When you are seriously injured in a car accident, you have many concerns and questions. Obviously, you are concerned about your health, and you have questions for your medical providers regarding your recovery and prognosis. You may also be concerned about who will help take care of your family if you are unable to do so because of your injuries. Many people are also concerned about their financial losses such as the cost of medical care and lost wages. Who will reimburse you for those expenses?
In a car accident case, you file a claim against the insurance policy of the party who caused the accident. In some cases, you may also file a claim against your insurance policy if the other driver doesn’t have sufficient insurance to cover all damages, provided you have underinsured insurance coverage. You don’t file your claim until you have recovered completely from your injuries. What happens if you are unable to make a 100 percent recovery? What happens to your car accident claim in this situation?
Actual Losses vs. Future Losses
You are entitled to ask for reimbursement of your actual losses, including medical expenses, lost income, property damage, and other out-of-pocket damages related to your injuries. If you are unable to make a full recovery, you may also be entitled to compensation for future losses. Recovery of future losses is intended to compensate you for the economic losses you expect to incur in the future because of your injuries. In most cases, medical expenses and lost income are the two main categories of future losses in car accident claims.
Future Lost Income
Your future lost income is the amount between what you would have earned if you had not been injured in the accident and what you are expected to earn now. If you are completely disabled, future lost income could be 100% of the expected amount of income you lost. In the case of partial disability where the victim can work but not earn the same income as before the injury, loss of earning capacity is used to calculate the difference between what you would have earned in the future (before your injuries) and the amount you are expected to earn given our limitations.
Several experts and professionals are called upon to help estimate your future lost income, including medical, financial, and economic experts. The calculation of future lost wages depends on many factors including:
- Your prognosis based on your medical condition and your injuries
- Your education, age, skill, and experience
- The anticipated economic forecast for your specific industry
- Your anticipated ability to rise in your chosen career to earn a higher salary had it not been for your injury
- The expected cost of living increases in income
Because future lost wages can be a substantial amount, it is best to work with an experienced New Orleans car accident attorney who has the skills, knowledge, and resources to accurately value your future lost wages claim.
Future Medical Expenses
Your future medical expenses are also speculative based on several factors. The recovery of future medical expenses is intended to compensate you for the future medical and personal care required due to your injury and level of disability.
Factors we use when calculating future lost wages include:
- Your specific injury and the level of your recovery
- Whether your condition is expected to remain the same or deteriorate over time
- The extent of medical care and personal care you require
- Anticipated increases in the cost of medical care
- The amount of your medical and personal care you are expected to pay based on health insurance, Medicare, and other benefits
Again, calculating future medical expenses is a complex undertaking the requires the use of experts. It is best to work with a New Orleans car accident attorney who has experience handling complex car accident claims involving future losses.
Call an Experienced New Orleans Car Accident Attorney for Help
If you are injured, call Attorney Fred Olinde of The Olinde Firm at (504) 587-1440 or 1-800-587-1889 to schedule a free legal consultation. Our attorneys have the experience, skills, and resources you want when you are fighting for your right to receive compensation for future losses in a car accident claim.