Life Care Plans
If an individual has sustained a catastrophic injury where future medical care will be needed, it is important to retain the services of a certified life care planner to estimate the costs of future medical care costs.
Vocational Economics´ life care plans are developed by experienced and certified rehabilitation specialists who assess the individual´s current status and medical history through interviews and records. Our specialists individualize each case by interviewing the costs specific to that area. The specialist then synthesizes the information and identifies the services and items required to prevent further
complications, treat existing conditions, maximize functional potential, create a safe environment, and enhance quality of life. For each item, we identify the current cost and necessary frequency over the individual’s lifespan.
Economic Analyses of a Life Care Plan
Once ongoing medical care costs have been identified, they need to be presented in present or future value (depending on the jurisdiction) to account for inflation and interest rates. Economic experts at Vocational Economics evaluate the present value of life care plans, whether the plan was developed by our own care planners or by an outside planner.
A Household Services Analysis is a valuation of services performed in and around the household by the injured or deceased person. Typical adults contribute to the maintenance of a household in a number of areas: child care, lawn work, meal preparation, shopping, home and auto repair, record keeping, etc. This work naturally varies with the age and the number of children at home.
These services are obviously lost through the death of the provider, and are frequently diminished by his or her disability. When this happens, the family realizes a quantifiable economic loss, even when the duties are assumed by another family member. Vocational Economics provides analyses of the impact to the family and restates it into the replacement value of the lost services.