How are future medical costs calculated in a personal injury settlement?

Traumatic brain injury, amputation, paralysis, and other permanently disabling injuries can create a significant financial burden. If your injuries were caused by another party’s negligence, obtaining an accurate assessment of future medical costs is a vital part of ensuring a fair personal injury settlement.

Anticipating Future Needs

Once you’ve reached maximum medical improvement, your condition is classified as being stable enough that your healthcare provider can make a reasonable prediction about your future requirements.

Your provider may recommend the following items as part of your treatment:

  • Surgery
  • Lab tests
  • Follow-up visits
  • Pain relievers or other prescription medication
  • Physical therapy or other forms of rehabilitation
  • Wheelchairs, crutches, prosthetics, or other assistive devices
  • Home health care aides
  • Placement in a nursing facility for around-the-clock care
  • Mental health counseling

Since the cost of medical care continues to increase at a rapid rate, you’ll need to use experts to estimate what funds will be required for your future treatment needs.

Lifecare planning experts are professionals who specialize in estimating the cost of specific procedures, medications, and interventions given current rates of medical inflation. They also consider variables such as your age, general health before the accident, and treatment options in your geographic area.

In your personal injury claim, a life care planning expert will estimate expenses for the future before calculating a discount rate to bring costs to their appropriate present value. A total lifestyle approach will be used if your injury will require ongoing nursing care or placement in a facility, while an added expenses approach will be used if you’ll still be able to live independently as long as your specific treatment needs are addressed.

How Rechtman & Spevak Can Help

Even if your personal injury claim involves permanently disabling injuries, you’re not allowed to ask for additional funds once a settlement agreement has been reached. Therefore, it’s vital that you work with an attorney who can advocate for the maximum possible compensation.

The dedicated personal injury attorneys at Rechtman & Spevak have extensive experience helping injured Georgia residents resolve their claims for future medical expenses. Contact us today to schedule a free, no-obligation case review.