Voluntary Benefits
Published by Trustmark Voluntary Benefits on September 20th, 2022
Everyone loves pay day. When you see that boost in your bank account, you might order a few things you’ve needed for your home, run to the store, or go out for a nice lunch. Spending your money on something less tangible, like voluntary insurance benefits, may get pushed to the side, especially if you’re a healthy person and don’t think you’ll need it. Let’s break down a few myths about what (and who) voluntary benefits are for and why they should be on your radar if offered by your employer.
Myth 1: “I don’t have any health problems; I’d be paying for benefits I won’t use.”
As much as we wish we could, nobody can predict the future. Voluntary benefits such as critical illness, accident, and hospital insurance help protect your finances if you receive an unexpected diagnosis, are suddenly sick or injured, or need to be admitted to the hospital.
Even healthy people who take care of themselves could experience one of these events at any time. Everyday activities like riding a bike, driving to the grocery store, or using a step stool, carry some level of risk that has very little to do with your overall health. On top of that, living a healthy lifestyle doesn’t guarantee that you can’t become ill with a serious illness like cancer. Two of the most common risk factors for cancer are age and genetics, neither of which you can control or are really tied to your overall health.1
Myth 2: “If I do have a medical event, I’ll be able to afford it.”
If you’ve at least conceded that one of these events COULD happen to you, your next thought may be, “If I do get sick or injured, it’ll be a one-time thing. I’m healthy, will bounce back quickly, and I can pay for one hospital visit or surgery.” While this is certainly the best-case scenario, it may not be the most realistic. If you suffer a heart attack, stroke or are diagnosed with cancer, you’re likely going to have to get familiar with hospitals and medical bills. The average cost of hospital stay is $11,700 and treatment for a heart attack can cost around $20,086, which medical insurance often doesn’t fully cover.2,3
Myth 3: “Any health event will probably be a one-off thing – healthy people recover quickly.”
You don’t always bounce back as quickly as you’d like - even if you’re young and healthy. In fact, more than half of people who receive a claim on Trustmark’s long-term care benefits are under age 65.4 Illnesses and injuries can have long recovery times which may require additional financial support. That’s where a product like universal life with long-term care could be helpful if you need additional support during recovery.
Plus, if you find yourself seriously ill or injured, you’re probably not going to be able to work for a while. Disability insurance is another voluntary benefit that is a great safety net for your paycheck. Protecting your income is important for keeping up with your regular expenses when you can’t work, especially if you have medical bills coming in due to ongoing treatment.
Myth 4: “Voluntary benefits are just for serious and expensive medical issues.”
While voluntary benefits are certainly valuable in these cases, they do have other uses. Many critical illness and hospital insurance policies include benefits for preventative health care and wellness such as regular check-ups and vaccinations, which you’re probably already doing! And a product like hospital insurance, which helps cover the costs of a hospital stay, is great for planned visits, such as a pregnancy – which you can certainly have while in good health. Other voluntary benefits like dental and vision insurance help people stay on top of their health and avoid future serious conditions.
Voluntary benefits can also include life and long-term care insurance like we mentioned above. No matter how healthy you are now, everyone ages. Life and long-term care insurance helps create a secure financial future for yourself and your family after you’re gone.
If you believed these myths about voluntary benefits, it’s okay – you’re probably not the only one! Hopefully we’ve shown you that voluntary benefits aren’t just designed for people with health issues; they’re valuable for everyone and play an important role in protecting your finances when the unexpected happens.
1“Understanding cancer risk”. Cancer.net. 2018.
2“Inpatient – Average cost, typical prices, ballpark.” Consumer Health Ratings. 2022.
3“10 medical conditions with the highest average cost per inpatient stay.” Becker’s Healthcare. Feb 2018.
4Trustmark Book of Business.
Myth 1: “I don’t have any health problems; I’d be paying for benefits I won’t use.”
As much as we wish we could, nobody can predict the future. Voluntary benefits such as critical illness, accident, and hospital insurance help protect your finances if you receive an unexpected diagnosis, are suddenly sick or injured, or need to be admitted to the hospital.
Even healthy people who take care of themselves could experience one of these events at any time. Everyday activities like riding a bike, driving to the grocery store, or using a step stool, carry some level of risk that has very little to do with your overall health. On top of that, living a healthy lifestyle doesn’t guarantee that you can’t become ill with a serious illness like cancer. Two of the most common risk factors for cancer are age and genetics, neither of which you can control or are really tied to your overall health.1
Myth 2: “If I do have a medical event, I’ll be able to afford it.”
If you’ve at least conceded that one of these events COULD happen to you, your next thought may be, “If I do get sick or injured, it’ll be a one-time thing. I’m healthy, will bounce back quickly, and I can pay for one hospital visit or surgery.” While this is certainly the best-case scenario, it may not be the most realistic. If you suffer a heart attack, stroke or are diagnosed with cancer, you’re likely going to have to get familiar with hospitals and medical bills. The average cost of hospital stay is $11,700 and treatment for a heart attack can cost around $20,086, which medical insurance often doesn’t fully cover.2,3
Myth 3: “Any health event will probably be a one-off thing – healthy people recover quickly.”
You don’t always bounce back as quickly as you’d like - even if you’re young and healthy. In fact, more than half of people who receive a claim on Trustmark’s long-term care benefits are under age 65.4 Illnesses and injuries can have long recovery times which may require additional financial support. That’s where a product like universal life with long-term care could be helpful if you need additional support during recovery.
Plus, if you find yourself seriously ill or injured, you’re probably not going to be able to work for a while. Disability insurance is another voluntary benefit that is a great safety net for your paycheck. Protecting your income is important for keeping up with your regular expenses when you can’t work, especially if you have medical bills coming in due to ongoing treatment.
Myth 4: “Voluntary benefits are just for serious and expensive medical issues.”
While voluntary benefits are certainly valuable in these cases, they do have other uses. Many critical illness and hospital insurance policies include benefits for preventative health care and wellness such as regular check-ups and vaccinations, which you’re probably already doing! And a product like hospital insurance, which helps cover the costs of a hospital stay, is great for planned visits, such as a pregnancy – which you can certainly have while in good health. Other voluntary benefits like dental and vision insurance help people stay on top of their health and avoid future serious conditions.
Voluntary benefits can also include life and long-term care insurance like we mentioned above. No matter how healthy you are now, everyone ages. Life and long-term care insurance helps create a secure financial future for yourself and your family after you’re gone.
If you believed these myths about voluntary benefits, it’s okay – you’re probably not the only one! Hopefully we’ve shown you that voluntary benefits aren’t just designed for people with health issues; they’re valuable for everyone and play an important role in protecting your finances when the unexpected happens.
1“Understanding cancer risk”. Cancer.net. 2018.
2“Inpatient – Average cost, typical prices, ballpark.” Consumer Health Ratings. 2022.
3“10 medical conditions with the highest average cost per inpatient stay.” Becker’s Healthcare. Feb 2018.
4Trustmark Book of Business.
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Written by Trustmark Voluntary Benefits
We provide innovative voluntary benefits that help our policyholders achieve greater financial security and protect what they care about most. You care. We listen.
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