How Your Finances Can Be Impacted by a Medical Mishap

How Your Finances Can Be Impacted by a Medical Mishap

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Dealing with a medical mishap can wreak havoc on your life, from medical costs to loss of work and even the loss of homes or investments. Understanding how your finances can be impacted can help you determine which financial decisions you need to make now to protect yourself and your loved ones well into the future. The more you’re familiar with how finances can be impacted by medical accidents and mishaps, the easier it will be for you to mitigate potential financial issues and emergencies.

Medical Costs

Unfortunately, it’s estimated that approximately 100,000 Americans die as a result of medical malpractice and avoidable mistakes each year. When you deal with an unexpected medical mishap, you may need to cover additional costs for corrective surgery, long-term hospital stays, physical rehabilitation, and even lifelong medications. Out-of-network expenses and visiting specialists may also not be covered by existing insurance policies.

Loss of Income

Dealing with an unexpected medical mishap can also cause a loss of work and, ultimately, income. Approximately 800,000 individuals in the United States receive medical attention for dog bites each year, according to the CDC. Knowing how any type of medical mishap, animal bite, injury, or auto accident can significantly impact your ability to work is crucial when it comes to smart financial and emergency planning in your household.

Rehabilitation and Ongoing Therapy

It’s estimated that urgent care centers in the United States currently handle approximately 50 visits per day, or three patients per hour on average, according to the Urgent Care Association. Even if you’re past the stage of visiting an urgent care center or ER, a significant accident or injury will likely require ongoing rehabilitation or physical therapy, depending on the extent of your injuries. Dealing with the costs of rehab and ongoing therapy can quickly add up, causing financial, emotional, and mental strain on your entire household. Speaking with an agent from your insurance company will help point you in the right direction when seeking rehab programs and therapists that accept your provider.

Legal Costs

Whenever you’re involved in an accident or incident that results in significant harm, damage, or disability, there will likely also be legal and administrative costs you’ll need to account for, especially if your case is headed on course. If you’re pursuing a medical malpractice case, you will need to prepare to retain an attorney or work with a law firm that’s interested in accepting your case on a contingency basis. You will also need to determine if you’ll be responsible for any additional court settlements and costs along with administrative fees that are typically associated with legal matters involving medical mishaps.

In addition to handling potential settlement costs and fees, you will need to consider if you’ll be required to retain a lawyer out-of-pocket. Consulting with attorneys who are well-versed in medical malpractice cases is highly recommended to ensure you’re on the right track once you’re ready to pursue your case. You will also want to meet with prospective attorneys in person to determine if they’re a suitable match for you and if they’re willing to represent you in a manner that is optimal for the outcome of your case.

Understanding how your finances can be impacted by a medical mishap is a way for you to remain vigilant when it comes to opening savings and emergency funds to protect your entire family. The more you know about potential medical mishaps, the easier you’ll find it to better prepare yourself and your loved ones. Whether you’ve been in a serious and life-altering accident, experienced an animal bite, or were injured on the job, knowing which options you have can make a significant difference to the overall quality of your life for many years to come.

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