14 Smart Ways To Spend Your Leftover Injury Compensation Budget
What Is an Injury Settlement?
An injury settlement is a contract between the plaintiff and the defendant to settle a matter outside of court. It is a good way to get quick compensation.
Unlike special damages, which can be easily calculated the non-economic damages can be more difficult to pinpoint in a specific dollar amount. This includes things like discomfort and pain.
Medical expenses
Based on the severity of an injury, medical costs can make up a large portion of the settlement. These could include doctor's appointments, medications, surgery, and other procedures. These expenses are not usually covered by insurance, and can be expensive. In many cases, there are also additional costs due to the injury like home health care, adaptive devices, transport to medical appointments, and many more.
Medical bills are typically covered by a private health insurance provider or the government's Medicare or Medicaid, or your PIP coverage. If you receive a settlement with medical bills that have not been paid and the money received from the settlement will be used to pay these. Your attorney can work to bargain with the billing companies and try to reduce the amount due.
Your attorney can also determine the proper amount to cover any other losses that are not medically related. This includes loss of future earnings as well as pain and suffering, and other damages that are not economic. Your lawyer must provide expert testimony and documentation of these damages in order to make a proper claim.
Lost wages
In addition to the compensation for medical expenses, injured victims could also be entitled to compensation for lost wages. The amount of damages is determined by the length of time that the victim was unable or unable to work because of their injuries. injury attorney colorado springs seasoned personal injury lawyer can assist clients in recovering lost wage compensation in a personal injury claim.
A traumatic brain injury or spinal cord injury, for example, could cause you to be absent for a considerable amount of work. You'll need to prove that the accident caused you to be absent from work. When proving lost wages, it is crucial to include any and all sources of income. This includes regular pay overtime, bonuses, and commissions. You can also include unused vacation or sick days.
If your doctor decides that you are able to return work in a certain way, but with specific restrictions, your employer must comply with these restrictions. This could mean rearranging your job or providing you with the necessary equipment.
A knowledgeable personal injury lawyer can help you gather the necessary information required to support a lost wage claim. They can also assist in cases where the person who is injured is self-employed or receives an income that fluctuates. In these instances, an insurance company will have to look at the past and future earnings of the victim and provide an accurate estimate of the loss of future wages. This will require a full declaration from the plaintiff's accountant or financial professional.
Economic damages
When people think of personal injury claims the first thing they think of is the loss of money due to medical expenses and lost wages. There are other expenses that are difficult to quantify in dollars. These are called non-economic damages. They cover the more intangible effects of injuries to a person, such as suffering and pain, and loss of enjoyment of life.
Pay stubs and bills can be used to prove economic damages for juries and courts. Non-economic damages, on other hand, are more difficult to quantify and can be based upon subjective factors like suffering, pain, or emotional distress.
Pain and suffering includes any physical, mental or emotional distress that is a result of the accident. It could be the inability to pursue their normal social or leisure activities. A jury will evaluate the impact of the injury the victim's life.
Other non-economic damages include disfigurement loss of consortium, and loss of enjoyment life. The person might suffer disfigurement as a result of an accident that permanently alters their appearance. This isn't a financial cost however, it is painful to live with scars and other permanent injuries.
Damages for pain and suffering
Pain and suffering is one of the categories of non-economic damages to compensate for the physical pain and emotional distress you've endured as a result of your accident. These are subjective damages which must be decided by the jury, not unlike medical bills and auto repairs as well as lost wages. Each juror will have a different views on the amount of pain and suffering compensation is appropriate for your situation.
One method to help jurors understand the extent of your injuries is to provide documentation. Your attorney can gather the medical records of your doctor that provide details of your injuries along with video footage and photographs. Testimonies from friends and family can be equally convincing. These testimonies may help create sympathy with the jury and demonstrate how your injury has impacted aspects of your life, such as hobbies and family activities.
The length of your injuries could also affect the amount of your settlement for pain and suffering. Awards for pain and suffering are typically higher for severe injury, disabling injuries that heal quicker.
Injuries can create a lot of stress and emotional trauma, and a successful injury claim should reflect the severity of the injury. Your personal injury lawyer will help you create a strong case and negotiate a fair settlement for all of your injuries. If you have questions about a possible settlement for your injuries, call Adam S. Kutner & Associates to arrange a meeting.