Unexpected medical expenses are the leading cause of personal bankruptcy across the country, according to some studies. Even motorists who have excellent medical coverage and car insurance often find themselves paying substantial amounts out-of-pocket after a serious car or truck crash in Homestead or their community.
There are a number of reasons why a serious truck or car collision in Homestead or another Florida community could mean serious financial distress:
•Insurance companies are in the business of making money. They want to settle claims inexpensively and fast, and this can mean that victims do not get the compensation they need to pay for their injuries.
•The medical reality of a serious injury is that symptoms may not show up right away. A motorist may walk away from a traffic collision in Homestead or another city feeling fine only to develop symptoms a few hours, days, or even weeks after the accident. Unfortunately, by that time they may have accepted insurance money and signed away their rights or may have a hard time convincing insurers that the injury was due to the accident.
•Many motorists have high deductibles. It’s no secret: insurance premiums are expensive. After an accident, though, having a high deductible can mean struggling to pay that amount.
•PIP laws in Homestead and Florida limit how much money you can claim through car insurance. Florida is a no-fault state, and while this means that there may be less dispute initially about who has caused an accident it also means that there are caps on how much a passenger can claim in medical expenses – and those caps do not cover the costs of getting medical care for a catastrophic injury.
•Traffic accident injuries are very expensive – and medical costs are only increasing. Diagnostic imaging can cost thousands of dollars, and hospital stays can end up costing tens of thousands or even more. A spinal cord injury patient in Homestead or Florida can expect to pay $100 000 in the first year of treatment alone, if the injury was serious.
•There are many incidental expenses after a traffic accident. Many insurers undervalue claims, in part because they count immediate and likely costs, such as time lost at work and expected medical expenses. If there is a complication or if an injury ends up being more serious than initially though (which is quite common), the actual amount a patient may need to spend may end up being much larger than the insurance benefits received. In addition, insurers often do not consider the incidental costs related to an injury. The costs of making a home accessible, for example, or the costs of taking taxis to doctors’ appointments can really add up and may not be covered.
Unless a patient has substantial savings, the expenses of a serious injury can be devastating. In some cases, patients may continue to work in some capacity or may try to sell some assets in order to make ends meet.
Due to the costs of a serious injury, it is important to consult with a personal injury attorney in Homestead or your community right away. An attorney can advise you on the likely total costs of your injuries and can aggressively pursue that amount for you.