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The Devastating Financial Impact of a Spinal Cord InjuryPersonal injuries are financially devastating in and of themselves, as victims are forced to pay for unforeseen medical expenses, property damage, and more, all without being able to earn an income. However, spinal cord injuries are even more shattering, as spinal cord injuries often result in significant and irreversible damage, in addition to medical and physical therapy expenses.

The True Cost of Spinal Cord Injuries

One cannot really comprehend the true cost of a spinal cord injury until one has lived with such an injury for a significant period of time. If you or a loved one was recently injured in an accident that left your spine damaged or broken, you may be well aware of the fact that life is about to change, but are you aware how much it will change? This post is not meant to scare you, but to simply serve as a tool to help you prepare for what is to come.

According the National Spinal Cord Injury Statistical Center, the estimated lifetime cost of a SCI is between $1,578,274 and $4,724,181 for individuals who sustained their injuries at 25, and between $1,113,990 and $2,596,329 for those sustained their injuries at 50 or older. The first year alone costs anywhere between $347,484 and $1,064,716. That is the kind of money that most people do not just have lying around.

Those costs go towards the following items:

  • Treatment, rehabilitation, and surgery
  • Ongoing therapy and counseling
  • Lost earnings
  • Wheelchairs and other adaptive technology and
  • Pain and suffering

30% of victims are re-hospitalized within the first year of the accident. The average hospital stay for SCI victims is 22 days. According to healthcare.gov, the average three-day hospital stay is right around $30,000, including procedures. The cost per day at a state or government hospital is $1,878. That means that SCI victims are looking at $41,316 for their second stay—not even their first, which is bound to be longer.

For all these reasons and more, it is imperative that accident victims are able to recover compensation after an accident from the liable party. The legal system makes it possible for individuals to do so via a personal injury claim. However, just because it is possible for individuals to recover compensation does not mean it is easy.

Getting Compensation Before Your Case Settles

Settling a personal injury claim can take anywhere from two weeks to two years. However, you should never settle without first reaching the point of maximum medical improvement. If you have yet to reach MMI, it may be years before you get the compensation you need to live in comfort. Fortunately, you may not have to wait until your case settles to get the money you need to pay your bills, put food on your table, and live in comfort.

At Capital Financing, we front personal injury victims with the money they need to live in comfort until their claim settles. If you are worried about how you are going to pay the bills, get the medical treatment you need, and simply live in the period between accident and settlement, look into acquiring a cash advance. If you are worried about paying it back if you end up losing your case, do not be. We do not collect any money if you do not win. Call our office today to learn more.