The Economic Cost of a Life Care Plans

Calculating the economic cost of a life care plan typically involves two steps by economists. First, after figuring out (from the life care plan) what products and services have been prescribed for the injured person, the economist will project the future cost of providing those goods and services at the perscribed times. For example, what will Prozac cost in 2014? Making this calculation usually means projecting future medical cost using historical medical inflation cost indexes for the services and products in the injured person's life care plan.

Second, in some instances the life care plan may call for the economist to make seperate cost projections on the cost of individual items. For instance, there may a service that is not neccessarily medical that the life care planner may ask the economist to value.