Broken bones, lacerations and even soft tissue injuries like whiplash typically result in a full recovery for an affected individual. However, some injuries are more serious than others. Catastrophic injuries tend to produce symptoms that persist for the rest of someone’s life. They do not result in a full recovery but rather in lingering functional limitations. Not only do catastrophic injuries of a long-term negative impact on someone’s health, but they can also cause several permanent financial consequences. Catastrophic injuries include spinal cord injuries, traumatic brain injuries and amputations.
How can catastrophic injuries affect someone’s finances in a long-term sense?
By generating medical costs
A catastrophic injury may not ever fully heal, which means that people may require ongoing medical support. Individuals with spinal cord injuries, for example, may require regular physical therapy to help prevent atrophy of their musculature and blood pooling that could cause dangerous medical complications. Someone with a traumatic brain injury might have tens of thousands or even millions of dollars in lifetime care expenses. The need for ongoing medical support for the rest of someone’s life can create major sources of pressure on their finances.
By limiting their earning potential
Catastrophic injuries cause a variety of professional setbacks. Sometimes, disabling medical conditions are visibly obvious. Workers may face discrimination from companies because of their wheelchair use or disfiguring scars. Other times, the functional limitations generated by an injury directly reduce someone’s earning potential. A factory worker who enjoyed competitive wages may not be able to continue a physically-demanding career after an injury. They may ultimately end up moving to a lower-paid profession where they earn a fraction of their prior income.
By altering support needs
Most adults do more than just work a job. They live independently and may provide a variety of services for their family members. The changes generated by a catastrophic injury can affect an individual’s ability to live independently. They may require in-home nursing support because of their medical challenges. They may also have to outsource the cost of services they previously provided for their household. Cleaning, childcare and a variety of other tasks may become prohibitively difficult for someone to manage after a catastrophic injury. They may need to hire outside help or have their loved ones take on those responsibilities. They either incur costs by hiring professionals or lose income because of the impact those responsibilities have on other family members.
Limiting the economic fallout of a catastrophic injury often requires securing financial compensation. People with catastrophic injuries may be able to request insurance coverage or may even be eligible to file a personal injury lawsuit. Those who evaluate their options are usually in a stronger position to mitigate the long-term economic harm caused by a serious injury resulting from another’s negligence or misconduct.