How Is a Lifecare Plan Determined?

A lifecare plan is a comprehensive report detailing an individual’s lifetime medical and non-medical needs due to catastrophic injury, chronic illness, or disability resulting from an accident. Legally, lifecare plans are used to establish appropriate financial compensation to cover the individual’s expenses. Lawyers collaborate with many economic experts to address an individual’s unique needs and calculate damages, including but not limited to:

• Appointments: Regular visits to healthcare providers and ongoing outpatient treatment.
• Rehabilitative care: Regular physical, occupational, and speech therapies are used to maintain or improve patients’ physical and communication abilities and help them perform daily life activities independently.
• Home care: In-home medical, nursing, and therapeutic care, personal care assistants, and other specialized home care services.
• Medications: Prescription and non-prescription medications for managing health conditions.
• Equipment and supplies: Necessary medical equipment such as hospital beds, wheelchairs, oxygen tanks, and assistive devices, along with disposable medical supplies such as bandaging or syringes.
• Transportation expenses: Costs associated with transportation to and from healthcare facilities for procedures, treatment, and regular appointments, including adapted vehicles, specialized transportation services, or vehicle modifications.
• Home modification: Necessary expenses for home modification to accommodate medical needs and conditions, such as wheelchair ramps, wider doorways, or accessible bathrooms.
• Educational and vocational expenses: Educational and retraining programs to gain new skills or adapt skills to accommodate conditions.
• Psychological support: Ongoing psychological counseling, psychiatric services, and other mental health therapies to cope with trauma and emotional impact of the accident and injuries.
• Caregiver support: Costs for training or hiring primary caregivers, including respite services to relieve primary caregivers.

How Are Lifecare Plans Used in Personal Injury Cases?

Lifecare plans are used in personal injury cases to help judges and juries understand the long-term impact and associated costs due to the injuries. Demonstrating the injuries’ severity and impact is crucial for securing fair and appropriate compensation. Lifecare plans are beneficial in personal injury cases in the following ways:

• Details current medical status and prognosis, future healthcare needs and treatments, and detailed projections of associated costs.
• Quantifies long-term needs to establish the lifetime economic impact of the injury
• Evidence for supporting non-economic damages such as pain and suffering, loss of enjoyment of life, and emotional distress based on the long-term impact of the injury.
• Expert testimony explaining the methodology and rationale behind the projections to help juries understand the full scope of needs and justify damages to maintain quality of life
• Substantiates financial claims documented and supported by expert analysis.
• Strengthens the plaintiff’s position during negotiation through expert testimony and detailed projections.
• Increases settlement offers from insurance companies
• Expert testimony and analysis help the jury understand the full impact of injuries, leading to higher verdicts.
• Provides evidence, detailed documentation, and analysis critical in upholding or increasing compensation on appeal.

How Do Economic Consultants Help in Personal Injury Cases?

Economic consultants are pivotal in lifecare planning to establish accurate compensation in personal injury cases. There are numerous ways economic consultants assist in personal injury cases, such as:

• Calculate and valuate detailed present and future expenses through current and anticipated future costs of lifetime healthcare services.
• Apply discount rates to adjust future costs to present-day value to determine necessary compensation for future expenses, accounting for inflation rates, interest rates, and investment returns.
• Analyze inflation and cost-of-living adjustments through economic modeling and historical data to predict increased healthcare service costs.
• Calculate current and future lost wages and employment benefits.
• Analyze and advise regarding the benefits of structured settlements versus lump-sum payments to ensure future needs are met consistently over time.
• Consider life expectancy to determine the time costs are expected to be incurred.
• Provide expert testimony explaining the methodologies for calculating future costs and economic impact to persuade judges to accept the presented financial assessments.
• Provide evidence and analysis supporting sought compensation during settlement negotiations and counteract low settlement offers.
• Assess economic risks potentially affecting future values, such as economic downturns and changes in healthcare costs.
• Prepare comprehensive reports detailing analyses, methodologies, and conclusions to support the financial aspects of lifecare plans.

The Dallas Economic Experts at Thomas Roney LLC Provide Detailed Services for Lifecare Planning in Personal Injury Cases

Our Dallas economic experts at Thomas Roney LLC have extensive experience assisting attorneys nationwide, providing exceptional present-day assessment and valuation services for lifecare plans. To learn more about our services or schedule a free consultation, call 817-733-6333 or contact usonline. Located in Fort Worth, Dallas, and Houston, Texas, and Atlanta, Georgia, we also serve clients in Denver, Colorado, Louisville, Kentucky, and Nashville, Tennessee.