Calculating your past and current medical bills and damages in a personal injury claim is important, but far more critical in determining your future losses in the form of lost wages, loss of earning capacity, and future medical expenses.
When filing a personal injury claim in Los Angeles or elsewhere in California, many people underestimate the importance of seeking compensation for future losses and damages. This is especially true if your injuries were severe, you are temporary or permanently disabled, and/or your injury has affected your ability to perform duties.
“Loss of earning capacity – if you have a severe or disabling injury and/or your earning capacity has been affected – may range between tens of thousands of dollars and millions of dollars, depending on your particular circumstances,” explains our Los Angeles personal injury attorney at the Law Offices of Howard Craig Kornberg.
Social Security disability benefits
Not only may you be eligible to receive financial compensation for the loss of earning capacity from the at-fault party and his/her insurance company, but may also qualify for Social Security disability benefits. But do not be mistaken: just because you have suffered a severe or even disabling injury does not automatically make you eligible for Social Security disability benefits.
Our best personal injury attorneys in Los Angeles explain that you might still be able to adjust to a new job without suffering the loss of earning capacity. But if, on the other hand, you are no longer capable of working in the same capacity as you were before the injury, you will most likely be able to recover the loss of future earnings damages and qualify for Social Security disability benefits.
How to determine the loss of future earnings?
But here is where it gets tricky: How do you determine the loss of future earnings and put it into a dollar amount? This is something only an experienced personal injury lawyer in Los Angeles or elsewhere in California can help you with after taking into account all the relevant factors in your particular case.
There is no magic formula to calculate your future losses with the help of some simple mathematic equations. You will need to seek the legal advice of a Los Angeles personal injury attorney in order to determine the value of your future losses.
Here are some of the factors that will be taken into account by professionals when calculating your future losses in a personal injury case:
- How severe are your injuries?
- How many months or years you will need to reach full recovery?
- If you are not expected to reach full recovery and your injuries are long-term, what are your limitations for employment after the injury?
- What is the estimated income you would have received if you were not injured?
- What is the estimated income you are expected to receive with your current injury and disability?
- Were any potential promotions or employment benefits expected in your career had you not been injured?
Here at the Law Offices of Howard Craig Kornberg, our skilled personal injury attorneys retain economic expert witnesses specializing in various occupations to help us give our clients a more accurate assessment of the above-mentioned information.
In addition to determining the loss of future earnings, the total value of recoverable future losses should include the cost of your future medical expenses, if any. In order to estimate the value of future costs, you will most likely require the testimony of a medical professional.