Trouble comes uncalled in life. We cannot deny how unexpected life is. Is there anything that keeps us prepared for unpredictable circumstances?
Yes, it is an Insurance policy.
Insurance is an umbrella term for the cost coverage of loss and damage to health, property, or automobiles.
Buying an insurance plan means you won’t need to pay a hefty amount from your pocket in case damage occurs to any of the insured things or persons.
Medical payments coverage is one such form of insurance that provides coverage to accident-related injuries to you or your family members, without concerning who is at fault.
When an accident happens, it causes both physical and mental trauma. Even if the accident is not severe, the injuries that occurred to any of the passengers in your car make a dent in your pocket, causing the stress to increase.
However, Medical payments coverage insurance will provide you financial relief by compensating for hospital bills, nursing care, and even funeral service costs if God forbid loss of life happens.
How does Medical payments coverage work? Explaining via an example
Jade, along with his friends Karl and Thomas, was traveling in his car when an overspeeding vehicle coming the wrong way hit his car. Although Jade and Thomas got minor bruises and muscle injuries due to the jerk, Karl suffered the most and sustained multiple injuries, including a fractured jaw and dislocated shoulder.
Jade’s medical payments coverage benefitted Karl, who got compensated for his medical bills through Jade’s policy.
What does MedPay cover?
There are several expenses when it comes to accidental injury. The doctor visits, labs, surgery, medical equipment, and the nursing care one may require post-hospitalization. Choosing a plan that covers most of these expenses will give you maximum financial relief.
An acceptable MedPay policy usually covers:
• Treatment by the physician
• Diagnostic tests/X-rays
• Blood and plasma
• Prostheses (splints, casts)
• Prescription and OTC drugs
• Dental care
• Nursing care
• Ambulance charges
• Funeral costs
Along with these, the insurance agent will also cover the deductibles and co-pays of your health insurance.
Who can benefit from MedPay?
Medical expenses coverage, also known as MedPay, covers you and the passengers present in your car at the time of the accident. Also, if a vehicle hits you while you are on foot, a bike, or public transport, the policy will pay for the expenses.
Comparison between Medical Payments Coverage and Personal Injury Protection (PIP)
It is easy to get confused between a Personal Injury Protection (PIP) and the MedPay coverage. The confusion may arise due to the fact that both policies pay for expenses after a car automobile accident. Both bear the cost regardless of who is at fault for the accident.
The main difference between PIP and Medpay is that you don’t have to pay a deductible amount to receive compensation from a MedPay plan. PIP, on the other hand, works only after you pay the predetermined deductible amount.
It is essential to mention here that Personal Injury Protection gives more benefits than the Medical payments plan. It also pays for rehabilitation and wage loss until you are unable to get back to work. A personal injury policy even pays for child care until you are not able to do it yourself.
Typical Cost of Medical Payments Coverage
Depending upon your financial situation and the coverage limit you consider appropriate for every person, you can select from the plans that most MedPay companies offer.
Mostly, the amount per insured varies from $1000 to $15000, but some companies give you a coverage limit of up to $25000. The amount may vary from state to state.
Consider buying a plan with higher coverage limits if your health insurance limit is low as you will otherwise be liable to pay the difference out of pocket if expenses exceed the coverage amount.
Why do you need Medical Payments coverage?
Mostly, general medical payments coverage health insurance policies do not cover accidental injuries. Even if they do, it will come at the cost of insanely high premiums or deductibles. Also, the passengers in your car will not be compensated, which is why the medical payment coverage plan is a necessity.
Above all, only MedPay can cover your expenses due to an accident where you were at fault. MedPay is an excellent option if your health insurance policy has a low limit and low coverage.
When it comes to accidental injuries, one can’t be careful enough. With the increasing healthcare costs, it will be a heavy burden for you to pay for losses and injury treatments if you and your loved ones get involved in an accident. Therefore, having a Medical Payments Coverage is worth it to save yourself from the excessive hassle.
About Ashley Rosa: Ashley Rosa is a freelance writer and blogger. As writing is her passion that why she loves to write articles related to the latest trends in technology and sometimes on health-tech as well. She is crazy about chocolates. You can find her at twitter: @ashrosa2.