Medical payment insurance, better known as Med Pay, is a fairly inexpensive option to add to your insurance coverage and the benefits can be quite valuable.
Many policy holders are unsure of whether they need Med Pay; others may not have sufficient coverage.
On average, you can expect to spend between $20 and $50 annually for up to $10,000 in coverage.
Med Pay works by covering costs such as medical bills, health insurance deductibles and co-payments, along with other expenses that aren’t covered by a typical health insurance plan.
Other expenses that may be covered by Med Pay include ambulance bills, chiropractic bills, dental bills, the cost of prosthetics and even funeral expenses.
In addition, Med Pay also provides coverage for you in the event of a motor vehicle accident, regardless of who’s at fault. You’ll typically enjoy coverage for yourself, family members and others passengers in your vehicle. It also provides coverage for injuries incurred as the result of a crash that occurs while walking as a pedestrian or while riding in another person’s vehicle, taxi, bus, subway or other public transportation.
Notably, there is no co-pay or deductible associated with Med Pay.
Wondering how Med Pay can provide benefits in the event of an accident? Well, let’s say you’re injured in an accident where another driver is determined to be at fault. It can take weeks or even months for the other party’s insurance to pay for your medical bills and car repairs. A
personal injury settlement can take years to come to fruition.
You’ll also face deductibles and co-pays, which must be paid out of pocket. What’s more, your insurance may not provide coverage for anyone else who was riding in your vehicle and many cannot afford to pay out of pocket for those expenses.
If you have Med Pay insurance coverage, you’ll enjoy coverage for these expenses — expenses that would otherwise be paid out of pocket, placing a significant financial burden on you and your family.
In addition, Med Pay coverage allows you to keep more of your personal injury settlement, since Med Pay will cover medical bills and other expenses up to the coverage limit that you’ve selected.
This can translate into several thousand dollars, back in your pocket.
Med Pay brings lots of significant benefits, so next time you’re speaking with your insurance agent, inquire about Med Pay insurance coverage.
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