MedPay is a coverage option provided by your auto insurance. MedPay coverage includes medical expenses that occur as a result of a car accident, regardless of who was at fault and regardless of who was driving the vehicle. MedPay typically covers you, your family, and any other passengers riding in your vehicle up to your specific MedPay policy limit (usually $5,000 or $10,000). Here are 10 reasons every policy holder should have MedPay coverage:
1. No Out-of-Pocket Medical Expenses
While MedPay has obvious advantages if you do not have health insurance, one might ask what the point of MedPay is if you have good health insurance. Most health insurance plans have co-pays, deductibles, and/or 20% co-insurance. These provisions typically require an injured person to pay some amount out-of-pocket toward their medical expenses. These out-of-pocket expenses can add up especially when you are dealing with repeated medical treatments after a car accident. Chiropractic care or physical therapy often requires many visits and a co-pay will often be charged for each of those visits. $20, $30 or $40 spread across what might be ten, twenty, or thirty visits can get pretty expensive. MedPay has no co-pay and it will typically reimburse you for 100% of your billed medical expenses related to your accident. MedPay covers 100% of your medical costs up to your MedPay limits.
2. No High Deductible
Again, someone with health insurance may feel that MedPay coverage is unnecessary or a waste of money. One advantage to having MedPay coverage on top of your health insurance coverage is the high deductibles that often come with health insurance. With the recent popularity of high deductible health plans, $3,000, $5,000 or $10,000 deductibles will be a huge blow to a person's finances. MedPay has no deductible and money dished out as MedPay can actually count toward your deductible. So, if nothing else, get Med Pay coverage to cover your health insurance deductible.
3. It covers more than traditional medical costs
Health insurance coverage is often limited. Sometimes it will not include dental, eye care, or prosthetics. MedPay covers a lot more than traditional health insurance, including but not limited to, dental coverage, prosthetics, and even funeral expenses.
4. It covers everyone in your car
One of the advantages of having MedPay coverage is that it covers everyone in your car. You may have health insurance, but what if the friends or family members riding with you do not. MedPay will cover all passengers traveling with you, family or not.
5. The premiums are very small
The premiums are very small in comparison to the coverage. Usually only $10 - $20 per year or $1 - $2 per month, will get you $5,000 - $10,000 of MedPay coverage.
6. It is cheaper than health insurance coverage
While MedPay coverage is no substitute for health insurance coverage, or for a health benefits plan, it is certainly cheaper than purchasing full blown health insurance. According to the Center for Disease Control (CDC), in 2009 over 2.3 million emergency room visits in the United States were related to a motor vehicle accident. Again, MedPay is not a substitute for health insurance coverage but it is can certainly provide peace of mind by protecting you if you are involved n a car accident and you suffer injuries.
7. Policy limits are available to each passenger
The MedPay policy limits are available to each passenger regardless of whether or not other passengers have claims. Unlike your normal policy limits that have caps per person and then an overall cap on how much can be paid out, MedPay has individual caps but no overall cap. Each passenger can independently recover the MedPay policy limits.
8. No subrogation liens
Some government and work health insurance plans can pursue a claim of reimbursement against your eventual settlement monies. Likewise a unpaid medical provider can also pursue reimbursement against your settlement monies. MedPay has no right or legal claim to reimbursement. The money is paid out for your medical expenses no questions asked and that is the end of it.
9. Coverage applies even when you or your family members are in another person's vehicle
MedPay covers you not only when you, or your family, are in your own vehicle, but also when you are in other persons vehicles, or even if you are hit by a car while walking.
10. It does not matter whether or not you are at fault for the accident
For MedPay coverage, it does not matter who caused the accident, or who is at fault. Thus you can rest assured that you and your family will be covered even if you make a mistake.
If you have been injured as a result of a car or motorcycle accident, regardless of fault, give us a call for a FREE CONSULTATION to discuss all of your options.