There are numerous types of traumatic injuries that people can sustain in car crashes or similar incidents. People break bones or develop spinal cord injuries. They can lose body parts in some cases. They could also develop traumatic brain injuries (TBIs).
Some people hurt their brains when they fall. Others sustain TBIs in car crash scenarios or during an assault. TBIs can cause a variety of concerning physical and cognitive symptoms. They have a tendency to be financially devastating for the injured person and their close family members.
How can a brain injury affect a person’s finances?
By reducing their earning potential
A moderate to severe brain injury can result in permanent symptoms in many cases. People may develop lasting challenges with motor function, cognition or sensory perception. Some people experience a noticeable change in their personality.
The symptoms of a brain injury can undermine a professional’s ability to continue their career. Some people may not be able to work at all, while others may have to perform lower-paid, less-demanding job functions. A lifetime of reduced earning potential can have catastrophic financial consequences for the injured party and any dependent family members they supported before getting hurt.
By creating medical expenses
People with brain injuries often need immediate trauma care after getting hurt. They may also require ongoing support for the rest of their lives. Surgery, physical therapy and even medical machinery can cost thousands, and those expenses add up over the years.
Researchers estimate that the lifetime care costs of a TBI can range from $85,000 to $3 million or more given the support needs of the injured individual. When combined with reduced income, those expenses can prove an insurmountable challenge.
People may also require major adjustments to their living spaces and their vehicles, which can cost thousands. Affording medical care and offsetting lost wages can be very challenging. Depending on the circumstances leading to the injury, people may be able to seek insurance compensation or to pursue a personal injury lawsuit.
Creating an estimate of long-term expenses and losses can be a good starting point for those hoping to seek compensation in a brain injury scenario. Those with traumatic brain injuries and the people supporting them often need help exploring different options for compensation. The sooner people seek outside guidance, the better their chances of optimizing their financial recovery.