How to Avoid the Financial Impact of an Accident
Staying healthy isn’t easy–nor is it cheap.
The average costs of healthcare in the country are almost double what it was 40 years ago. As such, there’s a huge financial impact with every accident that you might end up in. Whether it’s a car collision, a work-related injury, or even something that happened while playing sports, you should be careful if you ever suffer from some kind of accident.
What do the costs boil down to?
The costs of an accident are varied and will depend on your individual circumstances.
For example, an accident typically means that you need to pay large costs, even if you have health insurance. It also means that your main source of revenue will be cut off if you’re unable to work. There are circumstances where you’ll be entitled to sick pay, but those situations will generally depend on your employer.
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You also need to think about the costs of hiring a lawyer, especially if the accident involved other people or their property.
For example, a DUI charge could evolve into a full-on injury or accident claim if someone else was hurt. In a situation like this, you’ll want to speak to criminal law professionals such as The Law Offices of Morgan Fletcher Benfield, PLLC to help you reduce any punishment you might receive, and also help with the financial side of things.
As you can see, most of the costs boil down to two things; ensuring that you’re healthy again and dealing with the potential aftermath of being in a hospital or spending time away from work.
Avoiding the costs of an accident
There are two things to focus on; lowering the costs and recuperating afterwards.
When avoiding the costs, try and think about how you can lower your health insurance premiums. If you’ve been particularly healthy the past couple of years then you can speak to your health insurance company and ask about lowering your premium.
This step can help you save a lot of money in the long run, but if your company offers some kind of health plan or an alternative which saves you from paying for it yourself, you should also take advantage of those benefits.
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In terms of recuperating your costs, we suggest making a claim if the accident wasn’t your fault. This is why it’s vital to speak to a lawyer immediately after your accident, so that you can claim not just insurance money, but potentially sue someone else if they’ve caused you a lot of harm or grief due to the accident. You can even sue a company if they did something that could have resulted in you being injured or in an accident.
Lastly, we suggest always having a large amount of savings available for situations like this. These kinds of situations are unpredictable and will generally lead to expensive healthcare and legal costs. Make sure you save up plenty of money for a rainy day and you’ll never have to worry about the financial impact of an accident ever again.
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Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
(email) ken@stltest.net
(website and blog) https://www.accountingaccidentally.com/