Life care plan costing is billed at an hourly rate against a retainer established at the outset, with a written fee schedule and a cost estimate before work begins. The scope of the engagement, and so its cost, depends on the factors below.
How life care plan costing is billed
Present value analysis is billed at an hourly rate for plan review, modeling, report preparation, and testimony. A retainer is established at the outset and applied against time incurred. The current rate schedule and retainer terms are provided on request and confirmed in a written engagement agreement.
What sets the scope
Present value engagements are scoped to the length and structure of the plan and the number of scenarios to value. A single plan with one care scenario and an agreed life expectancy is the narrowest scope; multiple scenarios, contested life expectancy, category-specific growth rates, or a plan that is revised during the litigation widen it. We provide a written fee schedule and a cost estimate before work begins.
What drives cost
Number of line items and care categories in the plan and whether each carries its own growth rate
Number of plan scenarios to value, such as home-based and facility-based care or plaintiff and defense plans
Whether life expectancy is agreed or contested and must be modeled under alternative assumptions
Discount rate conventions that apply in the venue and whether a net discount approach is required
Coordination with the plan's author on updates and revised plans
Deposition and trial testimony, including preparation and travel time