AIG Hospital Cash Plan
Hospital cash plans are a far better option than having no medical aid at all. They are a popular choice for lower income groups. Because of the rapidly rising health care costs, not to mention the dissatisfaction shown towards South Africa’s public health care sector, the AIG hospital cash plan is becoming a sought after option. Hospital cash plans are looked upon as affordable financial protection for injury or illness.
About the AIG Hospital Cash Plan
An AIG hospital cash plan isn’t the same as a medical aid, because while a medical aid pays specifically for the cost of medical procedures and medicines, a hospital cash plan pays you a cash amount for each day that you are in hospital. You can use the money however you want.
One of the attractive benefits of an AIG hospital cash plan is that it can make up for the loss of income you have to endure while you are in hospital. It is for this reason that a hospital cash plan is a popular choice for own-business customers. The cash payments can be anything between R1 000 to R5 000 per day, but this is determined by the plan you choose to be on.
Hospital cash plans are fairly affordable, with contributions stating in the region of R150 per month. AIG or American International Group, Inc. is an international insurance organisation serving customers in more than 100 countries. In South Africa, their hospital cash plan starts at just R1.96 per day. Some of the other things your Hospital Cash Plan will provide you with are –
● hospital cover every day for illness or accident – from day 1 up to 180 days
● the hospital cash plan is available to you and your entire family – anyone from 18 to 65 years of age
● you are covered 24 hours a day
● acceptance is guaranteed – no medical tests
● cover up to R2,500 per day
● if you’re in intensive care, you’ll be paid double – R5 000 a day
● benefits will be paid directly to the insured
● there is a maternity benefit – take note that there is a waiting period of 12 months to qualify for this benefit. You’re covered for hospitalisation for childbirth – limited to 3 days. If you give birth to twins or triplets, your payout doubles.
There are some exclusions in the AIG hospital cash plan and these are –
● HIV/AIDS and related infections
● hospices, frail care centres
● illness claims for the first 90 days are excluded
● miscarriage or abortion or other complications from childbirth
● diabetes, mental conditions and epilepsy
There are also AIG Hospital Cash Plans for Under 40s. For the person under 40 this hospital cash plan covers hospital stays caused by illness, by accidents and by maternity benefits. You are able to insure 4 groups of people – yourself, yourself and your spouse, yourself and your children or yourself, spouse and children. The plan falls away when you and your spouse turn 80 or when your kids turn 18.
One or two other things you should know –
- you can only claim for spinal injury or illness once each year
- AIG can cancel your policy if it thinks you are claiming beyond what is considered as normal.
Who can You Call on For Help?
If you’re the breadwinner and you need to spend a month in hospital, can you think of anyone who will come and feed your family and pay for electricity and water while you’re out of action? If there is no-one likely to do this, the AIG Hospital Cash Plan makes sure that both you and your family will have the cash to cover expenses during what could be a very trying time.
AIG established operations in South Africa in 1962, and with offices around the country, and a broad product range, they are waiting to show their members just how good their product offerings and services look.
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