An accident can put a big dent in your budget, especially when you become unemployed following an accident. Dealing with unemployment after sustaining an injury can be a challenging and uncertain journey. Understanding how to manage this situation is essential, whether it’s a workplace injury or a personal accident. Here are some tips on how to protect yourself and your budget after an accident.
1. Know Your Rights
It’s essential to be aware of your rights and any benefits you may be entitled to. For instance, if your injury is work-related, familiarize yourself with Personal Injury Protection (PIP) coverage. According to the Department of Labor, PIP may require a doctor to keep you off work for a 14-day period to trigger wage loss payments. Understanding these details can help you navigate financial fallout and help you design a new budget while you are getting back on your feet.
In most cases, if your injury comes from the negligence of others, whether it’s an employer or another driver, there is financial protection in place. For example, you may be able to collect worker compensation for a workplace injury. Do your research to learn more about what rights and protections are available.
2. Follow Treatment Plans
If you have experienced a personal injury and become unemployed, don’t give up on your treatment plan. Follow through with the doctor’s orders. It is not going to improve your budget by skipping out on care. As a matter of fact, it can significantly make things worse.
According to Johns Hopkins Hospital, 2 million bone graft patients, 83% who had autogenous bone grafts (from their own body) and 17% (with artificial grafts) were successful because of the follow-up care. Whatever treatment your doctor has ordered, you should follow through with. It is the quickest way to get back on your feet and back to work.
3. Notify the Right Agency
Different types of personal injuries require support from different agencies. For example, a car accident doesn’t depend on notifying an agency; in that case, you hire a lawyer. However, a workplace injury may require a government agency to intervene on your behalf.
OSHA is an agency that oversees workplace safety and regulations. Recently, according to the Bureau of Labor Statistics, about 72% of workers involved in scaffolding accidents were found to be not at fault. The scaffolding support of planking gave way, and OSHA found these accidents to be completely avoidable if employers complied with OSHA recommendations. Information can be very valuable to your workers’ compensation case.
4. Reevaluate Your Finances
If you become unemployed after an injury, it is essential that you reevaluate your finances immediately and create a new budget to fit the changes. You may have to cut back on expenses until you get back on your feet and find a new job. Budget for the necessities first, like mortgage, utilities, and car payments.
Keep in mind that your situation is temporary but in the meantime, you want to make sure that you have enough money budgeted to get through this temporary situation. Cut out the extras and tighten your belt. Depending on your injuries, plan to cover the amount of time it will take you to heal.
5. Explore Alternative Income
Luckily, there are many opportunities to earn extra income from home today. If you have a specific skill set, you can freelance to earn some extra income. If you are still able to drive, you can drive part-time for food delivery services.
Take advantage of the gig economy to earn some extra cash to shore up your budget. Find ways to make money within the scope of your abilities. You will feel better knowing that you are still able to generate income while you heal.
This is not ideal, but you will get back on your feet. Rely on professional support when you need it. Learn more about how to budget in any situation today.