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Financial planning is vital after a spinal cord injury

One consideration for people who suffer spinal cord injuries is how they are going to pay for medical care and life expenses. Taking care of your finances is crucial if you suffer this type of injury, simply because you never know when your expenses will increase or something unexpected will come up.

When you consider your finances, you need to think about more than just what you have in your bank account. You need to think about other sources of income, even if they aren't direct sources. Health insurance is one example of this type of income. Your health insurance company won't deposit money into your account, but it will pay a portion of your medical bills so that you don't have to pay them.

There are some items that your insurance plan might not cover. This does include deductibles and co-payments. This also includes assistive devices and other items like car modifications that might make your life easier and help you to become as independent as possible.

You also have to take steps to keep any government benefits you receive. If you are set to receive an inheritance or settlement, a special needs trust might help you to retain the benefits that you need to count on. Learning about these trusts can help you decide on a course of action for these funds.

Seeking compensation after the accident is another consideration. If the accident was caused by another person, you might decide to file a lawsuit to help you recover some of the money you spent on medical care and other associated expenses.

Source: Christopher & Dana Reeve Foundation, "Financial planning," accessed March 16, 2017

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