For most people, paying the bills means the need to earn a living. One can typically expect to work throughout much of their adult lives. The sad truth for some of us is that our working lives get cut short. It can happen for a variety of reasons, with the common one being a debilitating injury.
As you can imagine, not being able to work will cause many problems for one’s life. For a start, there is little to no regular income getting brought into the household. That means there is added pressure on other family members to cover the bills. Often, it can also mean that a family’s finances are down to the wire. There is no scope for spending money on luxuries, let alone one-off emergencies.
If you are unable to work again, you will no doubt be worrying about your financial future. The thought can be even more prominent in your mind if your debts are spiralling out of control.
Does that scenario paint a familiar portrait? If so, it’s time to assess your situation and devise a plan of action. Only then can you move forward with your life and take stock of things. Here’s what you need to do next:
Know what you have to pay each month
If you have a list of your monthly outgoings already, you can skip this section. But, if you don’t, it’s important to know how much money you need to survive each month.
The easiest way to do this is by going through your monthly bank statements. You can usually find recurring payments like direct debits and standing orders in them. For purchases like grocery shopping, work out a monthly average. You can do that by calculating the past three or six months’ worth of shopping bills.
Once you’ve drawn up the list, you should then highlight any luxury items that you don’t need. These are typically things like satellite TV subscriptions. If your injury means you can’t drive, you could highlight your car-related expenses too.
The aim of the exercise is to determine how much you pay each month and what you could potentially cut back on.
Seek professional medical advice
The next step is to find out just how debilitating your injury is. For some people, the unfortunate truth is they can never return to work. But, for others, their injuries might only be a temporary problem.
If you don’t get any clear answers from your GP, it’s worth seeking a second opinion. You should ask to get referred to a specialist in your local hospital. That way, you can get a firmer answer about your diagnosis.
You will also be given the opportunity to find out how to cope with your injury. In some cases, it might be possible to work again in the future. You may just need to consider a different occupation or adaptations to your workstation.
The trouble with GPs is they don’t always get it right. The media is full of stories about people that have got misdiagnosed. Their medical guidelines state they should refer you for further diagnosis and tests. If your GP isn’t doing that, insist that they do. Otherwise, consider seeing a different GP to your usual one.
If you prefer to get answers from a doctor that isn’t part of your surgery, there is the option to go private. If you don’t have medical insurance, you may have to pay a consultation fee. The cost is typically up to £100 for a 20 minute or so visit. But, it can help you speed up or confirm your diagnosis if you aren’t happy with your GP’s level of service.
Find out what insurance coverage you have
In the UK, it’s possible to pay for a plethora of personal insurance cover. Some plans cover loss of income, medical bills, and more.
Believe it or not, many employees seldom know what kinds of insurance cover they have. In some cases, they might have insurance in place that will cover bills in case they can’t work. For you, now is the time to find out if you’ve got such cover in place.
You might be wondering what types of insurance can help you in your hour of need. The following is a run-through of what you might have and how it can assist you:
Income Protection Insurance
Few people (around 8% of the population) have this cover in place. But, it’s the one policy that everyone should have! In a nutshell, income protection insurance will cover you if you can’t work anymore. It doesn’t pay out if you get made redundant or quit your job, I should add.
What it will do is pay out each month if you develop a debilitating injury or illness that stops you from working. Even if the reason for being unable to work is temporary, you’ll still get covered. Of course, there are restrictions on the types of things it will cover. For example, if you stay at home because you’ve got a cold, it won’t cover you!
If you get injured yourself at work and need a few months at home to recover, the plan can kick in. You might not have taken out such a policy yourself. But, your employer might offer it as a benefit to you. It’s worth finding out if you’ve got this cover.
Critical Illness Insurance
If you have a serious illness like a heart attack, stroke, cancer, or MS, this cover can help. When you make a successful claim on such policies, you receive a lump-sum amount. You can then use the money to cover your monthly outgoings and medical expenses.
Private Medical Insurance
The thing about medical insurance cover is that it won’t pay your bills. What it will do is allow you to seek treatment for any injuries or illnesses at private hospitals. Why is that useful? You can usually get treated quicker if you go private with BUPA, for instance, instead of using the NHS. For some people, this can mean a faster return to work.
Be sure to spend some time finding out what insurance cover you have and if you are entitled to claim.
See if you can make a compensation claim
Did you sustain your illness or injury at work? If so, there’s a high chance that you can make a compensation claim. There are several reasons why it makes sense to pursue such a claim from your employer.
First of all, if your injury is life-changing, you may not be able to return to work again. As a result, you will need financial help. Second, you could prevent the same injury happening to your colleagues in the future. Workplace negligence is a growing problem in the UK. The only way to stop it is to raise the issue with employers.
There are some limitations to raising compensation claims. Because each case is different, there’s no clear-cut answer I can give you. Consider talking to experts like Nationwide Injury Lawyers for advice. They can tell you whether you’ve got a strong case or not.
You might be wondering whether your boss could threaten to fire you if you pursued a claim. In short, the answer is no. There are employment laws in place to protect workers’ rights. If you’ve got proof they threatened to sack you, it can only boost your negligence claim against them.
If your employer exhibits such behaviour towards their staff, you may not want to return. However, if you enjoy your job, you might find you can go back to it depending on the extent of your injuries.
Start cutting back on unnecessary expenses
Even if you have a compensation claim going or have insurance, you still need to cut back on your expenses. It can often take a few weeks before you start receiving any money. In the meantime, you have to ensure that only necessary expenses exist.
Once you have a regular flow of money again, you can consider reinstating any luxuries. Until then, you need to think about scaling back your outgoings.
Remember that list you made of all your expenses? Well, now is the perfect time to start going through it. You might even find that you can save money in other ways as well. For instance, switching energy providers.
Find out if you’re entitled to any state benefits
Last, but not least, you could be entitled to disability or other benefits from the state. As you can imagine, you must satisfy certain criteria before you receive any money. Do you have a debilitating disability, and does it prevent you from working? If so, it’s worth pursuing benefits applications.
There is plenty of help and support you can get to determine what you can get. If you are entitled to benefits, it can take an enormous strain off your finances.
I hope this guide has proved useful for you today. Good luck!
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