Medical Payments Coverage in your car insurance policy is a crucial part of protecting your family.
Posted by Ben Sessions | | Uncategorized
Medical Payments Coverage in your car insurance policy is a crucial part of protecting your family. As the year comes to an end, it’s a great time to reconsider some of the financial decisions that we’re making, particularly in terms of insurance. Usually our policies come to a conclusion at the end of the year and we have to renew in January and I have done several of these videos in which I talk about uninsured motorist coverage and how you’re really need to be reevaluating your uninsured motorist coverage, make sure that you’ve got plenty of covers there. Um, make sure that it is an add on policy. That’s something that I try to make people aware of pretty much continuously, um, in my practice because I see so many people that are hurt and the at fault party doesn’t have enough insurance to cover their injuries. That is a very common thing, but there’s also another type of coverage that you should really be looking into that you, whenever you’re looking at your insurance policy, you need to consider a medical payments coverage as something that people really don’t have a lot of knowledge about.
They don’t have a lot of knowledge about how it can be used and they don’t really know for some reason how cheap it is. Nat primarily is because the agents typically don’t make us aware of it. I have never had an insurance agent went around renew my policy, talk to me about whether or not I would like to increase my medical payments coverage. I don’t think they really have a good understanding of how it plays into your life later on if you are in an accident, whether or not you are at fault or not at fault, um, if you’re not, if you’re at fault accident, medical payments coverage will still help you even though you caused your injuries. Um, so unlike the liability portion of a case, um, you don’t have to worry about whether or not you’re at fault for your medical payments covers kick in.
And for a lot of my clients, one of the biggest hurdles that they have as a result of the accident and getting treatment for the accident is how it is that they’re going to meet their deductible under the health insurance plan. Most of us have deductibles that are pretty high. Um, with the changes in health insurance coverage, we saw a lot of plans that just had really, really high deductibles that are required in order for the coverage to kick in. And for many of my clients, they’re just not banking on having to put that deductible out in a random accident. So, um, your medical payments coverage can absolutely be used to help you cover that deductible. And when I’d encourage you to do, whenever you’re reevaluating your medical payments coverage on your insurance, your auto policy, um, look at what your deductible is for your health insurance, make sure that you’ve got enough medical payments coverage to cover that deductible.
If you’ve got that and it will be cheap, it is not something that will, it’s going to cost you $100 a month or something like that. It’ll cost you around 10 to $15 a month for the lowest grade of a medical payments coverage, somewhere up to $40 a month if you’re getting the highest levels or so. So it’s not very expensive. Um, pretty good offset if you get a lot of it to health insurance coverage itself. But certainly you can buy for a really rate, um, medical payments coverage that will be sufficient to pay your deductible in the event that you are hurting an accident and that will help you whether or not you are at fault or not at fault. So it’s there for you to benefit off of. If you have any questions, feel free to call me.