Suffering an injury that has put an end to your career can make you afraid for the future. The loss of your income means you have critical choices to make in order to maintain expenses like payments on your home, insurance and common household costs. Fortunately, there may be financial options to help you through this tough time.
Even if your injuries have made it impossible to work at your current job, you might sustain yourself through other sources of income or benefits as you seek to rebuild your health and find a new job that can accommodate any disabilities you have.
Use your credit card
Your credit cards may help you pay off expenses before you can find a new job, but be careful while doing so. Career Bright explains that credit card debt can mount up, and if you fail to make a payment, it could harm your credit and cause your credit card interest rates to rise. This option may work better if you find other ways to draw an income so that you do not accumulate a lot of debt.
Look for other sources of income
You might investigate various ways to earn money that do not require you to perform active work. If you live alone, you might ask a relative to move in for a while and provide rent or money towards the household bills. Some people rent out a parking space, a vehicle or a bike for a period of time. Using your vehicle to advertise for a business is another option.
Consider claiming workers’ comp
If you got hurt while on the job, receiving workers’ compensation may be critical since you can get coverage for your medical bills. However, you should not wait too long to claim workers’ comp since you may have to deal with delays in the process. Check the terms of your employment for the terms of your workers’ comp to find timelines and procedures for claiming coverage.
Also consider your employment and personal medical insurance for sources of assistance. Additionally, if your injury happened because of the negligence of another party, you might have a claim for damages. You may be able to claim lost wages and lost compensation, plus you might seek training or education for a job that you can handle given your injuries.