In personal injury lawsuits, medical expenses are the single, most common factor considered when deciding how much personal injury victims receive as compensation. Here’s more on medical expenses and other factors determining personal injury settlements.
1. Medical expenses
Personal injury victims incur medical expenses immediately. There may be future expenses if the injuries require specialized treatment and care. Medical costs can increase if medical accessories like crutches or wheelchairs are needed. Anything a victim needs in the entire treatment process should be factored in when determining a fair settlement. That’s where experienced personal injury lawyers come in handy.
Stambaugh Law has been handling personal injury lawsuits for almost three decades now. Stambaugh conducts conclusive investigations determining every single medical expense you incur immediately and in the future among other expenses ensuring you get the best settlement possible.
2. Loss of wages
Personal injury settlements also consider loss of wages. Since injuries such as broken limbs or spinal cord injuries among other common personal injuries almost always result in loss of wages, you must receive compensation. If you miss work because of injuries, the at-fault party must compensate you. Compensation for loss of wages is usually higher if the injuries result in a loss of employment. In such an instance, you are entitled to receive compensation for the future income you are bound to lose.
3. Loss of property
If an accident results in loss of property, i.e., loss of a vehicle, you should be compensated for such a loss. Property loss is considered only if a victim’s property is damaged partially or entirely in an accident. Property loss can extend to personal effects/valuables lost in an accident.
4. Pain and suffering
Injury lawsuits also consider intangible factors such as psychological pain and suffering caused by an accident. You are bound to suffer physical and psychological pain and suffering after an accident. The pain and distress should be compensated monetarily. For instance, you may need to go for counseling sessions to help you cope with the psychological effects of the accident. Such costs should be included in the settlement.
Some jurisdictions may require you to pay tax on a final settlement. If tax is payable, you should consider the tax rate to determine a fair settlement. However, there are taxation exceptions. For instance, some jurisdictions don’t tax settlement amounts awarded in personal injury lawsuits. Some jurisdictions may not tax the settlement amount, but tax on punitive damages may apply. Punitive damages are “punishments” for the at-fault party. Such damages aren’t directly linked to the case which explains why they may be taxed. It’s also worth noting that your settlement can be subject to taxation when you breach a contract/s and that instance leads to your injury.
The above information highlights the primary factors considered when calculating settlements for personal injury lawsuits. Important: There is more to the calculations that what is highlighted above. We recommend that you find the best personal injury in your area to increase your chances of getting a fair settlement. The importance of receiving a fair settlement can’t be overemphasized.