Posts: 6
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Joined: Mar 2018
My workers compensation claim was made in the State of: Florida
Hi, so I'd like some assistance with regards to a potential settlement.
1) How many years out does the Ins. Co. plan on paying future medical and at what percentage? Is it something like 100% of first 5, 80% next 5, 60% next 5??? Typically, I understand companies will vary.
2) Let's say surgery is not prescribed at the moment but there is a good chance it may be some time in the future, anyone have any idea what's involved in how they factor the possible cost of that into the settlement?
Posts: 10,685
Threads: 90
Joined: Apr 2007
I don't think anyone has surveyed the carriers and self-insureds to find a standard or average medical estimating method/strategy. Most states have fee schedules that price the procedures and expenses. Of course, the single biggest factor are the doctors various projections which vary with each patient and underlying health condition coupled with the patient,s past history. Estimating an individual's future medical costs is very difficult and takes much experience.
With any settlement calculation there is always a Present Value discount factor--- which also varies according to current interest rates and the patients age as treatment may be lifetime.
I'd guess Most PVs drop the estimate 50-75% on maintenance. Big ticket items like surgery, hospitalized stations, home care, nursing, etc are handled separately by probabilities.
http://www.settlementevaluator.com
Reminder :
........Each state has their own comp system; POST YOUR STATE to get accurate information. Use the search feature to find information from similar questions.
THANKS FOR POSTING.
Posts: 10,685
Threads: 90
Joined: Apr 2007
P.S. Read thru the tutorial for more in depth look at calculations
Reminder :
........Each state has their own comp system; POST YOUR STATE to get accurate information. Use the search feature to find information from similar questions.
THANKS FOR POSTING.
Posts: 6
Threads: 2
Joined: Mar 2018
(03-23-2018, 02:21 PM)1171 Wrote: I don't think anyone has surveyed the carriers and self-insureds to find a standard or average medical estimating method/strategy. Most states have fee schedules that price the procedures and expenses. Of course, the single biggest factor are the doctors various projections which vary with each patient and underlying health condition coupled with the patient,s past history. Estimating an individual's future medical costs is very difficult and takes much experience.
With any settlement calculation there is always a Present Value discount factor--- which also varies according to current interest rates and the patients age as treatment may be lifetime.
I'd guess Most PVs drop the estimate 50-75% on maintenance. Big ticket items like surgery, hospitalized stations, home care, nursing, etc are handled separately by probabilities.
http://www.settlementevaluator.com
Interesting site, thanks.
