Catastrophic injuries are extremely costly and can cost hundreds of thousands or millions of dollars in the first year alone. In addition to the initial cost, catastrophic injuries often require lifelong care. While the subsequent years of care are not as expensive as the first year, they can still cost tens of thousands of dollars each year.
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Impact of catastrophic injuries on family members
When an individual suffers a catastrophic injury, their family is often affected as well. The loss of a spouse, child, or other family member can be devastating. Not only will the injured person no longer be able to help around the house, they may also experience emotional and financial stress. This puts the family into crisis mode. Furthermore, the financial costs of medical treatment and ongoing care can run into the hundreds of thousands of dollars.
Moreover, catastrophic injuries can cause long-term and significant changes in an individual’s short and long-term functioning and they need help from a traumatic brain injury lawyer in Arizona. For instance, some injuries can cause the victim to lose their job or home. Children may have to switch schools, and the family can experience upheaval. Even though catastrophic injuries can be costly, many of them can be prevented. Accidents involving dangerous products or medical malpractice are common causes of such injuries.
Value of a catastrophic injury claim
The value of a catastrophic injury claim depends on how severe the injury was. If the injury caused permanent disability, the claim value is much higher. These cases often require intensive medical care and non-economic losses. They also require a more detailed negligence claim. In addition, medical and financial experts are usually required to testify.
A catastrophic injury can cause the victim to miss days, weeks, or months of work. This means they are unable to earn an income. Compensation for lost wages and benefits is a vital component of these cases.
Damages that can be recovered from catastrophic injury insurance
If you’ve suffered a catastrophic injury, you may be entitled to economic compensation from the person or company at fault. These damages include wages lost, benefits lost, and lost earning capacity. In some cases, the injured person may also be entitled to compensation for lost household services. These damages vary based on the nature of the injury and the extent of the injury.
Some of the most common economic damages resulting from a car accident are medical expenses. These expenses may include hospitalization, surgeries, and medication. Other damages may include pain and suffering, mental trauma, and decreased quality of life. These damages can also include future medical care.
Sources of catastrophic injury insurance
Catastrophic injuries can happen from a variety of different causes. They can occur in motor vehicle accidents, construction site accidents, or from exposure to a toxic chemical. Often, they require life-long medical care and financial support, and they can cause major changes in a person’s life. In some cases, they may also require surgery and follow-up care. In such cases, catastrophic injury insurance can be essential.
Catastrophic injuries can include spinal cord injuries, traumatic brain injuries, loss of limb, multiple bone fractures, and severe burns. Such injuries can seriously damage a person’s central nervous system and other bodily systems, such as the circulatory and respiratory systems.