4 Ways Your Medical Emergency Can Be a Financial One Too
Many people will experience a medical emergency themselves at some point, and others will deal with the effects of a medical emergency experienced by a close relative. While these types of events can result in substantial pain and suffering, they also can create unbearable financial stress for the entire family. In fact, these are some of the more significant ways that medical emergencies can impact your finances.
The Impact of Lost Wages
A medical emergency generally arises out of the blue, and it can create substantial injuries that require immediate medical attention. You may be unable to work immediately after the incident while you are receiving medical attention. In addition, you may need ample time to recover from the incident before you can return to work. Some people are never able to return to work because if a long-term or permanent disability. Whether the incident requires a few weeks off of work or prevents you from ever returning to work, you understandably will feel the effect of lost wages. This can reduce or eliminate the ability for you to pay your medical bills and regular recurring bills during this time.
The Ongoing Need for Medication and Therapy
Some injuries may involve immediate hospitalization or even surgery, but they may not usually require ongoing medication or therapy. Other injuries, however, do have lingering or on-going care requirements. Pain medication and other types of prescription drugs needed can be expensive, but this is only one type of medical expense needed. Some individuals also need therapy, in-home nursing care and more.
The Cost of Using Credit Cards
Even if you have insurance that pays for your medical expenses, you may still be responsible for immediate costs, your deductible and more. Many people do not keep a substantial amount of cash on hand, and this means that you may have turned to credit cards to pay for unexpected expenses. Credit cards may seem like a fast and easy solution, but remember that they often have very high-interest rates. Transferring this debt into an installment loan with a lower rate and a fixed term may be a smart idea to keep the cost of financing as low as possible. Finding these options is fairly easy. Simply search in terms like “installment loans Utah” for your area and you’ll get plenty of hits.
The Need to Renovate Your Home
If your serious injury accident has resulted in a long-term or permanent disability, it may be necessary to renovate your home for your safety and convenience. For example, if you will be in a wheelchair, you may need a ramp on the front patio, lower cabinets in the kitchen, rails in the bathroom and more. These and other types of renovations that may be necessary to make the home more livable for the injured person can be very expensive to pay for. However, they may also be required if the individual wants to remain in the home and live as independently as possible. For short-term issues, in-home nursing care may be required for mobility and other forms of assistance.
Medical emergencies may be caused by a car accident, a workplace injury or any other similar types of events. Regardless of whether you or a close relative has had to deal with a serious medical emergency, you need to be aware of the financial costs associated with the event. More than that, you need to understand the options available to pay for them. For example, some medical providers will allow you to make installment payments over a period of time. If not, you may need to use credit cards or apply for an installment loan to make it easier to manage. Remember that you may also be able to seek financial compensation through a civil lawsuit if someone else was responsible for your injuries.