Busting Myths on Critical Illness Insurance
Posted by Medavie Blue Cross on June 15, 2022
Busting Myths on Critical Illness Insurance
Posted by Medavie Blue Cross on June 15, 2022
Here are some of the top misconceptions about critical illness insurance:
1. It’s too expensive. Maybe it is if you buy it on your own. But, if you are a member of a Medavie Blue Cross plan that includes Optional Benefits, you can access coverage at preferred, lower group rates.
- It won’t happen to me. You never know what life may bring. Recent statistics have shown that: 9-in-10 Canadians have at least one risk factor for heart disease and stroke
- 1-in-2 Canadians will experience cancer in their lifetime
2. The health care system will pay. While government health programs typically cover many medical costs, extra costs related to a critical illness or sudden injury are not. This includes adaptive equipment, home modifications, travel and accommodations for treatment and childcare expenses. That’s not to mention potentially losing income while you are away from work to recover from an illness, an injury, or to care for a loved one.
3. I am covered by disability insurance through my employer. Even if your benefits plan includes disability coverage, in most cases it only provider a percentage of your regular pay. Plus, there is a good chance you will be facing additional expenses not part of your regular budget, as described in myth #4.
4. I need to do a medical exam. Not necessarily. There is a limited time, called the open enrolment period, when you can purchase certain coverage amounts with no medical questions asked or exams required. Ask your administrator when your open enrolment is.
5. It’s too complex and too long to set up. We have made it very simple for you. Our Optional Benefits digital platform seamlessly guides you through the entire application process, from login to purchase. You can select your coverage, calculate your rates and arrange for payment — all online. Watch this video to see how easy it is to get protected.
Medavie Blue Cross is a premier all-in-one carrier that provides health, dental, travel, life and disability benefits and administers federal and provincial government-sponsored health programs. Together with Medavie Health Services, we are part of Medavie, a health solutions partner committed to improving the wellbeing of Canadians. We are in the...