Aflac: 6 Common Myths About Supplemental Insurance

Several myths and misconceptions exist that may have stopped people from considering supplemental insurance. Despite popular beliefs, these policies are often affordable, customizable, and easy to find a plan that makes sense to you. They can suit a variety of situations, from routine care to emergencies and extraordinary circumstances. This article will dispel six common myths surrounding supplemental insurance, highlighting the value these policies can provide.

1. Premiums are expensive

A common misconception is that supplemental insurance policies, like cancer and dental insurance, are costly. Premiums for these types of plans can be relatively low since they cover specialized situations. Affordable premiums can benefit people who want extra coverage without going over their budgets.

2. Health insurance offers enough coverage

Health insurance can help with annual checkups, hospital bills, tests, medications, and more. However, it may not cover the full cost of all medical-related expenses. Furthermore, it may exclude certain expenses and won’t help replace income in circumstances where the policyholder can’t work. Supplemental policies exist specifically to help cover these expenses. For instance, health insurance may not cover all costs associated with a hospital stay. Hospital insurance provides a cash benefit to the policyholder that can help cover extra costs.

3. One can’t get supplemental insurance outside of open enrollment

Unlike traditional health insurance plans, people may have the opportunity to apply for supplemental insurance coverage at any time of the year. There’s no need to wait for open enrollment or qualify for a special enrollment period, in some cases. For example, if one wants to apply for critical illness insurance at the beginning of the year, they have to wait until open enrollment. This means they may be able to get coverage right away. As a result, if they experience a critical illness, they may have added peace of mind knowing they’re covered. Keep in mind that some supplemental policies, like dental insurance, may require the policyholder to go through a waiting period for certain covered services after purchasing coverage. 

4. Employer-sponsored supplemental insurance is always best

Employer-sponsored supplemental insurance can offer a convenient and affordable way to consolidate insurance policies. However, the policyholder’s options are limited to what their employer offers. Even if an employer has all the policies the employee needs, they may not provide the coverage amounts or add-ons that fit one’s unique situation. The employee may benefit by shopping for private supplemental insurance outside of work. Doing so can help them customize their coverage and compare quotes to find the best rates.

5. Supplemental insurance only covers extreme situations

Some supplemental policies, like accident, critical illness, and cancer insurance, are designed for more extreme situations. However, policies like dental and vision insurance also help cover routine expenses, such as annual exams and basic procedures. 

6. All supplemental insurance policies require medical exams

Many supplemental policies, such as dental, vision, and cancer insurance, don’t require a medical exam. Others vary by insurer and coverage amount. For example, a potential policyholder may need to take a medical exam when applying for traditional life insurance. However, several policies like final expense and guaranteed issue life insurance are smaller and don’t require an exam.

The bottom line

Supplemental insurance tends to be quite affordable and helps to fill gaps in traditional health insurance coverage. Policies can help cover both routine care and extreme situations. Plus, applicants can purchase supplemental insurance outside of open enrollment and may not have to take a medical exam. 

People should evaluate their circumstances and see what types of additional insurance coverage they may need. Shop around for multiple quotes on supplemental insurance to find the best rates.

Coverage underwritten by American Family Life Assurance Company of Columbus. In New York, coverage is underwritten by American Family Life Assurance Company of New York. 

Cancer/Specified-Disease: 72200: In Delaware, Policy A72200. In Idaho, Policy A72200ID. In Oklahoma, Policy A72200OK. In Virginia, Policy A72200VA. 75000: In VA, policies A75100VA–A75300VA. B7000: In DE, Policies B70100DE, B70200DE & B70300DE. In ID, Policies B70100ID, B70200ID, B70300ID, B7010EPID, B7020EPID. In OK, Policies B70100OK, B70200OK, B70300OK, B7010EPOK, B7020EPOK. Accident: A36000: In DE, Policies A36100DE—A36400DE, & A363OFDE. In ID, Policies A36100ID–A36400ID, & A363OFID. In OK, Policies A36100OK– A36400OK, & A363OFOK. In VA, Policies A36100VA – A36400VA, & A363OFVA. 37000: In DE, Policies A371AA & A371BA. In ID, Policy A37000ID. In OK, Policy A37000OK. In VA, Policies A371AAVA & A371BAVA. Critical Illness:  

In DE, Policies A73100DE & A7310HDE. Policies B71100, B71200, B7130H & B7140H.  In OK, Policies A73100OK & A7310HOK. Policies B71100OK & B7110HOK. In VA, Policy A73100VA. 

Dental 81000: In Delaware, Policies A81100–A81400. In Idaho, Policies A81100ID–A81400ID. In Oklahoma, Policies A81100OK–A81400OK. In Virginia, Policies A81100VA–A81200VA.82000: In Delaware, Policies A82100R–A82400R. In Idaho, Policies A82100RID–A82400RID. In Oklahoma, Policies A82100ROK–A82400ROK. In Virginia, Policies A82100RVA–A82400RVA.

68000: In Arkansas, Idaho, Oklahoma, Virginia, Policies: ICC1368100, ICC1368200, ICC1368300, ICC1368400. In Delaware, Policies A68100-A68400. In New York, NY68100-NY68400. In Virginia, Policies ICC0965JTO & ICC0965JWO. 65000: In VA, Policies ICC0965JTO & ICC0965JWO. B61000: In AR, ID, OK, OR, PA, TX, & VA, Policies: ICC18B61JWO & ICC18B61JTO. In DE, Policies B61JWO, B61JTO. B6000:  In AR, ID, OK, PA, TX, & VA, Policies: ICC18B60C10, ICC18B60100, ICC18B60200, ICC18B60300, & ICC18B60400. Q6000 Whole: In AR, DE & OR, Policy Q60100M. In ID Policy Q60100MID. In OK, Policy Q60100MOK. In PA, Policy Q60100MPA. In TX, Policy Q60100MTX. Q6000 Term: In DE, Policies Q60200M. In AR, ID, OK, OR & TX, Policies ICC18Q60200M, ICC18Q60300C, ICC18Q60400C.

Coverage is underwritten by Tier One Insurance Company.

Dental claims are administered by Aflac Benefits Solutions, Inc. Vision claims are administered by EyeMed Vision Care, LLC. Hearing claims are administered by Nations Hearing. NOTICE: The coverage offered is not a qualified health plan (QHP) under the Patient Protection and Affordable Care Act (ACA) and is not required to satisfy essential health benefits mandates of the ACA. The coverage provides limited benefits. Tier One Insurance Company is part of the Aflac family of insurers.

Final Expense: Arkansas, Delaware, Idaho, Oklahoma, Oregon, Pennsylvania, Texas, & Virginia, Policies ICC21-AFLLBL21 and ICC21-AFLRPL21; and Riders ICC21-AFLABR22, ICC21-AFLADB22, and ICC21-AFLCDR22.

Content within this article is provided for general informational purposes and is not provided as tax, legal, health, or financial advice for any person or for any specific situation. Employers, employees, and other individuals should contact their own advisers about their situations. For complete details, including availability and costs of Aflac insurance, please contact your local Aflac agent. 

This is a brief product overview only. Coverage may not be available in all states including but not limited to DE, ID, NJ, NH, NM, NY, or VA. Benefits/premium rates may vary based on the plan selected. Optional riders are available at an additional cost. The policy has limitations and exclusions that may affect benefits payable. Refer to the policy for complete details, limitations, and exclusions. For costs and complete details of the coverage, please contact your local Aflac agent.

Aflac WWHQ | Tier One Insurance Company | 1932 Wynnton Road | Columbus, GA 31999  

Z2400368                                                                                                                             Exp. 5/25 

Source: Aflac

About Aflac

Aflac Inc. is an American insurance company and is the largest provider of supplemental insurance in the United States. Aflac offers voluntary insurance, or an optional layer of financial protection.


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