How Does Colorado Medical Payments Coverage Work?
If you’ve been injured in a car accident in Denver, regaining your health should be your first priority. Colorado med pay helps you get the care you need. Once your injuries are being managed, you can focus on how you’re going to pay the medical bills for your treatment.
In most cases, some form of insurance will pay the medical bills. In Colorado, the most important type of coverage probably medical payment coverage (med-pay).
What is Medical Payment Coverage?
Med-pay provides coverage for reasonable medical expenses for you or your passengers involved in an auto accident. Since 2009, all Colorado insurance companies must offer their customers a $5,000 medical payments policy. You can opt out of this coverage but for the small amount it costs, it isn’t wise. Read on to find out why opting out of med-pay insurance can be a very costly mistake.
In Colorado, the cost of med-pay coverage averages around $5 a month for $5,000 of coverage. Of course, if you would like to purchase a greater level of coverage, you can at an additional cost. As an added benefit, there is no deductible to pay before utilizing this coverage. Most importantly, med-pay insurance does not need to be paid back out of your settlement. So you can see that med-pay is a great idea all around.
What Med-Pay Covers
Med-pay will cover any “reasonable” medical expenses, up to the coverage amount you’ve purchased. So, what is considered reasonable?
Generally speaking, med-pay will cover:
- Ambulance to hospital emergency room
- Emergency room treatment
- Diagnostic services like x-rays, MRIs, CAT scans, etc.
- Hospital stays
- Medical bills
- Presription medications
- Chiropractic care
- Physical therapy
Med-Pay and Auto Insurance Premiums
You may also be wondering if using your med-pay coverage will cause your auto insurance premiums to go up. Fortunately, that is not the case. In fact, it’s against the law for an insurer to raise your premiums for using your med-pay coverage if you were not at fault for the accident that caused the injuries. However, if you were the negligent party, your insurer can raise your premiums or even cancel your policy altogether.
If You Are Injured in Another Car
If you are riding in someone else’s vehicle and involved in an accident, Med-pay will pay for medical bills regardless of who is at fault. Of course, the driver of the vehicle you are in must have a Colorado med-pay policy.
Why You Need Med-Pay in Addition to Health Insurance
If you have health insurance, that coverage can require you to pay the co-pays and deductibles on the policy first. An ambulance ride to the hospital or a visit the emergency room can be very expensive. These costs can be difficult to pay out-of-pocket before you’re able to use your car insurance benefits. With med-pay, you can immediately utilize that coverage to pay for those costs so that you can receive the treatment you need. Receiving care as quickly as possible is also important to allow for the fastest recovery possible. Med-pay policies take the worry out of coming up with about these out-of-pocket expenses.
Possibly more importantly, if you are injured due to the negligence of an uninsured or under-insured driver, you simply can’t make a claim against that driver’s insurer. In cases such as these, med-pay coverage will help offset the amount of money that your insurance company has to pay out for your medical bills.
All of this coverage for the relatively small cost involved means that you are risking very little. Med-pay is simply an intelligent choice.
No Payback Requirement for Med-Pay
As mentioned above, a great benefit of Colorado med-pay coverage is that, in the event you need to use it, you don’t have to pay it back. Unlike other insurance payments that need to be paid back after your settlement. However, this isn’t the case with med-pay. This can mean more money in your pocket when you receive your settlement from the insurance company.