The most recent data collected by the Kentucky State Police found that in a single year, there were 139,663 car accident collisions.
Those collisions ranged from minor rear-end collisions to severe rollover accidents. Each of those accidents caused some disruption for everyone involved, and most resulted in personal injury claims filed with an insurance carrier. That’s when the potential complications begin.
The goal of an insurance company is to meet its policy obligations at the bare minimum.
The less they pay out, the better it is for their bottom line. That is often why they might not dispute current medical expenses that you’ve already been billed for, but not for long-term care.
The same goes for your wages. You could easily get reimbursed for the time you missed at work while recovering from any injuries, but it might be hard to quantify your lost future earnings.
An experienced Louisville car accident attorney can help with the calculations for your settlement, ensuring it covers all your losses. The important thing to consider is that once you accept any settlement offer from an insurance company, you won’t be able to refile for additional funds.
That’s why your final number needs to be right.
What Are Lost Future Earnings in a Personal Injury Case?
It is easy to assess what you’ve lost in terms of wages when you’re recovering from a car accident. If you’re kept from work for 4 weeks, your full salary for those 4 weeks should be recovered.
What if your injury keeps you from going back to the same job at the same salary?
It might even prevent you from returning to work altogether. That is when the issue of lost future earnings comes into play.
Lost future earnings are the difference between what you could have earned before the accident and what you earn now. Often, this is an issue in accidents that cause permanent injuries such as spinal cord injuries or traumatic brain injuries.
In addition to the lost salary, future earnings can include the following:
- Promotions
- Raises
- Bonuses
- Commissions
- Benefits
- Retirement funding
These losses can apply to both traditional employees and self-employed individuals. Lost future earnings can also include missed opportunities and contracts. In order to determine the amount of lost future earnings, the following factors have to be taken into account:
- Age
- Health
- Education
- Skills
- Work history
You will also need to provide tax returns, employment records, and testimony from a vocational expert, your doctor, and a forensic accountant.
Factors That Determine Long-term Care Expenses
Certain injuries can be categorized as catastrophic. These injuries would require long-term care, and those expenses need to be considered in any settlement negotiations.
These are the key factors in determining long-term care expenses:
Severity and Type of Injury
A catastrophic injury often requires 24/7 care. That care is either provided in the home or at a long-term care facility. When this care is needed, it results in significantly higher long-term costs.
Projected Medical Needs
Not every injury is resolved by a single surgical procedure or prescribed course of physical therapy. Projected medical costs can include future surgeries, ongoing therapies, medication, and nursing care.
Life Expectancy
Insurance companies use actuarial tables to calculate a victim’s remaining lifespan. As harsh as it might seem, it will be an issue in determining these costs.
Home and Vehicle Modifications
There might be a need to modify the home by installing wheelchair ramps and widening doorways.
There could also be a need for a specialized vehicle. These also have to be taken into consideration for long-term care costs.
Finally, there is the inflation factor. Medical costs should be adjusted for inflation to ensure the settlement covers the victim’s needs years or decades into the future.
Maximizing Your Compensation for Catastrophic Injuries
Under Kentucky law, compensation may be reduced by the percentage of fault assigned to the victim. That is why it is so important to find a strong legal advocate who will fight for your rights to achieve the maximum compensation.
The attorneys at McCoy & Hiestand, PLC can make a critical difference in seeking the vital compensation for long-term care.
We have stood up for many clients whose lives were forever changed in a car accident. When it becomes clear that another driver caused their injuries, we will use all available means to ensure our clients receive the settlement they are entitled to.
That settlement has to cover what they’ve already paid out and what expenses they can anticipate in the long term.
If you or someone in your family has suffered a catastrophic injury that requires long-term care, we should talk. You can schedule a free consultation where we’ll discuss your situation and all the viable options for pursuing fair compensation. The sooner you know what should happen next, the better off you’ll be.
Call to schedule your compensation today.
