Certain types of personal injury accidents are not strictly “personal.” They have an effect on the families and communities of the people who suffer them. While the personal effects may be the most noticeable and dramatic, both traumatic brain injuries (TBIs) and spinal cord injuries (SCIs) have an impact on the economy as well.
How Do TBIs and SCIs Impact the Economy?
Many people believe the economy hinges on businesses, but in fact, the foundation of any economy is human labor. Without people to work and produce the goods and services, there is nothing to buy; and without people to purchase the goods and services, production means nothing. This has become clearer to many people during the pandemic and its aftershocks: what affects people ultimately drives the economy, for good or bad.
While the micro-effects of a single person’s debilitating physical injury may be harder to see than the scale of the effect of a global pandemic, they are nonetheless important. According to the Centers for Disease Control:
- The lifetime cost of TBI on the overall economy is estimated to be $76.5 billion. This figure is made up of many factors, but over 90% of them are medical costs.
- Because the costs of treatment and therapy for a TBI are so high, many smaller hospitals or communities may be unable to pay for treatment for those who cannot afford it.
- Even with insurance coverage, the cost to communities can be staggering. If the person has no insurance, all of their treatment may be paid for through public funds.
Spinal cord injuries have similar impacts on the economy. According to a recent study:
- The lifetime total costs of SCIs are estimated at $7.7 billion. The majority of these costs are medical in nature, although some of the costs include rehabilitation and modification of living spaces.
- As with TBIs, many smaller communities are forced to bear the brunt of these costs and do not have the funds to do so.
- Even if the victim has insurance coverage, communities may be unable to generate funds to pay for the remaining cost of treatment.
TBIs and SCIs also have a large impact on the economy in terms of workforce participation. Most victims of serious TBI or SCI are unable to work at their jobs as they once did. This can result in a loss of labor while, at the same time, new demands on the victim’s family and community.
At Barber & Associates, we have spent many years working with victims of both traumatic brain injuries and spinal cord injuries. By helping these victims to recover compensation for their losses, we are able to help them acquire the support they need and ease the burdens on their communities. We work hard to ensure that the people we represent are treated fairly and recover as much compensation as possible for their medical bills, expenses and pain, and suffering. Give us a call today to learn how we can help you recover more money for your injuries.