Great Eastern’s GREAT Comprehensive Care insurance for freelancers

Freelancers, rejoice! Great Eastern has rolled out an insurance just for you. Coined as the ‘GREAT Comprehensive Care‘, it allows you to enjoy the healthcare support you need for lower than a dollar a day. Now, you can continue the flexibility you’ve always fancied without worrying about coverage.

The insurance is a policy in partnership with Doctor Anywhere. Doctor Anywhere is one of the telemedicine providers we’ve previously covered in one of our articles. Carry on reading if you’re keen to know more about the key benefits and more information about the insurance plan.

#1: KEY BENEFITS

There are three main benefits of the GREAT Comprehensive Care insurance. They are convenient outpatient care, personal accident coverage, and daily hospital cash.

Convenient outpatient care

This refers to the online video consultations with a doctor. You can benefit from up to 12 consultations via Doctor Anywhere. Say goodbye to physical queues and hello to convenience from the comfort of home, wherever that might be.

Personal accident coverage

Get the protection you need against death and Total and Permanent Disability (TPD) in the case of an accident. First up, for deaths and TPD due to an accident, you will get 100% of the sum assured as stated in your Certificate of Insurance. Next, for deaths in Singapore due to COVID-19, you will be assured 10,000 SGD.

Daily hospital cash

In short, you will receive a daily hospital allowance if required to stay in a hospital in Singapore. This only applies if you’re warded for at least 12 hours with the reason being an illness or accident that has happened within 36 hours. There’s also additional daily cash allowance if you’re admitted to the Intensive Care Unit (ICU).

Exclusions may apply.

#2: BASIC AND DELUXE PLANS

There are two plans to choose from – basic and deluxe. The key difference is in the maximum payout amount should you submit a claim. Thus, do expect to pay a different price under each plan.

Price

The basic plan starts from $264 per year while the deluxe plan from $446 per year.

Outpatient care

The basic plan allows up to six video consultations. The deluxe plan at twice the amount, at 12 video consultations. This benefit is transferable to your friends and family members. You can do so via the UPGREAT mobile app.

Hospital and surgical benefits

Under the basic plan, you will obtain a daily hospital cash amount of 100 SGD. In addition to that, if warded in the ICU, you will receive another 100 SGD per day. While for the deluxe plan, both amounts are at 150 SGD respectively.

Personal accident benefits

For deaths and TPD due to an accident under the basic plan, you will get a lump sum payout of 100,000 SGD. As for the deluxe plan, you will secure 150,000 SGD instead. Both plans provide a payout of 10,000 SGD if the death is caused by COVID-19.

#3: SCENARIO

Great Eastern has done a great job with this infographic. Take a look at the scenario created to have a better idea of how the GREAT Comprehensive Care insurance works.

GREAT Comprehensive Care insurance

Image Credits: greateasternlife.com

Check out the FAQs here. If you have more questions, contact their customer service via 6248 2112. You may also email them at [email protected].

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5 Helpful Tips On How To Work From Home

Working from home is not just an option, it is a way of life. Overhauling the way you work can either make or break your career and sanity. Follow these helpful tips to get you started:

TAXATION RULES

One of the first steps to straighten out your finances as a freelancer is to know what your filing status is. In the Singaporean tax code, there is a huge difference between employment and small business types. Knowing which one you fall under on will save you in the long run. The government judges your status based on whether you take some risk of doing business or you get a share of the profits.

For instance, you may think that you are subject to the self-employment tax as a sole proprietor of a company. However, the law may consider you as an employee if you only have one client who supervises you, dictates your regular hours, pays you per hour, and gives you benefits.

GOAL SETTING

As a freelancer, it will help to develop both long-term and short-term goals. The former helps you to create a direction, a purpose, and a will to push forward. Long-term goals enables you to improve your money management and increase your job satisfaction despite working from home. For example, in 3 years time you can expand your business to reach international clientele.

While, short-term goals give you achievable targets. These targets will help you pay the bills and track your cashflow.

DAILY SCHEDULE

From my experience of working from home, I noticed how important it is to keep everything organized. You must have time management skills and motivation to finish each task. For example, you may set defined working hours when you work from one company. Try to avoid phone calls or emails beyond your regular schedule.

It is easy to get trapped into working any time and any day when you are working from home. Devise a plan to balance out your work and personal time to maintain your sanity. Every morning, you may plan a couple of breaks such as half an hour for coffee drinking or fifteen minutes to go outside. In reality, you must pull out your body from the laptop and have brain breaks.

HEALTHY SOCIALIZATION

Working from home can be isolating for most people. When you are used to being in an office filled with lunch buddies, it can be a significant adjustment to leave everything behind. This is why you must meet others on a regular basis. Meet your clients face-to-face, socialize with a group of people who share the same hobby, or invite your office friends for dinner.

Working from home saves you from a lot of awkward and embarrassing social encounters. But, you still need to interact with others to keep your mental health in tact.

WEEKEND SANCTUARY

As you are working in the comfort of your own home, things can get mundane and exhausting. Your life can be a series of completing tasks without a weekend to look forward to. Be different!

Image Credits: unsplash.com

Allot at least two days to enjoy yourself without having to think of work. Spend time with family and friends during your weekend sanctuary. Otherwise, you are comparable to the lifestyle of graveyard or red-eyed shift workers.

Sources: 1 & 2

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Newbie’s Survival Guide To Working From Home

There are two types of perspectives that one can have about freelancers. Some people perceive working from home as a coveted dream. They are attracted with the idea of having to work in their pajamas, of avoid the long commute, and of being able to interact with their family without sacrificing income. In contrast, there are other people who view this setup as an impossible environment to be in. It is understandable! Working from home comes with varying degrees of challenges.

However, you must not lose hope. You can successfully transition from a traditional office to a flexible environment with the right strategies. That being said, here are just some tips that you may employ to transition with ease.

CREATE A DAILY SCHEDULE

Much like a traditional workplace, you must follow a daily schedule to stay on track. Set your working hours and avoid personal phone calls or emails that can distract you from your professional time.

Let us face it! It is easy to get swayed by your children or neighbors to work any time of the day. While starting at 10 am sounds exciting, you must manage your time wisely to keep your sanity in tact. Not everyone is hardwired to be well-organized and self-sufficient. So, be honest with yourself before you take this huge leap.

ASSIGN A WORKING NEST

It goes without saying that you must set aside a specific place exclusively for work. Whether it is as tiny as a storage room or as wide as your master bedroom, assigning a working nest will help your mind shift from its restful state to its stimulated state. You need to condition your mind to work despite being in your comfort zone.

More so, you may use your home office as a means to apply for formal records. You see, some institutions require you to assign a special place of business or a place to meet clients.

RETREAT WHEN NEEDED

As mechanic as day to day seems, we are no robots! Burnout can hit you at any moment. This is why you must plan your holidays. Whether you want to book a food trip in Bangkok or a Yoga retreat in Bali, you deserve to unwind.

Say you do not have the budget to travel overseas. Opt to schedule activities that will allow self-improvement instead. You may be interested in painting, pottery, or petting animals. Something that interests you can open avenues of pleasure in the future. Take it as a means to reduce the stress of being a freelancer.

SET A LINE

Last but the not the least, you must set a line between your “work-work” and your “housework”. It can be tempting to clean a dirty sink or to do the laundry, but you must do these chores outside your work hours. If you cannot fight the urge to do housework; you may use your break time. Blurring the line between work and housework can often lead to avoiding the tasks that need to be done.

Image Credits: unsplash.com

It can be scary to take the leap of faith. However, that fear will only make you stronger! What do we say to fear? Not today!

Sources: 1 & 2

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Surefire Ways To Save Money As A Freelancer

The essential benefits (e.g., health insurance or retirement contributions) indulged by the freelancers are their primary responsibility. It comes along with a variety of other expenses including operating costs. It comes with a variety of problems including late payment from clients. As a result, freelancers must save more money.

#1: EMPLOY THE ZERO-BASED BUDGETING SYSTEM

Zero-based budgeting entails telling each dollar where it is going to go. Simply put, the money that comes in (net income) minus the money that comes out (expenses) must equate to zero. How will you assign your money efficiently? Well, you must prepare for the fixed and unexpected expenses. Assign an amount to fix expenses and variable expenses first. Then, the rest of your money will be put to savings.

For instance, you earn S$4,000 a month after taxes and you spend S$3,500 on your monthly expenses. Let your extra money be transferred to your savings account. Ensure that you have somewhere to place it with each month.

#2: ASK FOR A RAISE

Say that you cannot afford to cover all your expenses or you cannot commit to your savings. Consider asking for a raise from your loyal clients.

Working with a client for a couple of years can help you prove your worth. There is no harm in asking for a raise as the worst thing that can happen is rejection. You are putting yourself if the position where you are on the present time. So, negotiate your salary. Having an increase of a few dollars per hour or per project can help you save money each month. Trust me, it will add up!

#3: PAY YOURSELF FIRST

One of the most influential factors that will enable you to save is paying yourself first. Transfer a portion of your income to your savings account to cover insurance and retirement plans. Since your income varies per month, having a cushion will help you worry less. Have a minimum savings amount to keep track of your saving goals.

Making sacrifices along the way entails that you will not have to struggle during retirement or during the next big crisis. Be responsible with your finances!

#4: AVOID CREDIT CARD DEBTS

As much as possible, you must not participate in credit card debts as it is bad for your credit score. Friends of mine who carry credit card balances pay hundreds of dollars per annum in interest alone.

Image Credits: pixabay.com

Re-frame your mind! Never purchase anything that you cannot save up for. Following this statement will help you avoid flushing down your money due to interest. Cash should go to your savings and not your debts.

Sources: 1 & 2

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How To Negotiate A Higher Pay As A Freelancer

Establishing and negotiating rates with your potential clients seems like one of the most complex or intimidating parts of freelancing. But, it does not have to be!

WEAR YOUR DETECTIVE LENSES

The first step is to do your homework.

Detectives and investigators compile evidences through careful observations and interviewing witnesses. Play the role of a “detective” by collecting as many salary information as you can. Research about the average rates for freelancers by joining online forums (e.g. Singapore Babysitter Connect) or by joining local groups (e.g. The Singapore Writers’ Group). One of the best ways to get useful information is by chatting up with hired freelancers in your area.

UPDATE YOUR PROFESSIONAL PROFILE

After researching the realistic going rates for the position that you are applying for, you must display a pleasant track record. It goes without saying that higher pay will be rewarded upon showing amazing performance at work. For instance, you shall make it a habit to collate positive reviews or references from different individuals whom you worked with. Glowing reviews from 10 parents in the local neighborhood are good additions to your tutor’s negotiating arsenal.

If you want to list the contact numbers of several references in your CV, you must ask for their permission. Boost your image by having your satisfied customers talk for you!

ASK FOR IT UPFRONT

There are many individuals who fail to initiate a pay raise during an interview and after employment. However, it is challenging to negotiate a raise if you do not ask for it. Weigh in on how much you should get paid before signing on a project with a new client.

Present a concrete figure based on your careful research and past experiences. If you act as though you are prepared to walk away from a deal unless you achieve your desired goal, your bargaining partner will be far more eager to satisfy your requirements. Most clients will agree to your desired rate or simply meet you halfway.

OFFER THE INTRODUCTORY RATE

Your potential client was impressed with your body of work, but he is hesitant to commit to your proposed higher rate at the onset. Do not give up just yet! You may offer an introductory rate for a limited amount of time.

Let us say that you clean flats every weekend. You can render your services at the friendly rate of S$17/hour during the first two weeks. If the client is happy with your performance and would like to utilize your services afterwards, he or she has to pay you S$24/hour for the succeeding weeks. Think of a rate and a time-frame, which works for your circumstance.

Image Credits: pixabay.com

Image Credits: pixabay.com

Negotiating a salary is a conversation that aims to reach an agreement with someone whose interests are not perfectly aligned with yours. Use these four strategies to help you achieve your financial goal!

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