A Safe Bet, Increase your PIP limits

I have always considered buying insurance a gamble. You are betting that you will need it at some time in the future and get your money back. The insurance company is betting that you will pay enough premiums to not only cover you but also your neighbor if they have a wreck.

Kentucky, like most states requires you to have car insurance. They also set the limits of coverage. You have to have $10,000 per person in Personal Injury Protection. This pays medical bills, chiropractic bills and hospital bills for anyone who is injured in the collision.

Ten thousand dollars sounds like a lot until you consider the cost of an emergency room visit:

Ambulance $ 350
X-ray study $ 600
ER Room $ 800
MRI or CT scan $1400
Standard Prescriptions$ 200

The first day which is mostly diagnostics and minimal treatment is easily $3,350.
If you required a surgical consultation, therapy, chiropractic care or anything else it’s easy to see how fast $10,000 can go.

Here’s what some common surgical procedures cost according to Kentucky Hospital Discharge data from 2008. ^

Spinal Fusion (non-cervical) $71,491.20
Cervical Fusion $32,033.17
Spine Surgery $15,143.50
Fracture of Hip or Pelvis $ 9,260.00

That’s fast and believe me, that’s not the whole cost. You will have the bill from the anesthesiologist, the hospital, the surgeon, the physical therapist, the radiologist and several others. We see people all the time who are frustrated because their PIP is exhausted, they have additional problems and don’t have the money to have them addressed. I will be addressing some of these additional problems in future blog posts.

I called my insurance agent and got a quote to increase my PIP from the standard $10,000 to $40,000 limit. It would increase my premium by….. $40 a year. Yes, I said $40 a year.
With my health insurance I would have to pay my deductible ($1,000) and 20% of any procedure. I would have to pay at least $2,000 out of pocket for a hip fracture. I think I’ll take the $40 bet. You do the math.

It just makes sense.

Dr. Lowe

Patrick Lowe is a chiropractor in Louisville, KY. He has done extensive research and training in the diagnosis and treatment of whiplash and collision related injuries. Dr. Lowe works in the medico-legal arena helping people through a painful and often frustrating time of their lives. His office is located at 10306 Shelbyville Rd, Louisville. He can be reached at (502) 245-7334

^ http://info.kyha.com/