Tips for Assessing Long-Term Financial Impact on Personal Injury Claims

Personal injury claims are often complex, and assessing long-term financial impacts can be difficult. The difficulty of assessing long-term effects can be due to the many different factors that can affect a claim's outcome. 

To help you make the best possible assessment of your personal injury claim, here are some tips for assessing long-term financial impact.

Include the Cost of Assistive Devices

Assistive devices, such as prosthetics, wheelchairs, hearing aids, or home modifications, could be needed after an injury. Such devices are not a one-time expense. Assistive devices need maintenance, replacement, and potentially upgrading, which can span over the course of many years, if not a lifetime, adding considerable costs.

The price of these assistive devices can vary greatly, depending on the severity of the injuries, the type of device needed, and the technology it employs. For example, a high-tech prosthetic limb can cost thousands of dollars, and replacing it every few years can add up to significant long-term expenses. As such, you need to factor in these costs when assessing the financial impact of a personal injury claim.

Lastly, be sure to include the cost of any future medical treatments, doctor visits, and physical therapy that may be needed due to the injury. Ongoing expenses need to be taken into account for a comprehensive long-term assessment.

Include Impact on Future Career Progression

Injury impacts can extend far beyond immediate medical costs and can majorly disrupt your future career progression. You need to consider potential losses in earnings and professional growth while evaluating long-term financial implications. An accident might render you unable to perform your current role or could limit future opportunities, which would inevitably affect your earnings potential.

For instance, if you're a software developer and a hand injury restricts your ability to code, it could impede your future career growth. Considering the rate at which technology evolves, even a short-term absence may require reskilling upon return to work. 

The impact of your injury and your absence from work for recovery may lead to a setback in your career progression and, subsequently, your earning capabilities. The resultant loss of income, added to the cost of retraining or reskilling, is a significant financial burden that should be factored into your claim.

Furthermore, the psychological impact of an injury can lead to a lack of confidence, increased anxiety or stress, and diminished job performance, all of which can further hinder career progression. Such non-tangible impacts may not directly impact your income but can reduce job satisfaction and opportunities for promotion. 

The aforementioned factors can indirectly affect your long-term financial situation and should be considered when evaluating personal injury claims. To learn more about what to include on your personal injury claim, reach out to a personal injury attorney like Jason Weiner and Associates PC.