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Getting Your Finances Back on Track After an Injury

30 August 2016 No Comment

canstockphoto23877845When someone suffers from a serious injury, people often think only about the pain and trauma. While that is often what is on someone’s mind most of the time when they’re injured, there are other consequences. An injury can take quite a financial toll in ways you may not have considered.

It can be difficult to keep everything together in your head when you’ve suffered an injury. Thankfully, it’s not impossible to find a path back to financial security. You do need to start taking action as soon as you can. But as long as there are records of your circumstances, you should be able to pull through in one financial piece!

Stay strong and consider these factors. They may not always be the obvious ones when it comes to injury and finance. But they’re absolutely necessary to think about.

Job downtime

If your injury has left you unable to work, then this will be the most obvious financial danger to many. However, employers are usually obligated to provide you with some sort of support if you’re unable to get to work. If your employer is a private employer with more than fifty employees? Then they’ll be obligated to follow the Family and Medical Leave Act. Make sure you check out this information as thoroughly as possible. You could also see if it’s possible to do any portion of your job from home.

Medical treatment

Medical bills can often result in the biggest financial problems when it comes to injury. At the end of the road, you could find yourself with bills leading in the tens of thousands, at least. This is a cause of despair for many people, quite understandably. But people usually aren’t aware that there are ways you can lessen your medical bills. Negotiation is actually possible, especially if it will put you in a real financial struggle. It is also possible to dispute charges for medical factors that didn’t even apply to you during treatment. (Hospitals are notorious for billing patients for things the patients never even received or used.)

Tax disputes

One problem that isn’t talked about as much as others is tax. Due to job downtime, as well as the distraction caused by the injury, people often forget to deal with their taxes correctly. The IRS aren’t exactly known for their compassion, and are unlikely to care much about your circumstance. If any tax issues occur due to your injury, you may want to look into disputing the issue. A firm like MCC4Tax can serve your tax needs in this area.

Compensation

One of the best ways to alleviate any of the above issues is by getting compensation. If the injury wasn’t your fault, you’re going to have grounds for legal action. The person who is at fault, or their insurance company, may have to make a payout to you. Your own insurance company may also be able to help you with the costs if the injury was no fault of your own. Certainly, if you were injured at the workplace due to employer negligence, you’ll be able to look into employee compensation.

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