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Financial planning is important after a spinal cord injury

In many prior blog posts, we have discussed some of the different effects of a spinal cord injury. Almost all of those effects involve a monetary blow for the victim, as well as the victim's family. This makes it crucial for people who have suffered a spinal cord injury to have a financial plan in place as soon as possible after the accident.

The exact financial plan a person establishes after a spinal cord injury is dependent upon their exact situation; however, there are some universal points that must be considered. By taking a look at the entire financial picture all at once, you might be able to find solutions to some of the financial issues you are facing.

You must look at all possible sources of income. This can include disability payments, claims for compensation, and any other benefits you might be eligible to receive. It can even include medical insurance payments, automobile insurance payments, VA benefits, and workers' compensation payment. If the funds can only be used in a specific way, such as medical insurance that will only pay medical bills, make sure you make a note of that.

Get all of your bills and other pertinent information together. You need to find all financial papers and legal papers. Gather copies of medical bills so you can see where those stand. You can also use those bills to estimate future medical care costs. Get all of your other bills together so you can keep track of due dates and expenses.

If you haven't yet sought compensation and if it is still within the legal time frame to do so, your financial records might play a part in the monetary amount you seek. Understanding what types of damages you can claim might help you to make decisions about your claim.

Source: Christopher & Dana Reeve Foundation, "Financial Planning," accessed April 26, 2016

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