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The Direct and Indirect Financial Costs of Personal Injury
Monday January 11, 2016 | Jim

When an accident occurs and there is an injury and an immediate impact, but the long term impact may not be  something the victim and their families realize. Their immediate concern is  to seek help and stabilize the situation. However, a short time later the the long term costs and impact of  an injury from a car accident, slip and fall or other traumatic event come into focus as the victim is unable to work or as  the victim starts receiving the medical bills for treatment.


For the average family, these costs can be crippling. While health insurance helps, medical costs alone can quickly mount and may pose a threat to one’s happiness both mentally and financially.


If the accident was caused by another party’s negligence, the victim, and sometimes family members, can pursue a claim for damages against the at-fault party and his insurance company.


When calculating a dollar amount necessary to  properly compensate someone for their injuries, we  look at both the short and long-term. While it’s tempting to take the first settlement offered, injured victims should seek the advice of a professional to carefully evaluate what their current and future costs and the likely long term impact of their injuries. This is extremely important as these claims are settled on a one time payment basis and the injured person must sign as part of the settlement a document fully releasing the at fault party and his insurance company. 


These future expenses and long term losses are more complex and are more difficult to figure out. These are future expenses or losses that don’t have an exact dollar amount. Indirect costs account for the vast majority of costs in a personal injury case. Examples can include:


  1. Future lost wages
  2. Loss of consortium, or the impacts the injury has on spousal and family relationships
  3. Loss of enjoyment of life
  4. Emotional distress
  5. Pain and suffering
  6. Permanent scarring


The intention is to make the plaintiff financially “whole” again in so far as that is possible.
A good personal injury attorney will be able to help determine what an adequate level of compensation is for a car accident, slip and fall or other traumatic event over the long term.


If you have further questions, please feel free to contact my office for a free consultation.  I have over 30 years experience as a personal injury attorney in Florida. You may do so by calling my office at 561-682-9060 or visiting our website at pbcinjuryattorney.com   


Article Source : http://www.personalinjury.com/blog/direct-and-indirect-financial-costs-personal-injury


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