By Haley Crim
Truck injury settlement trends show increased costs going toward long-term care. A variety of causes, such as the severity of truck accident injuries, a shortage of caregivers, and inflated healthcare bills, all contribute to higher settlements for all types of personal injury cases related to commercial vehicle accidents.
A collision with a commercial truck is a life-altering event. Along with a likely totaled vehicle and dealing with car insurance, victims often face extensive injuries. Devices like the Mansfield Bar give victims a fighting chance, but they often aren’t enough to prevent life-altering injuries.
How Much Are Most Truck Accident Settlements?
It’s difficult to predict the estimated settlement amount from a truck accident. The final cash settlement relies on a variety of factors, such as:
- The extent of the injuries
- Damage to the vehicle
- Ongoing long-term medical care needs
- Lost wages and compensation
A totaled car, for example, may pull in more funds than one that is slightly damaged but still drivable. However, an injury that causes a lifelong medical condition can significantly increase the overall payout, even if damage to the car was minimal.
Is It Worth Suing for Pain and Suffering?
Often, filing a lawsuit for pain and suffering because of a truck accident is worth it. Most people cannot afford to pay for expensive medical bills out of pocket, and vehicle insurance might not cover the full extent of the damage or the cost to completely replace your car.
Why Are Long-Term Care Costs Increasing for Truck Accident Settlements?
While the National Safety Council reports that commercial truck accidents have declined in recent years, the cost of long-term care as a result of the collisions continues to skyrocket.
Surging Healthcare Costs
Healthcare has simply gotten more expensive in the United States, leading to less insurance coverage and higher out-of-pocket costs. Since healthcare is market-based rather than nationalized, increased demand gives providers more incentive to raise prices for unavoidable expenses, such as long-term care.
More Drastic Injuries
Though there are fewer collisions between commercial trucks and regular vehicles overall, the resulting injuries can still be fatal or permanently alter the quality of life of the victim. More extensive injuries translate to a heightened need for consistent care over a longer recovery period, or even indefinitely.
Fewer Trained Professionals
The onset of the COVID-19 pandemic in 2020 is the latest major event that has caused a surge of resignations and retirements from the healthcare field. Healthcare workers often have to deal with problems such as:
- Low pay
- Understaffing
- Combative patients
- Uncooperative insurers
Fewer available professionals increase demand, which can then lead to higher costs for patients. Additionally, truck accident victims may require specialized care, which further narrows the field of potential caregivers.
Types of Long-Term Care Expenses
If you or a loved one is injured because of a commercial truck collision, it is essential to understand the types of long-term care costs that you may encounter. Here are some of the most common expenses to anticipate.
Medications
Major injuries from truck collisions often cause chronic pain and nerve issues. You may need to take medication for the rest of your life to combat symptoms such as discomfort and inflammation.
Household Modifications
It may be necessary to change certain aspects of your home, especially if you have a permanent injury or disability as a result of the commercial truck injury. Modifications can range from adding grab bars to high-touch areas for steadiness to major renovations, such as widening doorways and adding ramps to accommodate a wheelchair user.
Physical Therapy
Regaining muscle and joint function can be difficult after a devastating injury. Often, the time spent in the hospital or healing bones can cause muscles to atrophy, which sets back the healing timeline.
Your doctor may prescribe physical therapy for a certain time, such as eight to 12 weeks. For serious cases, such as paralysis, physical therapy may be necessary for much longer to regain full function.
Frequently Asked Questions
Is It Better to Go to Trial or Settle Out of Court for Personal Injury Cases?
Whether you should settle out of court or go to trial for your personal injury case depends on several factors. They include:
- Timeline: If you need funds quickly, a settlement is the way to go, as cases can take months or even years to come to trial
- Emotional Toll: Taking the witness stand is often traumatizing for personal injury victims when they have to relive the incident
- Compensation Amount: A settlement is typically less than you may win at a trial, but comes with lowered risk and a guaranteed payout
Ultimately, it is up to you to decide whether going to trial is worth it or whether a settlement is the right choice. It may be worth a discussion with the people closest to you or your legal team to weigh the pros and cons.
Is a Personal Injury Settlement From a Truck Accident Lawsuit Taxable?
Generally, no. However, it is important to understand the types of compensation and how they can affect your income tax bill for the settlement.
The IRS defines personal injury settlements as one of the key exceptions for personal income taxation. Some of the main exempt types of income from settlements include:
- Medical Expenses: Cover hospital stays, medical procedures, and other types of care
- Damage to Personal Property: Covers repairs or replacement for vehicles and other high-value items involved in the incident
- Pain and Suffering: Emotional and physical pain, either directly caused by the accident or the result of conditions like post-traumatic stress disorder (PTSD)
Are personal injury settlements taxable in California? The answer is no, but it is best to meet with a qualified attorney to make sure you cover all of your bases.
Learn More About Your Truck Injury Settlement Today
A truck injury settlement involves more than just going through the proceedings to secure funding for long-term care. With this guide, you can fully understand every step of the process and ensure you receive the appropriate amount to cover mounting expenses.
Would you like to learn more about legal matters? Explore our website today for more expert tips and advice.
The post Truck Injury Settlement Trends Reveal Increased Focus on Long-Term Care Costs appeared first on BlackPressUSA.
