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Busting the Top Myths About Supplemental Insurance

Updated: Nov 25, 2020

It’s easy to talk about the benefits of keeping covered to those who know how important insurance protection can be. But what about those who are hesitant when it comes to supplemental insurance? It’s always important to examine why people may not want what we have to offer, and to find ways to debunk the myths that circle around our industry. That is why we have compiled this short list of the top myths people have about supplemental insurance, and why they shouldn’t stop you from considering supplementing your existing insurance plans:

1) I Don’t Need It Because It Won’t Happen To Me

We call these moments “the unexpected” for a reason: no matter what protections you have in place or how well you manage your life, things can still happen. This is not meant to be scary, but the statistics show that 4 out of 10 people are treated in emergency rooms every year (National Safety Council, Injury Facts, 2014). Supplemental insurance is there to give you peace of mind that should accidents and injuries strike, you will have an option that allows you to recover while not having to worry about paying your bills or going into debt.

2) I Already Have a Major Medical Plan, I Don’t Need Anything Else

How much do you really understand about your existing coverage? The fact is that no plan covers everything: most primary medical insurance only pays a portion of your costs. Where are you finding coverage for the rest? Especially when it comes to non-medical expenses that may pile up when dealing with an injury, such as transportation costs to and from treatments, or other incidentals that arise when you or a family member needs care. Not only that, but many primary medical plans don’t start paying benefits until certain deductible or copay requirements are met. When regular household expenses still need to be paid during a loss of income due to being unable to work after an injury, these payments may be hard to keep up with in order to receive benefits at the time you need. Working with an experienced agent can help you break down where you are currently covered with your existing plans, and where there are gaps that supplemental insurance can fill.

3) My Savings Will Cover Me for Unexpected Out-Of-Pocket Payments

You may think that this will be a one-time event that you will need to pay for, but even one incident can be detrimental to your savings and lifestyle. In fact, 66% of people reporting problems paying medical bills say these were a result of a one-time or short-term medical expense, which may be something like a hospital stay or an accident (Kaiser Family Foundation/New York Times Medical Bills Survey). Medical expenses are rising all the time, and there are often non-medical expenses that add up which you would never consider or account for when trying to build your savings. Not only that, but according to the Canadian Payroll Association, 48% of Canadians report relying on each payday to cover their bills. That’s almost half of all Canadians who really can’t afford to have unexpected payments that dip into their long-term savings.

Even if you have the savings needed for these unexpected events, why would you risk draining these funds which are supposed to be there for your family and their future, especially when getting supplemental insurance can help cover these unexpected costs without needing to dip into your savings?

4) I Will Be Oversold on Coverage I Don’t Need

Insurance can seem complicated, or like you are being scared into buying things that you can’t afford. That’s where our agents come in to answer all of your insurance questions, making the process easy and giving you peace of mind that our plans are here to work for you. Supplemental insurance has a range of coverage options that our agents can sit down and explain, assessing your risks to find where the gaps are in your current coverage, and finding the perfect balance between what you need and what you can afford. We know that one plan doesn’t fit all, which is why this range of options exist to best suit each person’s individual lifestyle and coverage needs.

5) My Job and Hobbies are Physically Demanding So I Won’t Be Covered There are no exceptions for DASH plans based on your profession or recreational activities. A construction job may have more obvious dangers to it than an office setting, but there are also safety precautions in place. Awareness and prevention exists around jobs and hobbies with more risks, but accidents may still happen, just like they may happen with people when simply walking down the street or working in their homes. Accidents and injuries are often unexpected regardless of profession and activities, so we have options for everyone.

We know that insurance can be confusing and overwhelming: we’ve been there and understand why it might keep people from looking to cover themselves with supplemental insurance. That’s why our knowledgeable agents are here to answer all of your questions when it comes to insurance. We don’t want you to live your life with fear of the unexpected, but to have peace of mind that when these moments happen, you will be covered.

Contact our team today to find the coverage that will work best for you and your family, based on assessing your risks and finding the gaps in your existing coverage.

Give us a call or text 780-951-0701 or email for a free consultation.


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