Should I opt for MED or PIP if…
I’m currently unemployed and I have state insurance for myself and my children.
From what I gather, MED and PIP cover hospital expenses, lost wages, and even funeral costs. Since I have free government health insurance and I’m not working, would it be better for me to choose the decline option for these?
I’m feeling a bit confused about this. My coverage has lapsed for a while, and I want to ensure I get back on track with proper insurance.
Thank you!
It’s great that you’re looking to understand your insurance options better. Here’s a breakdown:
Medical Expense Benefits (MED) and Personal Injury Protection (PIP) can provide coverage for medical bills and other expenses after an accident.
Since you have state insurance for yourself and your kids, your medical costs may already be covered. However, consider whether that coverage is sufficient and if there are gaps that MED or PIP might fill, especially for expenses not covered by state insurance.
PIP can also cover lost wages and funeral costs which might be relevant if you’re thinking about long-term implications. Even if you’re currently unemployed, having additional coverage can protect you in case of an accident.
Declining MED or PIP might be an option if you believe that your current coverage is adequate, but it’s crucial to double-check the specifics of what your state insurance covers.
If your coverage has lapsed, it might be worth contacting a local insurance agent or a representative to discuss your specific situation and evaluate what would be best for you and your family.
In summary, before making a decision, weigh the benefits of MED and PIP against your current coverage to ensure you’re fully protected.