man with calculator and papers

When you file a personal injury claim or lawsuit many considerations go into determining an appropriate settlement. Depending on the details of the accident the victim may be owed significant damages. An important but often overlooked damage is future medical expenses. It is crucial to understand how future medical expenses get calculated in a personal injury settlement to ensure you receive the full extent of compensation you deserve. Contact a New York injury lawyer to discuss your legal rights and options during your claim.

What Are Future Medical Expenses?

Future medical expenses refer to the potential and anticipated costs associated with your injury. If you are not fully recovered by the time you have to accept a settlement then the amount awarded to you must include additional funds for the medical expenses you will incur later on. Future medical expenses can include a wide range of costs like ongoing treatments, surgeries, rehabilitation, physical therapy, medication, adjustments to your home or vehicle, etc. Future medical expenses are a major consideration for severe injuries and permanent disabilities.

Future medical expenses can be a substantial portion of the total damages awarded in a personal injury settlement so it is crucial that they are considered and calculated.

How Are Future Medical Expenses Calculated in a Personal Injury Settlement?

Accurately estimating your future medical costs is crucial to ensure you are not being shorted money that is rightfully yours. When you are injured in an accident it is simple to calculate the expenses you have accumulated since the date of the injury. All you have to do is total up the bills you have received. However, when an injury is long-lasting or even permanent, it can be difficult to determine how much compensation you are entitled to. After all, it is impossible to predict the future so there is no way of knowing for sure how much your future medical expenses will be.

However, there are ways to calculate your future medical expenses to ensure you are fairly compensated. There are generally two common methods to calculate the amount you are owed.

  1. Total lifestyle: If there is a chance that you will never make a full recovery and will have a permanent injury or disability for the rest of your life, this method is preferred. Using this approach, you can create a detailed care plan that you will use for the foreseeable future to map out exactly how you will live and continue functioning on a daily basis. The associated expenses can be calculated based on the needs of the plan.
  2. Additional expense: If you are expected to recover, this method lists out additional but temporary costs necessary for your recovery. This ensures that your associated expenses are included until you are able to return to your former lifestyle.

These plans can be made with the help of medical, mental health, and economic professionals. Work with an experienced attorney for legal advice during your personal injury case.