Injuries and Accidents Can Destabilize Your Finances

Injuries and Accidents Can Destabilize Your Finances

Car wrecks can devastate personal wealth and finances. All too often, commonly held beliefs prove to be untrue when dealing with insurance companies and medical providers. For instance, it is a mistake to assume that insurance automatically covers everything. Medical bills and lost income are only the tip of the iceberg, and sometimes getting compensated for even basic expenses can be an exercise in futility. To make matters worse, almost one-third of the U.S. population has no money saved for emergencies.

Regardless of your financial standing, no one has money to burn. So, it’s a good idea to be aware of common pitfalls that may result in financial losses.

Surprise Billing

Surprise billing is so commonplace in the medical field that it has become part of the vernacular. It basically refers to receiving unexpected medical bills. Providers in-network have to follow certain procedures for billing. When the bill does not appear until after the payment cutoff date imposed by the insurance company, the accident victim is frequently the one that has to pay.

Coordination of Benefits

This is a term that describes a situation where two insurance companies have to get together to figure out who is primarily responsible for paying the claim. It’s not always as simple as dealing with each driver’s insurance company.

Comparative Negligence

In New York, there is something called comparative negligence, which means that you could be held partially responsible for the crash. If, for example, you were speeding, you might be held partially liable. Judges calculate settlements based on the total dollar amount of the damages for the plaintiff and then assign a percentage of fault to each driver. This basically equates to a risk that your medical bills, car repairs,. and other expenses will not be fully paid.

High Deductibles

To keep health insurance affordable, many Americans assume that they should maintain a high deductible and pay a small amount for monthly premiums. Following an accident, many are ill-prepared to pay the high deductible.

Increasing Premiums

To add insult to injury, following an accident, car insurance premiums are usually increased, leaving drivers with higher out-of-pocket payments each month.

Insurers are in business to make a profit, and dealing with them is not something anybody should attempt on their own. Save every single receipt, medical bill, and paystub, and then engage the advocates at Greenstein & Milbauer to take on the insurance companies for you.

Denied Claims

In 2017, with all data collected and analyzed, the price tag of car crashes and the ensuing medical bills and work productivity losses has been estimated to be more than $75 billion, according to the CDC. Needless to say, insurance companies are very motivated to pay out as little as possible. Many claims are delayed or outright denied.

Your claim may have been denied, but a good lawyer will know that does not always mean the case is completely over. All contracts have fine print that need to be gone through with a fine-tooth comb before a final judgment is acceptable. Fight for the settlement you truly deserve rather than just giving up. And don’t settle out of court until you get an expert opinion!

Victims routinely underestimate how a car accident will affect their finances. Even a minor crash can result in financial hardship that is greater than anyone initially envisioned. The more realistic view you have of the expenses that come after an auto accident, the greater your chance of transferring the cost to the at-fault party’s insurance company instead of having to foot the bill yourself.

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