Financial Planning for Catastrophic Injury Survivors

 Posted on May 28, 2024 in Catastrophic Injuries

Experiencing a catastrophic injury is an injury that alters your life in physical, emotional, and financial ways. As life takes this unexpected turn, careful financial planning becomes essential for ensuring that a survivor can secure his or her future, including covering all needs to maintain a high quality of life. It is a daunting task, but with the right strategies, meeting all important legal deadlines, and hiring a lawyer, survivors, and families can navigate this situation effectively.

Understanding the Financial Impact of a Catastrophic Injury

Catastrophic injuries frequently lead to an avalanche of unexpected expenses. These costs can go far beyond immediate medical bills and ongoing rehab and also toward adaptive equipment, home modifications, and specialized care. Additionally, the injured person may experience a lengthy period of lost wages or the inability to work at all. Understanding the full scope of financial implications is the first step in creating a robust financial plan.

Comprehensive Medical and Rehabilitation Costs

One of the most pressing concerns for survivors of catastrophic injuries is managing medical and rehab costs. Keeping a detailed record of all medical bills, prescriptions, therapy sessions, and equipment purchases is important. The family of a survivor should work closely with healthcare providers to develop a treatment plan which can then help allow for better financial forecasting. Exploring all available resources, such as insurance coverage, government programs like Medicare or Medicaid, and grants from non-profit organizations, can help alleviate some of these costs.

Securing Income Through Disability Benefits

For so many catastrophic injury survivors, returning to work might be impossible or, at the very least, delayed. Securing income through disability benefits is an important aspect of financial planning. Survivors’ families should apply for Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) as soon as possible. The application can be complex, so enlisting the assistance of an attorney can provide the assistance needed.

Estate Planning and Legal Considerations

Estate planning is another important component of financial planning for catastrophic injury survivors. This includes creating or updating wills and trusts and setting up advance care directives for certain healthcare decisions. Those suffering from catastrophic injuries should strongly consider hiring a personal injury attorney and an estate planning attorney.

Partnering with Financial Advisors

Given the complexity and scope of financial planning for catastrophic injury survivors, partnering with an experienced financial advisor is highly recommended. These professionals can assist in creating a financial plan that addresses immediate and long-term needs, help with budget management, and identify additional resources to maximize financial stability.  

Contact Our Will County, IL Catastrophic Injury Attorney

Catastrophic injuries bring about various challenges, with financial stability often being one of the most daunting. For assistance in such matters, contact the Kendall County, IL catastrophic injury lawyers with Schwartz Injury Law. Call 708-888-2160 for a free consultation.