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Automobile Medical Payments Insurance—Do you have it? Should you get it?

Automobile Medical Payments Insurance is a type of coverage on your automobile policy that pays for accident related medical bills and expenses.  The coverage commonly comes in amounts of $5,000, $10,000 and $25,000.  The coverage provides automobile accident related medical benefits to you and your passengers.  There are no co-pays or deductibles so all of your medical bills from an automobile accident are covered up to the policy limit.  When you buy automobile insurance, you automatically receive the $5,000 minimum unless you specifically sign a waiver declining coverage.  We recommend that you DO NOT waive this coverage.  As a matter of fact, we recommend that you carry at least $10,000 and $25,000 is even better.  The best thing about medical payments coverage is that you can pick your own health care providers, you pay no co-pays or deductibles and the medical benefits you receive are not subject to subrogation.  Subrogation is when your insurance company demands reimbursement of the benefits it paid if you receive a personal injury settlement.  You may not know it, but all health insurance policies contain a subrogation clause which means your own health insurance carrier will have its hand out for reimbursement if you get a personal injury settlement.  With medical payments coverage, there is no subrogation. You, as the injured person, get to keep all of your settlement proceeds without having to reimburse your own insurance.   It all seems complicated, but Mann & Maximon are experts at handling these matters on your behalf.  We are automobile accident lawyers conveniently located in downtown Boulder, Colorado.  Medical Payments Insurance – yes, you should get it.

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