Life after a serious accident such as a car accident or a severe fall is challenging and often people find themselves struggling to cope financially. Although difficult, there are a few things that you can do to make your post-accident experience less difficult.
Here is some practical advice on how to cope financially after an accident.
Personal Health Insurance
Depending on the circumstances surrounding your accident, you might be able to get financial help from your personal health insurance claim.
Contact your health insurance company to check if you are eligible for financial assistance. Your policy might not cover it but there is no harm in asking to find out if it is possible.
Do you have a bank account that comes with insurance to cover you when you are unable to work? Some bank accounts come with insurance to help you when you can no longer work or your income is greatly reduced.
Claim Personal Injury Compensation
If the accident wasn’t your fault, you might be able to claim personal injury compensation. For this, you would need to utilise the services of a professional personal injury lawyer like Skyview Law’s personal injury lawyers.
You should be able to get government benefits to provide you with a financial cushion after your accident. Make enquiries about financial aid or sickness benefits, after your accident, you should be eligible for some financial help.
Ask for a Payment Holiday
If you have bills to pay such as credit card bills and loans, you can ask your credit supplier for a loan payment holiday. If you have proof of your accident, you should be entitled to a payment holiday, or you should be able to reschedule your loan.
Reduce Your Living Expenses
If you are really struggling financially, reduce your living expenses drastically. For example, if you spend a lot of money on takeout food and subscription services, eliminate those costs. Analyse your spending to find out where you could make significant changes.
Avoid Quick Loans
You might be tempted to take out a loan of some sort however, it is best to avoid loans completely and focus on reducing your spending instead. Quick loans are detrimental to your financial health as they usually come with high interest and fast payout.
Always Be Prepared
Preparation is key, you had no idea that you were going to have an accident therefore, you might not have been prepared. However, for future reference, build up a contingency fund of at least 12 months of earnings to avoid a situation where you are struggling financially after an unfortunate accident.
To conclude, life after a serious accident is often extremely difficult; however, if you implement all or some of these tips outlined above, you should find a way to pull through the financial hardship that you might find yourself in after an accident.
The best way of coping financially after an accident is to make sure that you are always prepared just in case something goes wrong.
Disclaimer: This is a collaborative post on behalf of Skyview Law, but then again as always, we are devoted to providing content that is supportive and valuable to the readers.