If suffering from a traumatic brain injury were not enough, financial ramifications often become pretty challenging to take care of. In addition to trying to focus on one’s recovery, there are medical bills to consider and possibly lost income as well. This is just the tip of the iceberg. If you are the primary means of income in the family, there are quite a few adjustments that will have to be made rather quickly.
There are two major factors at play when considering the financial ramifications of a traumatic brain injury. The first involves lost wages due to being either laid off or terminated. In some cases, a change in employment is necessitated. This often results in a reduction of income. The other financial component that must be considered involved medical expenses. Even with the best insurance, the amount of money that must be paid out of pocket through the treatment and rehabilitation stages alone can be astronomical. As a result, it is important to understand better how to handle finances after a traumatic brain injury.
Dealing with Lost Wages
Even a minor brain injury can require an extensive period of recovery. Depending on the job, it can take quite some time before a return is possible. While a few jobs out there will give you the time off with pay while you rehabilitate and get back to a point where you can work once again, the vast majority do not allow for this benefit. The financial loss is compounded if you are self-employed, as there are typically no benefits or allowances to account for the lack of work while you recover.
Because of the financial loss that is incurred following a brain injury, many people will rush back to work before they are ready. They often discover that they are unable to perform their duties like they once could. This often results in either termination or resignation. Consequently, it is crucial to have a safety net in place to deal with the lost wages. While many people have disability insurance to provide some type of short-term relief, others will rely on family and friends to get them through this trying financial time.
Getting Compensated for Lost Wages and Medical Bills
The ideal situation after a traumatic brain injury is to be free to focus on recovery. This is only possible if finances permit one to do that. There is the possibility that an individual can be compensated for brain injuries and the resulting financial turmoil that results. The key is to have proper insurance in place to account for this. That requires a bit of planning, which is why it is important for everyone reading this to take a hard look at their own insurance needs.
Since many traumatic brain injuries occur as the result of an automobile accident, this is the first place to start. Check with the insurance company to see what is covered. In many cases, there will be some stipulation for medical expenses. This is particularly the case if the accident was the fault of another party. It is also important to check with your health insurance company to determine what coverage is available during the rehabilitation stage of the recovery process. This will help you bridge the gap financially as well.
If you are the caretaker of someone with a traumatic brain injury, it is important to help the individual determine how best to get back on solid financial ground. Work with them to contact insurance companies, doctors, lawyers, and any other professional who can help get compensation for the injury. The less the person with the brain injury has to deal with, the better off they will be. Their focus should solely be on their recovery.