Seeking compensation after a car accident often begins with addressing the short-term costs a person faces. For instance, if you were injured and needed transportation to a hospital where you spent the night, you could owe thousands of dollars in medical bills. Additionally, you may have lost wages if you had to miss work for a day or two.
However, it’s crucial not to overlook the long-term costs that may result from your injuries. If you only accept compensation for your immediate medical bills and lost wages, you may find that the settlement doesn’t cover all your expenses. Let’s look at two examples.
1. Lost future wages
One major consideration is whether your injuries will cause you to lose wages in the future, resulting in a reduced earning capacity.
For example, suppose your job was highly physical and well-paying. If you suffer a back injury in a car accident, you might never be able to return to that line of work. While you may transition to a desk job or another type of employment, you could end up earning significantly less. These ongoing losses, which stem directly from the accident, could impact your finances for years or even decades.
2. Long-term medical care
Another critical factor is whether your injuries will require long-term medical care or assistance. For instance, you might need in-home care, physical therapy or additional surgeries in the future. Even something as routine as taking medication to manage chronic pain can lead to long-term expenses.
Why careful consideration is vital
These examples highlight why it’s so important to carefully evaluate all potential costs before accepting a settlement. Make sure you explore your legal options to ensure that all your expenses—both immediate and long-term—are adequately covered.