With many injury cases, the focus is on short-term costs. Someone with a broken arm could miss time at work and have to pay hospital bills for the care they received. They should know relatively quickly about all of the costs they will be facing, so they can seek proper compensation.
With spinal cord injuries and other serious accidents, however, it is also very important to consider the long-term costs. These can be life-changing injuries, so the costs may go significantly beyond immediate medical bills and related expenses. If you have been injured, you do not want to overlook anything.
The cost of paraplegia
For example, the Christopher & Dana Reeve Foundation has estimated the costs for someone who suffers a spinal cord injury resulting in paraplegia. In the first year, it is estimated to cost just over $518,000. Every year after that, however, the individual is estimated to face over $68,000 in annual expenses. This could include medical care, in-home care, lost wages, reduced earning potential and more.
The person’s age at the time of injury also plays a role. For instance, if someone suffers from paraplegia at 50 years old, the Foundation estimates their lifetime costs will be around $1.5 million. However, if the same injury occurs at 25 years old, those estimated lifetime costs increase to $2.3 million. A child who suffers such injuries could have even higher lifetime costs, though every case is unique.
If you are exploring your financial options to seek compensation, be sure to carefully consider all potential costs related to your injury. It can help to work with an experienced law firm on these complex cases.