NU Online News Service, Nov. 5, 10:25 a.m. – F. A. Richards & Associates, Inc., Mandeville, La., is offering life care planning services to insurance companies, a new service that forecasts contingencies from catastrophic illnesses and injuries.
“Life care planning is most often used for illnesses that may result in costs over $100,000,” the company says in its announcement.
FARA provides risk management and benefits administration services to insurance companies, self-insured corporations and governmental entities.
The company says its new service can help insurers more accurately project long-term medical costs and plan for the best quality of life for injured or ill employees.
“Life care planning complements ongoing medical management and vocational case management efforts by providing a clear road map for the employee’s long-term care,” says FASA. “This service yields a tremendous return on investment in the form of accurately forecasting and controlling future medical costs.
Life care plans are defendable in court and may be used in litigation, FASA adds.