Future Medical Cost Projection: A Vital Tool for Case Settlements
In the context of personal injury or medical malpractice, a Medical Cost Projection stands as an invaluable tool to accurately assess the future medical expenses anticipated for individuals with non-catastrophic injuries or chronic conditions.
The Future Medical Cost Projection provides a detailed breakdown of expected medical treatments, procedures, therapies, medications, equipment, and other healthcare-related services that the individual will likely require for the medical condition. It considers essential factors such as the individual’s current health status, the severity of their condition, recommended medical interventions, and the ongoing management of their healthcare needs.
The development of these projections involves a thorough evaluation of medical records, research, analysis, and adherence to established methodologies and professional standards. The result is a financial estimate of the future medical needs of injured individuals, often based on reviews of medical records from the past two years.
These concise reports yield rapid results when client coverage is limited or in anticipation of mediation to streamline the settlement process. They prove highly advantageous for individuals, families, insurance companies, attorneys, and courts, enabling effective planning and budgeting for crucial medical expenses and support services.
Our esteemed team of certified life care planners utilizes their expertise to provide precise and reliable Medical Cost Projections, enabling attorneys to comprehensively understand medical damages in a case or establish reserves in mediation with confidence and clarity.
What distinguishes a Life Care Plan from a Medical Cost Projection?
For attorneys handling personal injury cases, grasping the distinctions between Medical Cost Projections and Life Care Plans is essential. While both Medical Cost Projections and Life Care Plans aim to estimate future expenses, significant differences exist:
Records Review: Medical Cost Projections typically concentrate on medical history and treatments received within the two to three years before the report , and used for medical injury cost assessment. In contrast, a Life Care Plan is based on all the records and treatments for a given injury.
Interdisciplinary Approach: Life Care Plans involve not only an evaluation of the individual by the planner and extensive medical research but also consultations with external providers treating the individual for injury-related issues. In contrast, Medical Cost Projections are typically based on medical history and the treatments provided. In-person interviews are optional.
Legal Context: While both can be utilized in personal injury cases, Medical Cost Projections are not intended for litigation. A Life Care Plan provides attorneys with specific experts for disclosure, who can testify as needed.
At PMR Life Care Planner, we recognize that Medical Cost Projections and Life Care Plans are often thought to be interchangeable terms. However, they serve distinct purposes in representing clients with personal injuries and estimating associated damages. By understanding these differences, attorneys can better seek the appropriate professionals to draft reports tailored to their client’s unique circumstances.
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