A Medical Cost Projection (MCP) is a determination of medical care, services including therapy, equipment, and transportation needs across a person’s life expectancy. MCPs are utilized most often by insurance companies and attorneys to set case expenses or assist in claim settlement evaluation. Our team of experts is bringing this service to those that need it most, the chronically ill, special needs, elderly and non-litigated injured community.
A MCP is an individualized cost analysis taking into account your current medical condition, your future medical needs including potential complications. This analysis uses current costs in your geographic area for services. These yearly costs are then multiplied by your estimated life expectancy. The total is then offset by your insurance or Medicare reimbursement. The final total is a dollar amount you can take to your accountant or financial planner to develop an investment plan to meet your future expenses.
The passage of the ABLE Act now allows parents of special needs children to utilize the medical cost projection off set by insurance or federal to invest money to provide care and services to be used at a later date in order to maintain their child’s life needs.
A Medical Life Care Plan is often used interchangeably with Medical Cost Projection. A Life Care Plan consists of an onsite visit and assessment. It is most often used in litigated cases.