Medical payment coverage—also sometimes called MedPay or medical expense coverage—is an auto insurance policy option that can help pay for medical care for you, your passengers and other insured drivers of your vehicle in the event of an accident, no matter who is at fault. Medical payment coverage can also be used if you or a family member is injured in another car or injured as a pedestrian.
Despite its many benefits, State Farm insurance reports that nearly 1-in-4 drivers choose not to carry medical payment coverage in states where it is available. Those who decline coverage are either willing to gamble on the chances of needing it, or believe they can afford the financial consequences if they are injured in an accident.
If you have declined medical payment coverage on your auto policy or are weighing the pros and cons of coverage, we urge you to consider this information…
Expenses Covered by Medical Payment Insurance
Medical payment coverage on your auto insurance policy can help pay for reasonable and necessary medical expenses related to your accident or injury such as:
· Doctor’s office visits
· Chiropractic treatment
· Dental care
· EMT and ambulance fees
· Professional nursing care and service
Do You Need Medical Payment Coverage in Addition to Health Insurance?
Many people assume that if they already carry health insurance that medical payment coverage is not necessary. Many states do not require the coverage, but it is still recommended, even if you have health insurance.
Before you think about dropping medical payment coverage from your auto policy, consider these things:
· Limitations of your health insurance policy
· Processing time for an insurance settlement
· Risks associated with inadequate coverage
If you are injured in an accident that was not your fault and the other driver is insured, their car insurance should cover your medical expenses. However, you need to be aware that it could take months for the insurance company to process the claim and pay out. It is also possible that the payout won’t cover all your expenses. Medical payment coverage on your auto insurance policy would help cover your expenses while you wait for a settlement and protect you from out-of-pocket losses.
Your health insurance could pay for your treatment, but how much is your deductible? What is your co-pay responsibility? Do you have the cash sitting around to take care of those out-of-pocket costs? Medical payment coverage can supplement your health insurance to make sure those expenses do not burden you or your family.
Benefits of Medical Payment Coverage
Medical payment coverage carries no deductible or co-pay and kicks in immediately when you need it. For a very low premium cost (often less than $20 per year for up to $10,000 in coverage), medical payment coverage provides maximum protection and peace of mind.
No one ever plans on being in an auto accident, but it is important to protect yourself and your family in case it happens. To minimize your risks, we highly recommend talking to your insurance agent about your medical payment coverage options. For a very small investment, you can easily prevent financial strain and ensure that you can receive the medical treatment you need if you are injured in a traffic accident.
For legal questions regarding medical payment coverage on your auto insurance policy, contact Lieser Law Firm today.