One of the top advantages of cultivating a lucrative career is knowing you earn enough to meet your healthcare needs. You probably feel secure in your ability to get the very best medical care in the face of an emergency.
If a motor vehicle accident leaves you with catastrophic injuries, you know you can pay for necessary treatment. A high-paying income combined with insurance guarantees a swift recovery from the financial issues that go hand-in-hand with catastrophic injuries, doesn’t it? Not always.
Two of the costliest catastrophic injuries
Of all the injuries one might suffer in a vehicle accident, traumatic brain injury (TBI) and spinal cord damage are two of the costliest for victims.
According to the Christopher and Dana Reeve Foundation, first-year costs for catastrophic or severe spinal cord injuries in young adults (25 to 49 years) total more than $1 million. The lifetime costs for spinal cord patients in this age bracket can reach nearly $5 million.
According to a 2019 study, the in-hospital costs for a severe traumatic brain injury average about $40,000. That figure does not include what it costs to live with a catastrophic TBI.
It is hard to find the total estimated costs for TBI patients because each brain injury and each patient are unique, meaning that expenses vary. However, you can reasonably expect a severe TBI to cost millions of dollars.
Protecting your future
Some accident victims that earn a high income (surgeons, software engineers, etc.) do not worry about financial compensation for catastrophic injuries. While you may have the money to address your post-accident care, these expenses can mount up rapidly and devastate your financial situation.
Seeking economic compensation protects your future and your retirement. It also holds the offending parties responsible for your catastrophic injuries.