If you were involved in an accident where you sustained injury, you may be suffering physically, mentally, and financially. Getting injured due to the negligence of another party is frustrating especially when it affects your ability to maintain your employment and income. If you are unable to work as a result of your injuries, you may be entitled to collect compensation for your lost wages, both past and future. Contact an experienced Geneva, Illinois personal injury lawyer for assistance regarding your loss of income and other injury-related expenses.
What are Lost Future Wages?
If you are injured in an accident, you may be out of work for a day, a week, or even months while you recover. Depending on your company and job you may not be able to earn wages during this time. That missed opportunity to make money is known as lost wages. If your accident was caused by the negligence of someone else, it is unfair that you will miss out on an income opportunity because of your injuries.
Depending on how extensive your injuries are, you may be out of work for a long time. When your claim or lawsuit is being settled, compensation will have to be calculated to determine how much you deserve for your property damage, medical expenses, and loss of income. If you are still out of work at this time due to your injuries, you will be paid for lost future wages as well.
How Are Lost Future Wages Calculated?
It is simple to calculate past lost wages. Because it can be proven how long you were out of work for you simply figure out how much money you would have made if you were working during that time. Lost future wages can be more complicated because no one can be 100% sure how long you will be out of work.
It will need to be proven that your inability to work stems directly from the injuries sustained in the accident, not an unrelated or pre-existing condition, and the amount of time you are out will need to be proven with reasonable certainty. This can come from testimony from a medical professional who states how long they predict the victim will be out of work. They will use their past experience with similar cases to estimate the length of time it will take for the victim to recover.
After the time of absence is estimated, lost future wages will be calculated based on the amount they are missing out on from wages or salary, commission, bonuses, and other benefits. These numbers can be estimated by providing certain documentation. Relevant information that can help contribute to an accurate estimate includes the following.
- Paychecks
- Bonuses
- Tax returns
With the help of your attorney, you will be able to work with economic experts and medical professionals who will be able to make the required calculations and present their findings so you can be awarded the compensation you rightfully deserve.
