12700 NE 124th St #9, Kirkland, WA 98034
Medical payment coverage, commonly referred to as “Med Pay,” is one of the coverages included in your standard homeowners insurance. It is the coverage that is designed specifically to cover the cost of medical expenses for any injuries your guests sustained while they are visiting your home.
In this article, we will go over these topics:
The great thing about this coverage is that it is designed with only one purpose in mind: Help to pay for a portion of your guest's medical expenses immediately.
Med pay offers some distinctive benefits that are different than other types of liability insurance:
In the event that your guest was injured on your property, call your insurance agent and file a claim right away. With that claim number, your guest is able to seek medical help and use Med Pay within its coverage limit as payment.
Med Pay can also be used as a reimbursement tool for your guest, such as to pay for deductibles of the individual medical insurance that your guest may have. It is especially applicable if your guest has a high deductible insurance.
Standard homeowners, condo or renters insurance policy typically includes this coverage with a default limit of $1,000.
Some insurance companies offer coverage options up to $10,000 that you can purchase at an additional premium. The coverage limit options offered usually are $2,500, $5,000, $7,500, and $10,000.
With $1,000 Med Pay coverage included in your standard property policy, you will only need to pay a premium when you choose to increase your coverage limit.
The average cost to buy up to $10,000 coverage limit is usually less than $20 a year. As the additional premium is fairly inexpensive, it is highly recommended to choose a higher Med Pay coverage limit to account for the high medical expenses in our area.
Common exclusions of Med Pay are:
Every insurance company has its own guidelines for policies. We always recommend talking to your insurance agent to discuss your personal policies in detail. Working with an insurance agent is the best way to make sure you are properly covered.