Addressing the Hidden Costs of Catastrophic Injuries

When we think of catastrophic injuries, the immediate focus often falls on the mounting medical bills. However, these injuries entail a range of hidden costs that extend far beyond hospital expenses.

Catastrophic injuries impact individuals mentally, physically, and emotionally, leading to a host of other financial burdens. In this blog, we will explore six of these often-overlooked costs in Mississippi and why understanding them is crucial before settling with insurance companies.

1.     Loss of income

Catastrophic injuries are not just physically devastating; they often result in significant financial losses due to an inability to work. This happens because they have to miss work, which can result in lost wages. In some cases, these injuries may lead to a complete loss of earning capacity if the victim is unable to return to their job. This loss of income can also extend to family members who may need to reduce their work hours or quit their jobs to provide care. Consequently, the financial strain affects not just the injured individual but their entire family.

2.     Home modifications

Individuals with catastrophic injuries experience a lot of difficulties in their everyday life. Therefore, in order to make their lives more comfortable, they may need certain home modifications. Modifications might include installing wheelchair ramps, widening doorways, lowering countertops and cabinets, and adding accessible bathrooms. These changes are essential for improving daily life but come with substantial costs. The financial burden of making a home accessible can be overwhelming, and it is a critical consideration for those recovering from severe injuries.

3.     Ongoing care and rehabilitation

Victims of catastrophic accidents often need ongoing care and rehabilitation. This may require a physical and occupational therapist to meet the victim at their home to go over certain exercises and treatments, or the victim may be placed in a long-term care facility that provides around-the-clock medical care and rehabilitation.

The price of ongoing care and rehabilitation depends on what type of injury the individual has and how often they need these services. For example, a person who only needs physical therapy once or twice a week will not have to spend as much money as a person who needs a nurse to stay with them all day until their spouse gets home from work.

4.     Psychological appointments

It can be difficult to cope with and adapt to the effects of catastrophic injuries. Victims may experience depression, anxiety, post-traumatic stress disorder (PTSD), or substance abuse addiction issues. To help them get their feelings out and overcome their mental and emotional issues, psychological and counseling appointments may be needed, adding to their expenses. In serious cases, hospitalization or residential treatment programs may be required, which can be very expensive.

5.     Travel and transportation costs

Those with catastrophic injuries usually lose their independence and have limited mobility, which can make it difficult to get to their medical appointments and physical therapy sessions. Whether they are paralyzed, have multiple broken limbs, or are on medications that cause severe drowsiness, they will likely need someone to drive them to and from their appointments, which can be costly. They may need to catch the bus, hire a taxi, ask their neighbor or family member for a ride, or use a rideshare service. Although these are convenient ways to help the victim get to where they need to go, the costs can accumulate overtime, causing hefty out-of-pocket expenses.

6.     Medical equipment and devices

Most people only think of medical appointments or prescriptions when they think of medical expenses. However, one of the most expensive hidden costs of catastrophic injuries is medical equipment and devices. Some examples of medical equipment and devices are wheelchairs, walkers, canes, catheters, crutches, hospital beds, oxygen equipment, lifts, braces, slings, casts, scooters, and more. These instruments and tools help make the accident victim’s life easier in various ways, but they still come with high costs.

Why is it important to know and understand all the hidden costs of your catastrophic injury before settling?

Before you settle with the insurance company, it is important to know and understand all the hidden costs of your catastrophic injury. A comprehensive evaluation of how the injury has affected your life and finances is necessary to ensure that you receive adequate compensation. Failing to consider all hidden costs could result in accepting a settlement that does not fully cover your needs, potentially affecting your financial stability long term.

As a result, you may leave much-needed money on the table and accept a lower settlement than you deserve, causing you to be unable to fully cover all your losses from the accident. While you may think that this will only affect you right now, catastrophic injuries are usually long-term, meaning that accepting less than you deserve could affect your finances for the rest of your life. Here are examples of what may happen if you are unaware of all the hidden costs of your catastrophic injury before settling:

• You may be unable to get the comprehensive services and recovery that you ultimately need.
• You may lack financial stability during and after your recovery.
• You may accept less than what you are entitled to by the insurance company.
• You may be unable to make plans, meet your needs, or adjust to life-long changes caused by your injury.

Have you recently suffered a catastrophic injury? If so, the Mississippi personal injury attorneys at Merkel & Cocke, P.A. are ready and available to help. Our team knows and understands the costs and expenses that come with these types of injuries, and we will do everything we can to secure the necessary compensation to help you cover them. We have over four decades of experience helping individuals who have suffered catastrophic injuries, and we also work with some of the best experts in the state of Mississippi, which can benefit your case. Please call our office or submit our contact form to schedule a free case evaluation in Jackson, Clarksdale, Greenville, or Oxford today.