Catastrophic Injuries and Lifetime Care Costs
If you have ever been in a car accident, you know that a crash can cause significant injuries. Catastrophic injuries can be costly to treat, as they require lifelong care.
An injury is considered catastrophic if it causes permanent disability or major life changes. Examples include traumatic brain injuries, spinal cord damage, severe burns, or amputations. These injuries typically prevent victims from returning to their prior employment or living independently.
When these injuries are caused by someone else’s negligence, there are legal options for recovering compensation. In cases involving catastrophic injuries, life care plans are often involved. A life care plan is a comprehensive assessment detailing the current and future needs of an individual with a disability or injury, encompassing medical care, therapy, equipment, and other support services. This is especially pertinent for individuals who sustained injuries at a young age and/or require lifelong, complex, and costly medical care and assistance.
The estimated cost of a long-term care plan comprises two critical phases:
- Identification of lifetime components. Life care planners conduct a thorough review of medical, care, and support records. Based on medical opinions, they prepare a comprehensive list of items that the injured individual will need throughout their estimated life expectancy. This list includes the frequency of each item and the associated costs.
- Calculation of present value. To account for the time value of money, courts and insurers use expert witnesses, such as life-care planners, medical specialists, and economists, to project future medical expenses, rehabilitation needs, and lost earning capacity. They also account for inflation and the costs of long-term assistance.
By calculating the present value of a life care plan, the victim is able to adequate compensation to cover both current and future medical expenses.
Other Considerations
A life care plan should be prepared soon after the accident. Early evaluation is ideal, often after initial medical stabilization. This ensures accurate projections while allowing attorneys to negotiate with insurance companies using expert-backed estimates.
Insurance companies may try to challenge lifetime care cost estimates. Insurers may dispute the scope, necessity, or cost of projected services. They often hire their own experts to offer alternative calculations, which can lead to negotiation or litigation over the appropriate settlement.
It is possible that the injured person’s needs may change over time. Settlements can be structured to account for adjustments, often through structured settlements, periodic payments, or trusts, ensuring funds are available if care requirements increase.
Contact a Personal Injury Lawyer
Accidents resulting in paralysis, TBI, or amputations involve various expenses for many years or even a lifetime. It is important to get adequate compensation to pay for these costs.
The effects of a car accident can last forever. You do not have to fight this battle on your own. Get the help you need from a Houston car accident attorney from The West Law Office, PLLC. Our goal is to maximize your financial recovery. Schedule a consultation today by filling out the online form or calling (281) 347-3247.
Source:
riskandinsurance.com/assessing-future-medical-costs-in-catastrophic-injuries/