If my 16 year old son was hit by a car while on his skateboard, in addition to his medical bills, will his father and I be able to be paid for our lost wages?
You *may* be able to get some lost wages; the issue is to the extent they were a necessary or natural loss. For example: the day you had to take him to the hospital? That is likely a natural and necessary loss of wage--you had to miss the day to get him medical care. Days you took off to take him to follow-up visits? You may also be able to recover for those.
(But note: you may only be able to recover for one parent, not two--it does not require two parents to take a teenager to a doctor, clinic, or hospital.)
However, say that you think it would be better for someone to take off the entire first week after the accident to keep him company: that is not necessary, since a 16-yr-old does not a parent to skip an entire day or week of work to keep him company. Doing this is a voluntary choice on your part, and you would most likely not be able to recover compensation for it.