Do you understand or even know what MedPay is and what it covers? Most people don't until it's too late.
MedPay: A type of auto insurance covering medical and funeral expenses resulting from an accident for the policyholder and any passengers riding with the policyholder. MedPay also covers the policyholder for any accident in which he is a pedestrian. MedPay provides coverage regardless of who is at fault. (Investorwords.com).
For a few dollars more a month you can add this to your insurance policy. Personally I have $25,000 in MedPay (and used up most of it with my car accident).
Why?
Because....I don't want to worry about my medical bills while I'm trying to heal from my injuries!!! MedPay makes good on paying your bills. If you are hurt in a car accident it could take months before your medical bills are paid.
Here's what most people think:
MedPay is redundant to health insurance. This is not the case. Health Insurance comes with a deductible that is paid out of your pocket! MedPay comes with no deductible. Now let's look at the thousands of people who do not have Health Insurance. How important is it to have MedPay now? The cost of MedPay added to your auto insurance averages about $20.00 PER YEAR per $10,000 of coverage.
If you are involved in a car accident and accrue $10,000 in medical expenses and you turn it over to your Health Insurance to pay. The most common health coverage is 80/20 so you are looking at $2,000 out of YOUR pocket to pay for injuries that may not be your fault! Even the best health insurance may be 90/10 but that is still $1,000.00 out of your pocket.
Take that $1,000.00 you just paid for one accident. If you had taken that money and added or increased your MedPay that same $1,000 would pay for.......FIFTY (50) YEARS of MedPay! and you would not have had any out of pocket expenses.
Now here is something else to think about. MedPay doesn't have the cap on it like your policy limits. Whatever your MedPay limit is...it is for each person that it covers; so if you have $10,000 in Med Pay and three people are injured...that is $30,000.So when you are shopping insurance or trying to cut expenses dropping or reducing your MedPay is NOT THE WAY TO GO!
Knowledge is Power!
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