to hire someone to help you keep your home in order and to assist you with even basic tasks. Furthermore, if you can’t stand up for long or are otherwise physically debilitated then you might struggle with cooking so be forced to have pre prepared food brought in. This could cause your living costs to rocket and increase stress. The assistance you can get varies from state to state but if you have beenin an accident or been injured then it is worth getting in touch with a personal injury lawyer in Indianapolis, New York or your local area to see if you have a case.