Hospital

Allianz Hospital Income Protect: Your Financial Safety Net During Hospitalization

Have you ever worried about the financial impact of an unexpected hospital stay? You're not alone. Many Singaporeans are concerned about how they would manage their daily expenses if they were hospitalized for an extended period. That's where Allianz Hospital Income Protect comes in. Let's dive into the details of this comprehensive hospital cash plan and see how it can provide you with peace of mind.

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What is Allianz Hospital Income Protect?

Allianz Hospital Income Protect is a hospital cash plan designed to reduce the financial burden when you're hospitalized . It provides daily cash benefits and other valuable coverage to help you focus on recovery without worrying about the financial impact of your hospital stay.

Key Features of Allianz Hospital Income Protect

Daily Hospital Cash Benefit

Receive a daily cash payout when you're hospitalized. Benefit ranges from $100 to $300 per day, depending on your plan. Coverage for up to 750 days per accident or illness.

Double Daily Hospital Cash in ICU

Get twice the daily cash benefit if you're admitted to the Intensive Care Unit. Benefit ranges from $200 to $600 per day, depending on your plan. Coverage for up to 90 days per accident or illness.

Recuperation Benefit

Receive additional daily cash after you're discharged from the hospital. Benefit matches your Daily Hospital Cash amount. Coverage for up to 30 days per accident or illness.

Medical & Surgical Expenses

Get reimbursed for medical and surgical expenses due to an accident. Coverage ranges from $1,000 to $3,000, depending on your plan.

Ambulance / Transport Fee

$200 coverage per accident for ambulance or transport fees.

Infectious Disease Benefits

Receive a lump sum payout if you're diagnosed with an infectious disease. Benefit ranges from $200 to $600 per event, depending on your plan.

No Claim Bonus

Enjoy a 10% increase in your Daily Hospital Cash benefit each year you don't make a claim. Bonus can accumulate up to a maximum of 30%.

Why compare Allianz Hospital Income Protect with other Hospital (ISP) options through Whatins?

Traditional Approach

  • Only see options from advisor's preferred insurer
  • Limited comparison with MediShield Life integration
  • May push specific ward classes without full context

Whatins Advantage

  • Compare how different plans integrate with MediShield Life
  • See actual bill coverage differences between insurers
  • Get multiple perspectives on public vs private coverage
  • Understand ward class options across insurers

Plan Options and Premiums

Allianz Hospital Income Protect offers three plan options for adults: Silver, Gold, and Platinum. There's also a Child plan available. Here's a breakdown of the annual premiums:

For Adults (Age 18-30):

  • Silver: $235.44
  • Gold: $392.40
  • Platinum: $549.36

Premiums increase with age, with the highest age band (66-70) ranging from $1,242.60 to $2,903.76 annually.

For Children:

  • A flat rate of $78.48 annually

Monthly payment options are also available, with premiums starting from $19.62 for adults and $6.54 for children.

Who Can Apply?

To be eligible for Allianz Hospital Income Protect, you must:

  • Hold a valid Singapore identification document
  • Be between 18 and 60 years old when you first apply (up to 70 years old for renewals)
  • For children, be between 30 days and 18 years old (or up to 24 if registered as a full-time student)

Key Benefits Explained

Daily Hospital Cash

Imagine you're hospitalized for a week due to a severe case of pneumonia. With the Platinum plan, you'd receive $300 per day, totaling $2,100 for your 7-day stay . This money can help cover your daily expenses or any loss of income during your hospitalization.

Double Daily Hospital Cash in ICU

If your condition worsens and you need to spend 3 days in the ICU, your daily benefit would double. On the Platinum plan, that's $600 per day, giving you an additional $1,800 on top of your regular daily cash benefit.

Recuperation Benefit

After you're discharged, you might need time to fully recover at home. The recuperation benefit provides you with the same daily cash amount for up to 30 days, helping you focus on getting better without financial stress.

Medical & Surgical Expenses

If you're injured in an accident, this benefit helps cover your medical and surgical costs. For instance, if you break your arm and need surgery, the Platinum plan would cover up to $3,000 of your expenses.

Infectious Disease Benefit

In today's world, protection against infectious diseases is crucial. If you're diagnosed with a covered infectious disease, you'll receive a lump sum payout to help with any related expenses.

No Claim Bonus

This unique feature rewards you for staying healthy. If you don't make a claim for a year, your Daily Hospital Cash benefit increases by 10%. This can accumulate for up to three years, potentially increasing your benefit by 30%!

Important Things to Note

Waiting Period

There's a 30-day waiting period for illnesses and infectious diseases from the start of your policy. This means you can't claim for these conditions in the first month.

Pre-existing Conditions

Like most insurance policies, Allianz Hospital Income Protect doesn't cover pre-existing conditions.

Automatic Renewal

Your policy will automatically renew each year until you reach age 71, as long as you continue paying your premiums.

Non-Guaranteed Premiums

Premiums may be adjusted at renewal. Allianz will provide 30 days' notice before any changes.

Free-Look Period

You have 14 days to review your policy after receiving it. If you decide it's not right for you, you can cancel and get a full refund of premiums paid.

How Allianz Hospital Income Protect Compares

While we can't directly compare insurance products, Allianz Hospital Income Protect stands out in several ways:

  • The No Claim Bonus feature is unique , rewarding you for staying healthy
  • The plan offers coverage for a wide range of scenarios, including infectious diseases
  • The double payout for ICU stays provides extra protection when you need it most

Is Allianz Hospital Income Protect Right for You?

This plan could be a good fit if:

  • You want additional financial protection on top of your existing health insurance
  • You're concerned about loss of income during a hospital stay
  • You want coverage for both accidents and illnesses
  • You're looking for a plan that rewards you for staying healthy

However, it might not be suitable if:

  • You're over 60 and applying for the first time
  • You have pre-existing conditions that require frequent hospitalization
  • You're looking for a plan that covers outpatient treatments

Conclusion

Allianz Hospital Income Protect offers comprehensive coverage to help ease the financial burden of hospitalization . With its range of benefits and unique features like the No Claim Bonus, it provides valuable protection for individuals and families. However, as with any insurance decision, it's important to carefully consider your personal needs and financial situation.

Remember, the best insurance plan is one that fits your specific circumstances and gives you peace of mind. If you're considering Allianz Hospital Income Protect or any other hospital cash plan, it's always wise to consult with a financial advisor who can provide personalized recommendations based on your unique situation.

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