A tool designed to estimate the lump-sum payment required to cover anticipated medical expenses associated with a work-related injury or illness. This estimation considers factors such as the nature and severity of the condition, projected treatment plans, and potential future medical costs. For instance, an individual with a permanent back injury might utilize such a tool to gauge the financial resources needed for ongoing physical therapy, medication, and potential surgeries.
Projecting these costs provides valuable insights for both employees and employers involved in settlement negotiations. Accurate cost projections facilitate informed decision-making, enabling parties to reach equitable settlements. Historically, resolving future medical expenses has been a complex aspect of workers’ compensation claims. These tools offer greater transparency and facilitate more efficient resolution processes, ultimately benefiting all stakeholders.
