How to Quantify the Cost of Future Medically Related Damages

If you got injured in an accident, you may be wondering how much your future medical costs will be. This is a difficult question to answer. However, it’s critical to have an idea of how much you may owe to seek appropriate compensation. To get an estimate, you can consult different experts, from life care planners to lawyers.

Consult a Life Care Planner

A life care planner is a healthcare professional who specializes in estimating the cost of future medical care. They consider the following factors to come up with a figure which you can use to seek compensation from the responsible party:

• Your current condition

• The severity of your injuries

• Your expected life expectancy

The benefits of using a life planner include:

Accurate Estimate

A life planner has experience estimating the cost of future medical care. This means that the estimate they give you is likely to be more accurate than if you were to try and estimate it yourself.

Objectivity

Life care planners can provide an unbiased opinion on your future medical care cost. They can help you negotiate a fair settlement with the responsible party.

Experience

They have experience in dealing with insurance companies and negotiating settlements. Life care planners can help you get the best possible settlement for your case.

Consult a Medical Expert

Another option is to consult with a medical expert. This could be your treating physician or another doctor familiar with your case. They can estimate the future costs that you are likely to incur based on their experience and knowledge.

Medical experts can be beneficial because:

Access to Records

Medical experts have access to your medical records. The records can help them give a more accurate estimate of your future medical care cost. The records will show the severity of your injuries, the expected length of treatment, and any other relevant information.

Experience

Medical experts have experience in treating patients with similar injuries to yours. Therefore, they can give you a better idea of what to expect in terms of your recovery and future medical costs.

Objective

Medical experts are objective and can provide an unbiased opinion on the cost of your future medical care. They can help negotiate a fair settlement with the responsible party.

Consult a Personal Injury Lawyer

If you got injured in an accident, it is vital to seek professional advice to get the compensation you deserve. You may want to speak with a personal injury attorney. They can review your case and help you determine what compensation you may access.

The compensation could cover:

• Medical expenses

• Lost wages

• Pain and suffering

Cost of Living Adjustments

When estimating the cost of future medical care, it’s essential to account for the cost of living adjustments (COLA). The cost of medical care is likely to increase over time due to inflation.

To account for this, you should add a certain percentage to your estimate each year. For example, if your estimated medical costs for the next 20 years are $100,000, you would add 2% per year for COLA, which would give you an adjusted total of $160,000.

Discount Rate

This is the rate at which future costs get discounted to present them in today’s dollars. For example, if the discount rate is 5% and your future medical costs are $100,000, the present value would be $95,238.

This means that you would need to have $95,238 today to pay for your future medical costs. The discount rate is important because it can significantly impact the present value of future costs.

Final Thoughts

You can use various methods to estimate the cost of future medical care. The most important thing is to be as accurate as possible to get the compensation you deserve. Consult a specialist to receive an informed estimate of the amount you should expect.

TIME BUSINESS NEWS

TBN Editor

Time Business News Editor Team