Catastrophic injuries such as traumatic brain injuries and spinal cord injuries can create significant medical, rehabilitation, accessibility, and support needs that continue for years or even a lifetime. The financial impact extends far beyond current medical bills, making it important to account for future treatment, equipment, care, and lost earning capacity when evaluating an injury claim.
The Husband & Wife Law Team wrote this guide to help injured individuals and their families understand how these long-term costs are evaluated. Calculating future medical expenses for a settlement requires careful planning and input from qualified professionals, while understanding the lifetime cost of care following a TBI or spinal cord injury can help families prepare for the road ahead.
Read on to learn how Life Care Plans and other financial projections can help establish the potential long-term costs associated with a catastrophic injury.
What Costs Are Considered in a Catastrophic Injury Claim?
A catastrophic injury claim may include substantial current and future expenses that fall into two broad categories: economic and non-economic damages. To pursue non-economic damages in any personal injury case, you must first establish economic damages.
Economic Damages
Economic damages involve the reasonably anticipated financial losses associated with the injury. These tangible costs often include:
Future surgeries and medical treatment
Prescription medications and medical equipment
In-home nursing or attendant care
Physical, occupational, and speech therapy
Wheelchairs and other assistive equipment
Home modifications for accessibility
Wheelchair-accessible vehicle modifications or transportation needs
Lost wages and diminished future earning capacity
The specific damages available depend on the unique facts of the case and applicable Arizona law.
Non-Economic Damages
Catastrophic injuries also affect your quality of life in ways that do not have a straightforward dollar value. These non-economic damages can include pain and suffering, loss of enjoyment of life, and loss of consortium, where applicable. Because human suffering is deeply personal, no fixed catastrophic injury settlement calculator or universal formula can value these immense losses.
How a Life Care Plan Helps Calculate Future Medical Expenses
A Life Care Plan provides a detailed assessment of the medical and support services a person may reasonably require throughout their lifetime after a catastrophic injury. Qualified Life Care Planners evaluate anticipated treatment, medications, rehabilitation, medical equipment, in-home care, and other long-term needs based on the individual’s condition and prognosis.
As legal advocates, we work with medical professionals, certified Life Care Planners, medical economists, and vocational rehabilitation experts to develop and support well-documented projections of future costs. Our collaborative approach helps establish the specific care and resources an injured person may need in the years ahead. Detailed documentation can help account for the full scope of anticipated medical and support needs.
Accounting for Inflation and Lifetime Changes in Care
Calculating long-term costs requires more than multiplying today’s expenses by the number of years someone may need care. Medical economists account for medical inflation, the time value of money, changing treatment needs, and replacement costs for medical equipment when projecting future expenses.
Lost Earning Capacity and Long-Term Support
Catastrophic injuries can also limit a person’s ability to work and earn income. Vocational rehabilitation professionals may evaluate physical limitations, employment prospects, and lost earning capacity. Because every injury and prognosis is different, these projections require an individualized analysis rather than a standard settlement formula.
Need Help Evaluating Long-Term Care Costs After a Catastrophic Injury?
Accurately documenting future care needs can be critical when pursuing a catastrophic injury claim. Before accepting a settlement, consider whether it adequately accounts for your anticipated medical treatment, rehabilitation, equipment, care, and other long-term expenses. We are an Arizona firm that specializes in injury and wrongful death law, with 100 years of combined personal injury trial experience.
We charge $0 unless we win your case, and our team is available 24/7, including weekends, to answer your questions. We can meet you at one of our Valley offices or come to you. Call The Husband & Wife Law Team at (602) 833-5257 for a free case evaluation to discuss your injury and potential long-term care costs.
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