Initially, the idea of a quick settlement may seem optimal for those seriously affected by a recent motor vehicle collision. The sooner the insurance company pays your claim, the less stress you will have about potentially falling behind on your mortgage or having medical bills end up in collections, which will drag down your credit score.
Although many insurance companies brag about how quickly they settle claims, resolving a claim in a lump-sum settlement can sometimes put the person in need of coverage at a disadvantage. The settlement agreement absolves the insurance company of responsibility for future costs. The amount they offer has to cover not just your current bills but your future ones as well.
How do you estimate your future medical expenses?
You discuss a care plan with your doctor
The first step toward determining what your medical care will cost is the exact plan that your doctor has for your future care. Certain procedures, like surgery, could cost tens of thousands of dollars and might even exceed the policy limit for someone’s car insurance. For example, modern surgery to reduce pressure on the brain caused by a traumatic injury costs an average of $112,984.
Certain scenarios, like traumatic injuries in young children, may require multiple revision procedures in the future. Rehabilitation care after trauma care is also another expense that you have to consider. Essentially, you need to understand the care that your doctor believes you would need, including additional costs if treatment doesn’t go as well as hoped.
Generally, hospitals can provide estimates about the cost of certain treatments, and you can also research the average cost for different procedures online.
Settlements may not be enough
When you realize that you will need to have surgery and then attend several weeks of physical therapy and can actually see the estimated price tag for those services, you may view that insurance company settlement in a very different light. It is very easy to overlook certain details and special considerations when trying to handle this complex process on your own.
Having help with your insurance claim after a car crash can help you get an appropriate amount of compensation based on your future care costs.