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Injuries Can Hurt Your Finances, Not Just You

Firm financial planning isn’t about just knowing how to move money in a way that guarantees growth and a higher income. It’s also about knowing the life events that can rock those finances. Finding both the right protections and the right partners that can help you make the best out of a bad situation. Getting into an accident or injuring yourself is painful enough as-is, but the financial headaches that come with it can often have the longer lasting effects. Here, we’re going to look at the impacts injuries can have on your finances and some methods of mitigating those impacts.

The medical expenses

They are the most obvious and immediate impacts that come with an injury. Medical bills can be lofty, even with insurance. It’s worth saving and keeping an emergency fund that can help you pay for these kinds of unexpected events without dipping into money you need for bills and other savings. There are other ways to get your medical bills reduced should you be injured, however. Sticking to in-network doctors when possible and paying in cash can help reduce immediate costs. Take a closer look at any bills you get, too, as mistakes within them as shown at can often highlight some ways to ensure insurance covers you or that bills aren’t higher than they should be. In the event of an accident that’s not your fault, don’t be afraid to process legal claims. You shouldn’t be forced to pay for expenses that aren’t rightfully your responsibility.

The prescriptions

A regular part of ongoing treatment is the prescription of medication to help speed recovery or manage pain. When you’re being offered a prescription, however, it’s worth asking the doctor a few questions. In particular, ask if generic medication is just as effective. In many cases, generic drugs do everything that branded alternatives too, often lacking only flavorings or coatings designed to make them easier to digest. They cost much less, too, helping to lessen the impact that ongoing prescriptions can have on your finances.

Getting sidelined

One of the greatest fears when it comes to getting injured is how it may put you out of work. That’s far from an unreasonable fear. If you’re physically incapable of doing your job, your employer isn’t legally required to keep paying you while you take time off. Starting the application for social security as soon as possible can help. Again, if someone else caused the injury, push for compensation. Not only do they have to pay your medical expenses, but they may have to cover the income you lose because of your inability to work. In some cases, injuries have even led to an employee being let go from the company, so it’s doubly important to have an emergency fund at the ready. Build a fund that’s equivalent to three-to-five months’ income.

Your capacity to earn

More serious injuries can impact much more than just your immediate ability to get back to work. They can entirely alter your capacity to earn if they result in a disability or chronic pain. As mentioned, a legal claim can help you recover the potential income you might lose if you’re no longer to work in your industry or to work in general. But it’s worth looking at the help that occupational therapy and physical therapy can offer, too, as shown at These are therapies designed to help you regain mobility, independence, and the ability to work once more.

If you don’t have money at the ready

Sometimes, an injury that requires ongoing treatment can cause bills to pile faster and higher. Even with insurance, costs can get out of control and force you out of pocket. If you’re not having your medical expenses covered, you need something else to rely on. While you’re in good health, it’s a good idea to build your savings. In particular, you want to invest in an HSA. These are tax-free savings accounts with relatively good interest rates. The reason they’re tax-free is that there are kept explicitly for the purposes of health-related expenses. You can’t dip into them under any other circumstances, but they can off a little reprieve when you’re facing the prospect of ongoing treatment or multiple surgeries.

Even doctors can get it wrong

No-one should ever be scared of going to the doctor when they need treatment, but it is important to know that sometimes doctors can make mistakes. These mistakes can not only cause pain but can further exacerbate financial troubles by forcing you to require ongoing treatment or keeping you from getting back into the workforce. If you are concerned that mistreatment by doctors is due to negligence, you may be able to get some financial assistance at to help you mitigate the effects. Malpractice is a serious concern, with small errors from doctors, nurses, and other healthcare providers being a much more common occurrence than you think. A small mistake from a medical professional, however, can mean a big change in your life, so you need to be protected from them and know how to go about, say, making a claim against your local GP, should you ever need to.

Stress can make things worse

As we’re talking about injuries, we haven’t had the opportunity to address the impact that stress can make on your finances. However, injuries, treatment, and the financial concerns they raise can all be stressful. Stress has been shown to impair your judgement and your ability to make sensible financial decisions. If you need to make decisions under stress, it’s a good idea to have someone else to talk to about changes or plans you want to make. Of course, you want to try making too many new financial commitments or decisions while you’re dealing with an injury in the first place.

You can never really future-proof your finances against accidents and injuries. You can put protections in place and know how to cope or even get compensation in the process of treatment, however, so have an injury action plan at the ready in the event it ever happens to you or a loved one.