[Correction] Serious Injury Accidents and Insurance Company Coverage Concerns

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Article Title:

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[Correction] Serious Injury Accidents and Insurance Company Coverage Concerns

Article Description:

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A serious injury accident can leave you not only physically

injured, but can also leave you financially injured. Most of us

think that we have insurance to cover such events, and while this

is partly true...

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761 Words; formatted to 65 Characters per Line

Distribution Date and Time: Tue Feb 7 04:29:16 EST 2006

Written By: Landon Prescott

Copyright: 2006

Contact Email: mailto:landon.prescott@...

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[Correction] Serious Injury Accidents and Insurance Company Coverage Concerns

Copyright © 2006 Landon Prescott

A serious injury accident can leave you not only physically

injured, but can also leave you financially injured. Most of us

think that we have insurance to cover such events, and while this

is partly true, the insurance companies are primarily concerned

with paying as little as possible while transferring the burden

of the costs to you.

Many people do not fully understand the in's and out's of how

insurance companies really work. Insurance companies are

generally looking to improve their bottom line and thus their

stockholders shares. Let us take a look at how insurance

companies work with hospitals to save money and transfer costs to

you, the insured.

If you are in a serious injury accident and break your leg, the

insurance company will pay the hospital a percentage of the cost

to treat your broken leg. Hypothetically, if you break your leg

and decide to pay the hospital in full out of your own pocket,

the cost would be $5,000. Now most of us assume that our

insurance company pays the hospital the full $5,000, but that is

not the case. The insurance company will only pay a portion. For

example they may pay $4,000 for the procedure. This happens

because insurance companies create complex contracts with the

hospitals at a discounted rate. If the hospital does not agree

to offer a substantial discount, the insurance company will not

allow the hospital to be in their “covered network” of providers.

This means that the hospital will generally not be able to treat

any of the people covered by the insurance company. This could

potentially be thousands of patients for that hospital.

Due to the insurance companies having the upper hand in contract

negotiations with the hospitals, the hospital always negotiates

and agrees to some form of a discount. Either way, the insurance

company will always pay less than full cost for the procedure.

Depending on your insurance policy and coverage exemptions, you

will most likely be required to pay for a portion of your medical

care. This can include the deductible and any other special

circumstances. Your policy may indicate that you are responsible

for the first $1,000 of an inpatient stay (plus your deductible)

and that the insurance company will pay the remainder. These

amounts vary dependent upon your specific policy.

If your insurance company can, they will shift as much of the

costs to you as possible in a serious injury accident. This can

result in you suffering huge financial difficulties. This is even

truer if your insurance company agrees to only pay a percentage

of the cost of your treatment. For example, they may agree to pay

85% of cost. Now if you have a serious injury accident and the

bill comes to $225,000 (which is not unheard of) then you would

be responsible for $33,750 of the total bill.

If another person is at fault in your serious injury accident

then you face battling that person's insurance company. These

companies will look for quick cheap settlements (or no

settlement) and will try to take advantage of your lack of

knowledge of what you are actually entitled to receive. Another

example would be if both you and the person who is at fault have

the same insurance company. This creates a whole new, and not

uncommon, circumstance where your insurance company will try to

save money on both sides of the issue.

If you suffer from a serious personal injury, you need a

competent and experienced lawyer to watch out for your best

interests. Regardless of whether or not someone else is at

fault for your injury you need a lawyer to help you through the

process. Everyday thousands of Americans are getting a raw deal

from their insurance company and most never even realize it; they

just simply accept it as the way things work. A lawyer will help

sift through the complex insurance coverage policies and will

help you to find the parts of the policy that provide you with

the most comprehensive coverage.

When faced with a serious personal injury the last thing you

should have to worry about is how you are going to pay your

medical bills. Unfortunately, it is a reality that you need to

take steps to make sure that you will not be stuck with an

outrageous bill that your insurance company should cover. A

lawyer is the only one who is truly on your side when you are

faced with a serious personal injury, because he or she is

working for you and no one else.

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Landon Prescott writes on topics related to insurance and health.

For over 30 years H. Silvers, A Law Corporation has

handled over 10,000 accident cases, with a success rate of 98.6%.

H. Silvers, A Law Corporation is a premier <a

href=http://www.michaelhsilvers.com/>Personal

Injury Law Firm in the State of California</a>, with the highest

rating possible, that specializes only in handling car accidents,

motorcycle accidents, wrongful death cases, and other personal

injury motor vehicle accidents. http://www.michaelhsilvers.com/