Personal injury victims generally assume that receiving that long-awaited compensation is all they need to get their lives together. They sometimes believe that as soon as they get it, it is a gold mine that rewrites all their stories. Undoubtedly, compensation from personal injuries can help you sort out medical bills or make repairs, but sometimes it is not enough.
“There are some long-term financial challenges you may have to deal with, but they are not captured in the compensation package you received,” says Tom A Killoren, a lawyer at KD Trial Lawyers, In this article, we discuss some of these long-term financial struggles and why you should consider them when valuing your case.
Unexpected Costs Outlive the Settlement
One essential thing to note regarding personal injury settlements is that you rarely get a package that covers everything. Although the goal of these settlements is to return you to a state you were before the incident, they can only cover as much as can be anticipated. So, what happens to future expenses that come up but were not anticipated in the settlement offer?
Inflation can make what appears to be a large sum for future expenses inadequate. Certain assistive devices can have their prices increase faster than you expect, and if not planned for, can leave you stranded. This is even more worrying in a place like South Carolina, where healthcare costs are continuously on the rise.
Aside from inflation, insurance companies may have left out other costs to reduce payouts. You may also have ignored these expenses because you deemed them irrelevant at the time. Think of small costs like transportation for medical appointments, which may seem insignificant when seen as a one-off thing. However, when you consider how much that becomes over time when you have to keep up with numerous medical appointments, you will discover it is a huge sum.
Settlements Are Final and Cannot Be Changed After Agreement
Under South Carolina’s personal injury laws, once the parties reach a settlement, the case ends. This means that when parts of your injuries that are not obvious manifest, you cannot negotiate the settlement offer. The value of your personal injury claim must be valued carefully.
Aside from calculating the current cost of your treatment, it is advised to also seek medical and other professionals’ opinions. That way, you can get their thoughts on the long-term financial implications of your injury. In addition, avoid settling quickly or reaching an agreement until the full scope of your injury is understood.
Structured Settlements May Be Better Than Lump Sums
The idea that getting a lump sum will translate into financial freedom and fortune is what makes many people consider it. However great those large sums are, there is a possibility that they can disappear faster.. Alternatively, structured settlements mean payouts can be spread over time, which helps with long-term financial stability.
The Need to Be Prudent with Settlements
One mistake many personal injury victims make after getting their settlements is spending them lavishly, either on a big purchase or a vacation. Thinking of the long-term road to recovery, you must ensure you maintain proper money management skills. Where possible, you should consider speaking with a trust advisor or a settlement planner to ensure prudent spending on the settlement received.
Conclusion
A personal injury settlement in South Carolina is a means to an end and not necessarily an end in itself. Factoring in long-term financial realities following the accident can help you plan better. Also worth mentioning is the need to seek sound legal advice to ensure your future is protected beyond a settlement offer. To avoid becoming another cautionary tale about settlement funds disappearing too soon, you should speak with a South Carolina personal injury attorney about your case.
