Posted on Wednesday, April 2nd, 2014 at 5:27 pm
With this blog, I am providing information about medical payments insurance (which is included with automobile liability insurance in Arkansas, unless waived). It is my intention to show how important medical payments insurance is and how affordable it actually is.
What is medical payment insurance?
Medical payment insurance, sometimes referred to as medpay, is insurance that pays for the medical bills you incur because of a motor vehicle incident. Unlike some insurance coverages, medpay is available even if you are responsible for causing your injuries.
How do I know if my policy has medpay insurance?
In Arkansas, you have medical payment insurance of at least $5,000 unless you reject the coverage in writing. After reviewing our clients’ personal insurance policies, we’ve learned that many of them carry medpay coverage without even knowing it.
Why should I carry medical payment insurance?
Many medical providers refuse to bill your health insurance when a negligent driver is responsible for your injuries. Therefore, you are in a tough position immediately following the wreck: the responsible driver’s insurance company will not pay your mounting medical bills until you are completely finished with treatment, and collection agencies are ruining your credit because your health insurance also refuses to pay the bills.
Individuals without medpay must either settle their claims for much less than their actual damages, or they must watch helplessly as their credit scores plummet. On the other hand, individuals who have medical payment coverage can have their insurance company pay these bills as they are due. Thus, they ultimately receive fair compensation from the responsible driver, and they are able to protect their credit in the process.
If I use my medical payment coverage, is the negligent driver still responsible for paying my bills?
Yes. Even if your medical payment coverage satisfies all of your bills, the driver who hit you is still responsible for paying them. Therefore, you are more likely to receive full compensation for your injuries if you have medpay insurance.
Will using medical payment coverage cause my insurance rates to increase?
If you were not responsible for the injuries you sustained, your insurance rates should not increase. Like other coverages, your medpay rate may increase if you cause your injuries.
How much does medpay insurance cost?
Not much. Your monthly bill will likely increase by a few dollars, and if you are ever involved in a collision, you will find that this coverage is a valuable investment.
How do I confirm that I have medpay insurance?
Go to your insurance agent, and ask for a copy of your declarations page. Bring a copy of your declarations page to our office, and we’ll be glad to tell you whether you have this important coverage.
