The carelessness of a healthcare provider can result in a future of severe hardships for the family and the child. The loss of ability to enjoy life can be immeasurable. Unfortunately, many states have placed "caps", or limits, on the recovery for this loss. The political campaign to end "frivolous" lawsuits has actually limited the cases with the most merit. While some states have ruled these types of limits to be unconstitutional, there are currently about 35 states or more that impose some form of recovery cap.
Some states have caps on non-economic damages only, or those damages that can not be measured by a precise number; but, they do not limit the amount an individual can recover for economic damages (costs for medical and other necessary expenses). Some states have "total caps", or limits on the total amount of damages, both economic and non-economic, that an individual can recover in a medical malpractice claim. Others have limited the caps to punitive damages (damages awarded to punish the wrongdoer).
Some states have also placed caps on the amount of attorneys' fees that can be charged by attorneys who file medical malpractice claims. Most of these states, however, do not place a limit on the amount of fees healthcare providers, or their insurers, may pay for legal representation. Some states require all fees to be reviewed and approved by the court, for both parties.
By far the greatest financial cost to families is the future attendant, or custodial care. That is the costs to have a nurse or other helper assist in caring for the child during the course of the child's lifetime. Dr. Bradshaw works with life care planners and other specialists to ensure a steady source of income will be available to provide the care and resources needed throughout your child's lifetime. Some clients prefer the entire compensation plan to be paid in full and placed in an account for their child. Others prefer some of the money paid into a bank account and the remainder paid over the child's lifetime, guaranteed to a minimum of 40 years even if something should happen to their child. All cases are different, and the interest rate varies from day to day and year to year. That being said, here are two example Annuity Plans.