Medical coverage add-ons for your auto insurance policy can complete your health plan
When you go to purchase car insurance, you will have the option of adding medical payments coverage to your policy. On the surface it may not seem necessary if you already have a health insurance policy but medical coverage can do things that your normal health insurance policy won’t cover. The first and most important step when looking into medical payments is to check your state’s laws. Some states will require that you have medical payments coverage while other will not. Other states will require that you have Personal Injury Protection, which is another form of medical coverage while it doesn’t even exist in some states. To truly understand what is going to benefit you the most, you need to start with the basics of car insurance and medical coverage and gather information from there.
The Basics: Medical Coverage and Auto Insurance
In general, you can expect medical coverage to pay for any medical bills related to a car accident. Some policies will even go so far as to pay any lost wages that build up due to injury and they can also help pay for replacement services. For example, if you normally stay home with the children all day and cook and clean, there will be a gap in your household that needs to be filled if you’re in a serious accident. Medical coverage could help pay for the cost of children’s daycare or a maid service. This doesn’t come with every policy though and it’s not something that you want to abuse.
When you buy medical coverage, you are going to purchase a certain amount of insurance. You may be tempted to buy the most cost effective policy but that may not provide the coverage amount you need. When you consider how high many medical bills are in today’s society, if you’re seriously injured $50,000 worth of insurance may not get you as far as you imagined. Don’t overextend yourself on your insurance payments but don’t skimp on coverage as well. It could put you in a precarious financial situation if something ever happened.
What’s the Difference Between Medical Payments and Personal Injury Protection?
Medical Payments Coverage
This is a more basic type of coverage than personal injury protection, also known as PIP coverage. Medical payments is only going to extend to medical bills for your and any passengers riding in your car. It can also cover a variety of things associated with medical care that your normal insurance policy won’t cover. Things such as ambulance rides, emergency room visits, your hospital stay, and lab tests can be paid for with your car insurance medical coverage. Your personal health insurance may be more restrictive in the way that it can be used and you might have a high deductible. Depending on what you purchased, medical payments can start immediately covering your bills.
Personal Injury Protection
No fault states generally require personal injury protection. Other states whose insurance laws are set up differently may or may not require PIP. Check with your insurance company to see if it’s offered. PIP is a much broader form of medical payments coverage and this is the policy that will help replace lost wages and hire replacement services. Limits can also be
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extended past the normal medical payment offerings to provide that extra coverage and peace of mind you crave. PIP will still cover any passengers in your vehicle and it will pay regardless of who caused the accident. This is why it’s a popular form in no-fault states.
Can You Combine the Two Policies?
Absolutely. In fact, as long as it’s legal, it’s probably a good idea. In any accident you get in, there will always be something that falls through the cracks and exceeds your limits. By combining these two forms of coverage, you have two safety nets. If you are in an accident, your PIP is going to kick in first and if those limits are exhausted then you will be able to use your medical payments policy to cover the remaining costs. Keep in mind that if your PIP was paying for lost wages and replacement services and you then need to switch to your medical payments policy, the coverage for those items may be discontinued. This is why it’s always a good idea to have an emergency fund built up. You never know when an accident can happen and just how severe it will be.
Medical Payments and Your Health Insurance
While medical payment coverage and PIP can provide a great amount of coverage for you and your family, you may feel that health insurance is adequate protection. Check your policy, consult a guide, speak with your insurance agent first before making any concrete decision though. If you have a high deductible health insurance plan or a high co-payment on medical services, you might want to look more closely at medical payment coverage. If you’re completely uninsured by an employer or personal health care plan, it’s essential you have some form of medical payment on your policy. Prices for medical treatment are astronomical and even if you’re
not in a serious accident, those bills can begin to add up.
On the other hand, you’re state may not require any form of medical coverage on your auto insurance policy. If you’re comfortable with your personal health insurance plan, skipping medical coverage may be a way to save money on your premiums. Although medical payments and PIP aren’t that expensive, every little bit counts. You should know that they can complement each other though. Once your health insurance limits run out, your medical payments coverage can kick in. Even a basic policy can provide that extra layer of protection.
If you aren’t sure where to start and want to know more about medical payments coverage, get in touch with your insurance agent today. By understanding how your health insurance and medical payments can work together, you can be sure you have the best form of protection on and off the road.
