Personal Injuries: When Insurance Won’t Cover All the Costs


Getting seriously injured is stressful in and of itself. Not only do you have to worry about healing from the injuries and adapting to a new quality of life, but you’ll also have to survive financially. Though there is a great deal of assistance out there for those who have serious injuries, in many cases, it does not cover everything, leaving you to find a way to foot the bill.

Insurance Claims are Not Cut and Dry

Most are unaware of the financial struggles of recovering from an injury. They assume that filing an insurance claim with your car insurance, worker’s comp insurance, or health insurance provider that everything will be covered. However, it’s not always that cut and dry. That’s why when you’re injured, it is recommended that you speak with a personal injury firm such as Siegfried & Jensen to find out what you’re entitled to for compensation.

Reasons Insurance Won’t Pay

You’re at Fault (All or in part) – Unfortunately, if it can be determined that you are the direct cause of your injuries, it may be challenging for you to receive compensation for your medical costs. Unless you live in a “no fault” state, you will be required to pay for the costs out of your own pocket.

Low PIP or Med Pay Insurance Limits – When selecting car insurance, you’re typically allowed to choose the monetary limits the insurance policy will cover for health costs. The issue is that many people choose low Personal Injury Protection (PIP) limits as it is called in NJ or Med Pay in other states, in order to keep the cost of a premium down. So if you or the at-fault party has insurance coverage with insurance limits that are less than the cost of your medical expenses, you’re going to have to pay for the remaining balance on your own.

No Health Insurance – Even if you’re not at fault for the accident, you’re required to pay your medical bills as they accrue. Law only mandates that the guilty party compensate you for any damages in a personal injury suit. Therefore, if you’re dealing with no insurance at all, you could fall back on your PIP insurance or you’ll need to work with healthcare providers that offer payment arrangements.

So How Do I Get Compensation?

Though you will likely be responsible for paying for medical expenses as they occur (until fault has been determined or a suit has been filed), there are avenues you can take to receive reimbursement for the costs you’ve incurred along with any future costs you might have as you seek medical treatment. Below are two of the most common options explained below:

  • File An Insurance Claim – When filing an insurance claim, you’re essentially asking your insurance provider to provide you with financial assistance after an accident. Depending on what state you reside in, your insurance provider will cover the costs of your medical expenses within the limits of your chosen PIP or Med Pay plan. If your insurance company determines the other party is at fault, they will reach out to the guilty party’s insurance provider to be reimbursed for the funds they’ve provided for you.
  • File a Personal Injury Suit – If your injuries are serious, long-lasting, or permanent, you’re going to need a significant amount of assistance financially. Talking with a personal injury attorney will help you to get compensated for any costs relating to the accident, including your medical expenses. Based on the extent of your injuries, the costs you’ve incurred already, and the impact it has on your way of life, a personal injury attorney could get your medical costs paid for the foreseeable future.

Tips to Receiving Maximum Compensation

Depending on your circumstances, you may be required to pay for your health costs and receive compensation at a later day (through one of the methods described above). If this is the case, you’re going to need to be meticulous with your record-keeping and organizational skills:

  • Keep all of your receipts – This includes all of your receipts for co-pay, prescriptions, medical devices, and whatever other expenses that are directly related to your injuries from the accident
  • Get everything in writing – Diagnosis, doctor’s orders, notes, etc. should all be put in writing. You will need this information to show the extent of your injuries and how it will affect your life going forward.

Personal injuries are never fun to deal with, and when they’re serious and long-lasting, it can make the stress multiply. The key is to make sure that you have the right insurance to protect you and save you money in the long run. Keeping good records, and talking with a personal injury attorney can help you in receiving the maximum compensation possible. Though this may not help to heal the physical injuries, it will make recovery a lot easier to deal with.

 

Written by Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER
and FACEBOOK
. Happy investing 🙂

Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER and FACEBOOK . Happy investing 🙂

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