Most accident victims often miss out on some of the not-so-obvious damages in personal injury cases. Besides the hospital bills and car repair costs, which are the immediate financial claims that are often claimed, they overlook some other important claims that can affect their physical, financial, and emotional health in the long run.
Accident victims must ensure the compensation they demand covers the immediate financial losses as well as the long-term ones. This makes sure that they're able to cope with the financial issues caused by the accident.
Given below are a few economic losses that an accident victim may miss out on.
1. Lost Earning Capacity
Besides missed workdays brought on by the accident, a few individuals may have permanent handicaps. It affects their ability to earn in the future as well as progress in their occupation or even be gainfully employed. The term "lost earning capacity" addresses the difference in the income that the individual could have earned had they not met with the accident.
For clarity, a construction worker may be unable to do physically demanding tasks like before the accident and may be forced to work lower-paying jobs or retire entirely. Vocational experts and financial analysts can help calculate the loss of earning capacity.
2. Diminished Business Opportunities
Unlike employees, entrepreneurs or self-employed individuals thrive on business opportunities such as contracts, meetings, or new ventures that are not documented or estimated. Unlike salaried individuals, their loss cannot be easily calculated. The losses cannot be quantified through pay stubs or tax returns, rendering the damages unclaimed most often.
3. Cost of Household Services
Most individuals require additional help like cleaning, childcare, lawn maintenance, or grocery shopping when injured. The associated costs of these services should be factored into the economic loss. Often, individuals do not take these into account.
4. Medical Equipment and Home Modifications
The loss of mobility or resultant disability will require additional equipment or remodeling initially and sometimes long after. Medical equipment such as wheelchairs, prosthetics, or home modifications like stair lifts, accessible showers, or widened doorways requires maintenance and upgrades. If these costs are not factored in, they will result in out-of-pocket expenses later.
5. Ongoing Rehabilitation and Therapy
Post-hospital stay and healing, most individuals require therapy to get back to their routine lives. These therapies may span years or months and may be in the form of physical therapy, occupational therapy, or mental health counseling. Some insurance may cover a part of the expense; however, copays, out-of-network charges, and treatment capping can be a heavy financial burden, requiring provisions in the damage calculations.
6. Transportation and Accessibility Costs
Immobilized individuals require transport, and these come with unexpected costs. These include paratransit services, rideshare expenses to attend medical appointments, or relocation near treatment centers that result in higher housing costs.
7. Educational and Career Disruption
Often, accidents disrupt normal life, including education or professional development. A college student may have to delay graduation and workforce entry, resulting in time and future income loss. A professional could miss crucial certifications or training, staring at a stagnated career path. The cumulative impact on finances is not initially evident.
8. Legal and Administrative Fees
Various procedures, such as insurance claims, medical bills, and lost wages, come with administrative costs such as copying fees, postage, travel, or even hiring legal or financial consultants. Though they seem minor initially, over time, these out-of-pocket expenses can be overwhelming and essential to include in a claim.
Conclusion
Economic damages go beyond the hospital room and take time to heal. Financial setbacks can have a devastating effect. Victims would be better placed if economic experts and legal professionals worked together to cover all the required grounds, as missing out on any one aspect can have disastrous long-term financial consequences.
