Why MedPay Coverage is a Must-Have
Initially, many people think of MedPay as unnecessary. After all, few states include MedPay as an auto insurance requirement. Others see MedPay as providing the same coverage as personal health insurance. However, there are important ways that MedPay differs from health insurance. First, MedPay has no deductible, while a health insurance policy can have high co-pays and a deductible that costs thousands of dollars. MedPay also pays for many services that not all health insurance policies cover, such as dental work, prosthetics, and ambulance fees. In the case of a death, the policy even covers funeral expenses.
MedPay can also be confused with personal injury protection, or PIP, which is required in some states. While personal injury protection can also pay for some medical bills, like health insurance, PIP has a deductible. Drivers who carry both MedPay and PIP can use their MedPay benefit to cover the cost of their PIP deductible, if needed.
Drivers with MedPay can receive financial relief from the high cost of healthcare upon an accident. MedPay covers the cost of medical bills up to the coverage limit for you and your passengers if you get into an accident. MedPay covers no matter who is at fault: you or the other driver. The portability of most MedPay policies is also a great benefit; MedPay covers you whether you are driving, walking, or riding in the car with others; MedPay also covers your vehicles no matter who is driving.
The costs of MedPay are insignificant; for many drivers, around $20 a year will provide $10,000 of coverage. This cost, compared with the cost of a health insurance or PIP deductible and co-pay makes MedPay a great value. If you have a health insurance policy with a $1000 deductible and 20 percent co-pay, and you were in an accident that caused $3,000 of medical expenses, your health insurance policy would require that you paid $1400 of the expenses. With MedPay, you would be responsible for none of the expenses.
MedPay is available in different coverage levels that start at $1,000 and go up to $100,000 or more. Unlike your liability coverage, MedPay limits are per-person and not per-accident. If you had a $10,000 coverage limit and were in an accident in which five people were injured, the $10,000 of coverage would be applied to each person. Experts encourage drivers to consider the right amount of MedPay coverage; a serious accident can have significant medical bills, so a low MedPay policy may only cover a fraction of the costs. Most drivers can double or triple their MedPay coverage for a few dollars a month.
The most affordable insurance quotes are often the hardest ones to find. Drive safely and your insurance will decrease over time.
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