During an injury settlement, the expenses you incur will likely involve more than just medical bills. Various costs can arise during the recovery process, and knowing what to account for is an important part of ensuring a fair settlement.
There are four particularly common expenses that you should consider when pursuing an injury settlement.
1. Medical treatment
Medical expenses tend to be the largest part of an injury settlement. These include hospital stays, surgeries, physical therapy, prescription medication and follow-up appointments. Be sure to consider both current and future medical costs, as some injuries require ongoing care. If the injury leads to long-term health complications, the settlement should cover future treatments.
2. Lost wages
An injury can prevent someone from working for weeks, months or even longer. During this time, you may miss out on income, which can strain your finances. The settlement should account for all lost wages from the time of the injury until you are able to return to work. In cases where the injury results in permanent disability, you may be eligible for compensation for loss of earning capacity.
3. Property damage
When an accident causes damage to personal property, such as a vehicle, these costs should be part of the settlement. Repair or replacement costs for damaged property can add up quickly. When negotiating a settlement, present the total value of these losses to avoid paying out of pocket later.
4. Pain and suffering
Pain and suffering cover the physical and emotional distress caused by the injury. Though more difficult to quantify, pain and suffering can significantly impact a settlement’s value. The value of pain and suffering varies depending on the severity of the injury and its impact on daily life. Emotional trauma, anxiety or loss of enjoyment of life can lead to additional financial expenses while also taking a personal toll on an injured person.
By accounting for these common expenses, it is possible to secure a fair injury settlement that addresses both financial losses and the impact on quality of life. If you neglect to pursue all avenues of compensation during your settlement, you may receive less compensation than you actually deserve.