Best Ways to Manage Your Bills After an Accident
Posted on Wednesday, April 20th, 2022 at 3:20 pm
If you were involved in an accident and suffered significant physical injury, you may be wondering how to deal with your expenses. Although it may be tempting to save money and stay home, it is important to seek medical treatment.
Even a minor accident can lead to higher costs when injuries are found and treated days later. If you hope to claim compensation with the at-fault party’s insurance company or file a personal injury lawsuit, your medical records are evidence of the extent of your injuries. Seeing your healthcare provider also demonstrates your intention to regain your previous level of function.
When your bills begin stacking up after an injury, consider these six ways of managing expenses and protecting your financial future. If you have pressing questions about your case, reach out to us immediately.
Contact a Personal Injury Attorney
It is important to contact a personal injury attorney who can help walk you through the maze of paperwork required to file a claim with the at-fault party’s insurance company. They can also help negotiate with insurance adjusters and potentially file a lawsuit.
The attorneys at Portner Bond, PLLC are aware of the financial, physical, mental, and emotional burdens that happen after a significant injury. Our compassionate and experienced legal team is made up of skilled negotiators and aggressive litigators whose goal is to get you fair compensation for your injuries. Reach out to us today.
Depending on your situation and the accident, you may have access to disability or income replacement benefits. Government disability insurance programs can help alleviate some of the financial stress if you have a long-term disability.
Unfortunately, it may not be enough to help pay all your medical bills. You must meet eligibility requirements and be unable to work for a year or more. This means that government assistance may not be an option for a short-term disability.
Some employers offer short-term and long-term disability insurance and have workers’ compensation or voluntary supplemental insurance products that can help cover medical expenses. Check with your employer to learn what your benefits are after an accident.
Typically, workers’ compensation will provide benefits to offset your expenses and income if you were injured on the job. Disability insurance typically covers a percentage of your salary until you return to work. Some employers also carry accident insurance that will pay a lump sum payment depending on the accident and your injury.
Create a Spending Plan
Many people call this a budget, but in reality, it’s a spending plan that allocates your money to pay for your necessities, such as rent, transportation, insurance, and groceries. Anything leftover can be used for discretionary purchases, such as going out to eat or buying a new piece of clothing. As much as possible, delay dipping into any rainy-day fund or savings that you have, as this also affects your financial future.
Pick Up a Side Gig
One way to help pay for the extra medical bills you may incur is to pick up a side gig. This is especially helpful if you’re unable to return to your job and need some extra income. The online marketplace has grown significantly in the past ten years.
If you have skills in writing, voiceovers, graphic design, or other types of work you can do from home, there is likely a buyer for your services online. Look through online marketplaces such as eBay, Etsy, and Bonanza, where you can sell anything from handmade jewelry to things you can find in your closet at home. No matter how small, every little bit helps.
Tap Into Your Savings
There are several ways to tap into your savings if you need the extra cash. It’s important to differentiate between what you need and what you want. This is where developing an accurate and appropriate spending plan will help.
If you’re over 59 and a half, you may be able to withdraw money from your IRA or 401(k) without paying fees or penalties. It’s not an ideal alternative, but it may be what you need to get over the hump. Consider looking at any other investments you may hold, such as CDs, stocks, or investments in businesses or land.
Consider a Personal Loan
This, again, is not an ideal situation since you will be repaying the loan with interest. However, it may be that the interest on a personal loan is much less than the interest on your credit cards. It’s important to evaluate the differences and choose the loan that’s best for your financial situation.
If you have a good credit score, your loan could come with a low-interest rate and payment terms you can cover. You can check your credit score online and talk with your loan officer to get all the information before you make your decision.
Contact Portner Bond, PLLC Today for Help After an Accident
If you were injured in an accident that was not your fault, you need the support of an experienced Beaumont personal injury attorney. The legal team of Portner Bond, PLLC works hard to pursue maximum compensation while helping you navigate the complexities of claims paperwork and the legal system. Call our offices today at (409) 838-4444, or contact us online for a free consultation. Someone from our team is available 24/7 to speak with you.