Voluntary Benefits
Published by Trustmark Voluntary Benefits on July 19th, 2022
It’s a common misconception that if you have medical coverage, you don’t need critical illness insurance. If you get sick, your medical coverage will help you, right? Well, that's true, but it's not necessarily the full picture.
If you’re not familiar, critical illness insurance is used to help cover major conditions such as cancer, heart attack, stroke, organ transplants and other severe illnesses/conditions. There are a few reasons, though, why the idea that "my medical coverage is enough" is a myth – let’s debunk a few common misconceptions.
Myth 1: “Medical insurance will cover all my expenses.”
If you’ve ever gone to the doctor assuming your medical coverage would take care of all the expenses, but still receive a costly bill in the mail a few weeks later, you know that this isn’t the case. If you haven’t had that experience, you’re in luck, but it’s very likely you know someone who has.
Out-of-pocket medical costs are rising, putting you on the hook for more medical bills. Plus, there are a lot of expenses associated with a major medical event that aren’t covered by insurance such as gas, hotels, food, parking, and child or pet care during your recovery.
Myth 2: “I can handle the out-of-pocket costs.”
If you think the out-of-pocket costs for a simple doctor’s visit can be expensive, then imagine the cost of treatment for cancer or a heart attack. Cancer treatment is expected to average $10,000 per month for each patient and to account for more than 25% of high-cost health insurance claims by the end of 2025.1 That’s a big financial burden to shoulder, especially when you’re trying to recover from a major medical event. Critical illness insurance can lighten the load by helping cover those out-of-pocket costs.
Myth 3: “I only have to think about medical bills.”
Medical insurance is paid directly to your medical provider and applied to your bill. You don’t actually see that cash come into your checking account. Critical illness insurance pays the benefit to you, not to your medical provider, so you can use it however you see fit. That can mean you have support for medical bills or for the associated costs of treatment we mentioned above like hotels, food, modifications to your home, at home medical equipment and childcare. Those costs can easily catch you offgaurd.
Myth 4: “I’ll lose the coverage if I change employers.”
The other thing about medical insurance is that, if you get your coverage through work, you may lose it when changing jobs. You may have great medical coverage at your current employer, but if you switch jobs or career paths, the next one may offer a less robust medical plan. If you have a portable critical illness policy, though, that means that you own the policy, and it stays with you regardless of your employer. The protection you value, you can keep wherever you go and maintain that added protection for life.
Your medical coverage isn’t always enough to sustain you in the case of a major medical event. If this comes as a surprise, this may be an opportunity to look into critical illness insurance and help give yourself some peace of mind by protecting your finances.
Updated February 2025
115 stats illustrating cancer’s impact on people, employers, and health care costs. Cigna. 2025.
If you’re not familiar, critical illness insurance is used to help cover major conditions such as cancer, heart attack, stroke, organ transplants and other severe illnesses/conditions. There are a few reasons, though, why the idea that "my medical coverage is enough" is a myth – let’s debunk a few common misconceptions.
Myth 1: “Medical insurance will cover all my expenses.”
If you’ve ever gone to the doctor assuming your medical coverage would take care of all the expenses, but still receive a costly bill in the mail a few weeks later, you know that this isn’t the case. If you haven’t had that experience, you’re in luck, but it’s very likely you know someone who has.
Out-of-pocket medical costs are rising, putting you on the hook for more medical bills. Plus, there are a lot of expenses associated with a major medical event that aren’t covered by insurance such as gas, hotels, food, parking, and child or pet care during your recovery.
Myth 2: “I can handle the out-of-pocket costs.”
If you think the out-of-pocket costs for a simple doctor’s visit can be expensive, then imagine the cost of treatment for cancer or a heart attack. Cancer treatment is expected to average $10,000 per month for each patient and to account for more than 25% of high-cost health insurance claims by the end of 2025.1 That’s a big financial burden to shoulder, especially when you’re trying to recover from a major medical event. Critical illness insurance can lighten the load by helping cover those out-of-pocket costs.
Myth 3: “I only have to think about medical bills.”
Medical insurance is paid directly to your medical provider and applied to your bill. You don’t actually see that cash come into your checking account. Critical illness insurance pays the benefit to you, not to your medical provider, so you can use it however you see fit. That can mean you have support for medical bills or for the associated costs of treatment we mentioned above like hotels, food, modifications to your home, at home medical equipment and childcare. Those costs can easily catch you offgaurd.
Myth 4: “I’ll lose the coverage if I change employers.”
The other thing about medical insurance is that, if you get your coverage through work, you may lose it when changing jobs. You may have great medical coverage at your current employer, but if you switch jobs or career paths, the next one may offer a less robust medical plan. If you have a portable critical illness policy, though, that means that you own the policy, and it stays with you regardless of your employer. The protection you value, you can keep wherever you go and maintain that added protection for life.
Your medical coverage isn’t always enough to sustain you in the case of a major medical event. If this comes as a surprise, this may be an opportunity to look into critical illness insurance and help give yourself some peace of mind by protecting your finances.
Updated February 2025
115 stats illustrating cancer’s impact on people, employers, and health care costs. Cigna. 2025.
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Written by Trustmark Voluntary Benefits
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