Here’s What Stay-at-home Parents And Gig Economy Workers Should Not Miss Out On
This article was written in partnership with Great Eastern for GREAT Comprehensive Care.
For many working Singaporeans, employee insurance and medical benefits provide some security in the event they fall ill—something most self-employed adults do not have the luxury of getting.
So for those who are freelancers, home-business owners, and stay-at-home parents, there are many things they are missing out on when it comes to getting protected from the unexpected.
Being a stay-at-home mum or dad
The parents of today, though very much an empowered generation, are more traditional than you’d think. As the desire for flexibility grows to become a top priority for parents of today, more parents choose to stay at home to be with their children during their most important years.
Be it by choice, or macro factors like the current economic condition, an increasing number of parents are staying at home (and work from there).
Freelancers rely on the influx of work from the gig economy. Home-business owners compete with many other businesses, be it with the big, commercial ones or other smaller ones.
On top of this, those who are not employed by companies or corporations do not get the medical benefits that cover hospitalisation, accidents and outpatient care. As self-employed adults, getting comprehensive coverage has become a responsibility to themselves and their loved ones.
The “occupational hazards”
Therefore, it is no surprise that some would even just neglect insurance coverages and healthcare plans altogether—thinking it’s just an “added expense”.
Unfortunately, having no insurance policy to fall back on when the unexpected happens could eventually add to even more financial burdens on top of the physical and psychological stress one will be in should things don’t go as planned.
As a parent, that’s the least desirable situation you want to put your family in.
While it is always good to hope for the best and keep a positive outlook in life, being prepared for the unexpected and saving for the rainy day is still a much better move for any parent who is self-employed. This is especially true in the current climate: an economic environment that directly impacts jobs not only for those in the big corporate companies, but also freelancers in the gig economy and those making a living from home.
How can self-employed workers ensure they are covered
Signing up for a health insurance policy is key to you being able to focus on the important things in life. The next step to address is “what do I need to cover?” Thankfully, there is now an insurance policy crafted with the self-employed, freelance and gig economy workers in mind: GREAT Comprehensive Care by Great Eastern.
GREAT Comprehensive Care
It’s time to #lifeproof yourself! Great Eastern now offers an insurance policy that provides coverage for hospitalisation, personal accidents and outpatient care for those who are not covered by corporate insurance policies.
Now, working harder for your family doesn’t have to be at the expense of your own health and safety.
What is GREAT Comprehensive Care
An annual renewable plan that comes in two plan types: basic and deluxe - with premiums from 73 cents a day*, or from about $22 a month.
The basic plan (from $263.22 per year) provides a daily hospital cash benefit of $100 for up to 365 days, and an additional payout of $100 a day on admission to an intensive care unit (ICU), for up to 30 days per hospitalisation. A lump sum payout of $100,000 for accidental death or total and permanent disability, or $10,000 in the event of death due to complications from COVID-19. This plan also provides an outpatient healthcare coverage of 6 teleconsultations with Doctor Anywhere^.
For added coverage, the deluxe plan is the upsized version of the basic plan that provides a cash benefit of $150 for up to 365 days, and an additional payout of $150 a day on admission to an ICU, for up to 30 days per hospitalisation. The plan also provides a lump sum payout of $150,000 for accidental death or total and permanent disability; or $10,000 for death due to COVID-19 complications. Instead of 6, the deluxe plan entitles plan holders to 12 teleconsultations with Doctor Anywhere^.
Who is it for?
If you are a Singapore Citizen, a Permanent Resident (PR), a holder of valid Employment Pass (EP holders or S Pass holders) or Dependant Pass who are aged between 16 and 65; and are residing in Singapore, you may purchase any plan under this policy.
It is that simple! As an added bonus for all theAsianparent readers, enter promo code “TAP” at checkout within the Doctor Anywhere app to receive a special discount!
Whatever your reason to choose flexibility when it comes to earning money, it doesn’t have to be at the expense of your accident and health insurance.
Learn more on you can get yourself a great coverage and how you can #lifeproof yourself for your family, visit the Great Eastern’s website.
* Daily rates are based on the annual premium of GREAT Comprehensive Care Basic, divided by 360 days and rounded off to the nearest cent.
^ Doctor Anywhere Video-Consultation Service - this benefit only covers the cost of Registered Medical Practitioner video-consultations on Doctor Anywhere platform and does not include any medical tests, treatments, medications and delivery costs.
All ages specified refer to age next birthday (ANB).
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Singapore Citizens, Permanent Residents (PRs) and holders of valid Employment Pass (EP holders or S Pass holders) or Dependant Pass who are aged between 16 and 65 (ANB); and is residing in Singapore, may purchase any plan (Basic, Deluxe) under this policy.
The above is for general information only. It is not a contract of insurance. The precise terms and conditions of this insurance plan are specified in the policy contract. It is usually detrimental to replace an existing accident and health plan with a new one. A penalty may be imposed for early plan termination and the new plan may cost more, or have less benefit at the same cost.
This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).
This is only product information provided by Great Eastern. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying health insurance products that are not suitable for you may impact your ability to finance your future healthcare needs. If you decide that the insurance coverage is not suitable after purchasing, you may terminate the coverage in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the application.
Information correct as at 10 September 2020.