If you suffer a serious spinal cord injury, the costs are always going to be very high. Emergency treatment and surgery are incredibly expensive, and you may need rehabilitative services, in-hospital care and much more. You also could be losing wages or have a massively reduced earning capacity.
One important thing to remember is that the costs of the spinal cord injury do not end simply when you get out of the hospital. There are many long-term costs to keep in mind, and you may need to seek substantial compensation if another party was responsible.
Considering the annual cost
For example, the estimated first-year cost of high tetraplegia is $1,064,716. But even if an insurance settlement fully covers that first-year cost, there may still be subsequent annual costs of an estimated $184,891. Therefore, in considering a settlement or turning to litigation to seek compensation from the responsible party, it’s important to think of both the short-term and long-term financial needs.
Considering your age
Another thing to think about is your age at the time the injury occurs. For instance, if you are 25 years old and you suffer the aforementioned high tetraplegia, it will carry an estimated lifetime cost of $4,724,181. But if the injury happens later in life, such as when you are 50, the cost will be lower, at an estimated $2,596,329. So you have to take into account how long you’ll be dealing with those annual costs to determine the full value of compensation that is necessary.
Seeking appropriate compensation can be complex, so be sure you know what legal options you have.
