It seems as though medical schemes are in decline. The fact that they are continuously limiting their benefits while the monthly premium rises is part of the reason. Most South Africans don’t like gap cover either. They view it as having to finance two medical aids, even though gap cover is not a medical aid. Small wonder then that medical cash plans have become the most popular choice. These kinds of policies pay out a cash benefit for each day you are in a hospital. A Medical Cash Plan from AIG is something to consider.
It doesn’t matter the nature of your illness or the treatment you are having. The benefits paid out range from R400 to R5 000 a day in a hospital. Some companies encourage their employees to use hospital plans as a kind of gap cover. The idea is for these medical cash plans to help with managing medical costs that existing medical aid cover doesn’t meet.
If you use a hospital cash plan, you need to know that they do have their limitations and that they come with exclusions. They certainly aren’t a replacement for a medical scheme. Even those policies that pay the highest fixed amount per day in a hospital will in all likelihood not be sufficient to cover the costs of a stint in an intensive care unit.
Another thing, it is easy to confuse insurers’ hospital cash plans with the hospital plans offered by registered medical schemes. There is significant difference in the cover you receive from the two.
Use the Cash However You Need with Medical Cash Plan from AIG
Let’s look at what a medical cash plan from AIG can offer. The AIG Hospital Cash Plan isn’t a savings plan and doesn’t have a money back option. The AIG Hospital Cash Plan pays you cash for every day you are in a hospital, whereas a medical aid pays the medical expenses directly.
- American International Group – AIG – is a leading international insurance organisation who provide life insurance and retirement services in the United States. AIG has established operations in South Africa and insure top businesses and government institutions in South Africa as well as smaller companies and many individuals.
- AIG pays up to R5,000 per day with just a few exclusions
- It isn’t a medical scheme, and the cash you receive can be used for whatever you may need
- This hospital plan pays for up to 180 days per incident.
- Cover starts as soon as you’re hospitalised
- start by paying just R85.50 each month
- the Hospital Cash Plan has different options to suit your needs – cover yourself, your spouse, yourself and your children or your whole family – up to 5 children
- pays up to R2,500 per day while you’re in hospital – double benefits up to R5,000 for each day you’re in Intensive Care
- you don’t need to answer any medical questions or have any medical tests
- maternity benefits are included
- The AIG Hospital Cash Plan provides a daily hospital benefit for both sickness and injury. It can at least remove some financial stress away from your hospital stay
When You’re Not Covered
The policy won’t cover you for – abortion, miscarriage, pre-existing illness or injuries, for stays in hospices or frail care establishments, epilepsy, diabetes, depression, AIDS and pre-existing injuries and illnesses
- the Medical Cash Plan from AIG is available to those between the ages of 18 and 65 years
- To claim from this hospital cash plan, you can call 0860-113-522. You’ll need to complete an application form and provide proof of your hospital stay.
You may not be able to afford a medical aid, but the next best thing is a hospital cash plan, but only when it comes from a reputable provider such as AIG.
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