Reporting Future Expenses In Your Car Accident Insurance Claim
If you’ve been in a car accident and have started an insurance claim, there are so many expenses you have to take care of including a potentially significant medical bill. Hopefully your insurance will take care of these expenses, but you may not have considered reporting future costs.
Future costs are not limited to any future hospital bills. There are many future financial considerations you can report to your insurance company. It is recommended to work with a Las Vegas car accident lawyer to most accurately anticipate future and long-term expenses and losses.
Identifying Potential Future Expenses After a Car Accident
- Medical & Healthcare Expenses: Future medical treatments, rehabilitation and therapy, medications, medical equipment, and supplies.
- Long-Term & Home Care: In-home care services, nursing care, home modifications.
- Loss of Income & Earning Capacity: Lost wages, diminished earning capacity, Vocational rehabilitation.
- Non-Economic Damages: Pain and suffering, loss of enjoyment of life, loss of consortium.
- Miscellaneous & Out-of-Pocket Expenses: Travel expenses, household services, childcare.
- Legal & Professional Fees: Legal fees, Expert witness fees.
- Financial & Future Planning: Inflation Adjustments, Life care planning.
As you thoroughly document these expenses, you and your Las Vegas personal injury attorney can put together a complete insurance claim that is well-supported. In doing so, you have a better chance at receiving the compensation you deserve for your injuries, both long-term and short-term.
Gathering Comprehensive Medical Information For Insurance Claims
The first step in considering your long-term medical expenses for your insurance claim is to gather all of your medical information. To do this, start by consulting with each of the healthcare providers that care for you after the accident. This includes primary physicians, specialists, surgeons, and therapists.
Your medical records should include detailed notes on your current condition and any treatments you have had for the condition. Consult with a Las Vegas personal car accident attorney to decide when to provide your insurance company with this information. On the medical reports you will want the following:
- Diagnosis details and medical history
- List of treatments and surgeries performed
- Notes on recovery progress and any complications
Projecting Future Medical Costs For Car Accident Victims
The next important piece of evidence in securing future medical costs through your insurance claim is to provide a detailed medical prognosis from your healthcare providers. Your healthcare provider should include potential future complications, required ongoing treatments, and long-term care needs.
Consulting with different medical experts can help you acquire differing opinions on how long your medical condition will last and future challenges you may face. These opinions will be imperative when it comes to helping you estimate future medical expenses so you know how much to propose or counteroffer with on your insurance claim. Potential future medical needs may include:
- Surgical procedures
- Medications
- Therapies
- Medical equipment
- Routine and specialist visits
Calculating Loss of Earnings & Earning Capacity After An Injury
Along with estimating your future medical expenses, you will want to estimate your current and future loss of earnings. To do this you will have to assess how much impact your accident had on your ability to work. You will have to look at your work history, potential career trajectory, and the limitations your injury caused. For the most accurate results, it helps to do this process with a Las Vegas personal injury lawyer. Your lawyer will walk you through these steps to determine what your loss of earning capacity will be:
- Document Current Earnings: Gather recent pay stubs, tax returns, and employment contracts to establish your current earnings. Include all forms of income, such as bonuses, overtime, and benefits. Provide a detailed account of your employment history, including job titles, responsibilities, and tenure at each position.
- Assess Future Earnings Potential: Analyze your expected career growth and promotions if the injury had not occurred. Consider industry standards and your personal career path. Project future salary increases based on historical trends and industry averages.
- Determine The Impact Of The Injury: Use medical reports to understand the extent of your physical limitations and how they affect your ability to perform job-related tasks.
- Calculate Lost Earnings: Calculate immediate lost wages from the date of the injury to the present. Include any time missed for medical appointments and recovery. Take a look at your expected work life and determine the lost wages going forward as well. This involves estimating how long you would have continued to work and at what salary levels.
- Evaluate Diminished Earning Capacity: Consider if you need to switch to a lower-paying job due to your injury. Calculate the difference between your pre-injury and post-injury earnings. If your injury forces you to work part-time or retire early, estimate the financial impact of reduced working years or hours.
- Use Financial & Economic Analysis: Work with a financial expert to discount future lost earnings to their present value. This calculation accounts for inflation and the time value of money. Make sure you consider inflation when you look at your future income losses.
Estimating Legal Assistance & Negotiation Costs For Your Claim
Lastly, you must estimate how much it will cost you for any lawyers that help with you develop your claim or negotiate on your behalf. Las Vegas car accident lawyers typically require fees and various other expenses. The costs will vary depending on how complicated your case is, the fee structure they use, or how much experience the lawyer has. Here are some of the legal expenses you will have to consider:
- Consultation fees
- Hourly Rates
- Contingency Fees
- Retainer Fees
- Expert Witness Fees
- Mediation and Arbitration Costs
- Travel Expenses
Gather quotes from different Las Vegas car accident lawyers and use them to develop a clearer idea of how much you should add on your claim for the lawyer expenses. Remember, having a lawyer can help ensure your rights are protected and you are able to get the compensation your injuries require, so it is worth adding the costs to your insurance claim.
Secure Maximum Compensation With Our Experienced Las Vegas Personal Injury Lawyers
At Benson & Bingham, we provide legal consultation tailored to your case to make sure you get the most compensation possible for your injuries. Our experienced Las Vegas Injury Lawyers will handle all legal aspects, from gathering evidence to negotiating with insurance companies.
Contact us today for a free consultation and take the first step towards securing the justice you deserve.
Read About Our Other Secret Top Tips To Maximize Your Compensation
1. Understanding the Insurance Process: Navigating insurance claims and negotiations effectively.
2. Gathering Crucial Evidence: Tips for collecting and preserving evidence to strengthen your case.
3. Documenting Your Injuries: Importance of thorough medical documentation for maximizing compensation.
4. Negotiating with Insurance Adjusters: Techniques for achieving a favorable settlement offer.
5. Understanding Settlement Offers: Evaluating offers and knowing when to accept or negotiate further.
6. Considering Future Damages: Anticipating long-term medical expenses and future losses.
7. Avoiding Common Mistakes: Pitfalls to avoid that could jeopardize your settlement.
