For many people, a personal injury settlement seems like victory. It's not an admission of guilt in many cases, but it does mean that you'll get some compensation for your troubles. Unfortunately, there's an entire set of methods and manipulative psychology that can go into pushing victims towards a settlement amount that just isn't a good deal. Here are a few injury settlement compensation concepts to keep in mind as you evaluate any settlement, or as you work on setting your price.
Medical Costs Need To Come First
One of the biggest costs associated with an injury is the medical cost. The cost of hospital stays, medical consultation, surgery, medication, physical therapy, and mental therapy can add up quickly whether you're dealing with some or all of those costs.
The costs can be high and tempting, especially if you're not independently rich. Many people are tempted to "take the money and run" when the number is large enough, but their greed--no matter the financial troubles in their life--can lead to even higher costs as they fail to keep decent employment and slowly whittle the medical money away with nothing to show for it.
If you want money to spend on yourself, the answer isn't to spend your medical money. Medical compensation must be considered separate and essentially an already spent cost at medical institutions. Don't let your need to spend or the bright ideas of family members--especially if they're not doctors, and no, having a doctor friend doesn't count--steer your from that fact.
Instead, work on getting compensation for other issues such as pain and suffering, lost wages, and damaged property. A personal injury services professional can help you figure out other settlement funding opportunities, and can even bind your decision to immediate payment if you're worried about someone else pressuring you to spend the money their way.
Career Support After Injury
Some injury may make your current job difficult or impossible to do. Even if you work through it in some kind of grin and bear it, self-sufficient way, any amount of hard work can be ignored by potential employers if you look like a liability. Instead, make sure that you have a way forward that isn't your financial responsibility.
Your legal opponent can be held responsible for your vocational rehabilitation, which can include a college education. This usually involves finding job paths that have a verifiable earning opportunity--nothing that the court considers a scam, and extra scrutiny towards anything that looks like an unprofitable hobby--and providing your tuition.
Whether you choose direct job training for a specific company, certifications for specializations in Information Technology (IT) or medical fields, or a college degree, be sure to plan the economic opportunities and your own happiness while you have time during settlement agreements.
Contact a personal injury lawyer to discuss different ways to protect your financial future after injury.