Freelancers and self-employed individuals are often drawn to this lifestyle because it allows them to manage their own work schedules and be their own bosses. It can be said that if they feel lazy, they can skip work, but conversely, if they work hard, their income can continuously increase.

While it may seem like there are only advantages, in reality, freelancers and self-employed individuals face some significant concerns, particularly regarding benefits such as social security, which employees in companies typically receive. This lack of safety net poses a considerable risk, especially if they fall ill, as they would not only lose their income but also have to cover medical expenses.

Therefore, today MoneyGuru.co.th presents 3 insurance policies that freelancers and self-employed individuals should not overlook. Let's take a look!

3 Insurance Policies Freelancers and Self-Employed Individuals Shouldn't Overlook

Social Security Insurance

This is the first thing freelancers and self-employed individuals should consider. Social security is a benefit that the government wants to provide to those who are not salaried employees, ensuring they have some form of protection. Applying for this benefit is not difficult; one simply needs to register for Social Security under Section 40. The basic requirements are that you must be self-employed or an informal worker and be between the ages of 15 and 60. Currently, there are three options available under Section 40:

Option 1

  • Coverage for 3 cases – Pay 100 Baht per month (70 Baht from you and 30 Baht from the government). The insured will receive coverage for 3 cases: illness, disability, and death.

Option 2

  • Coverage for 4 cases – Pay 150 Baht per month (100 Baht from you and 50 Baht from the government). The insured will receive coverage for 4 cases: illness, disability, death, and old age.

Option 3

  • Coverage for 5 cases – Pay 450 Baht per month (300 Baht from you and 150 Baht from the government). The insured will receive coverage for 5 cases: illness, disability, death, old age, and child support.

Once you know this, don’t forget to register, as the benefits are quite comprehensive.

Health Insurance

As we know, freelancers and self-employed individuals must work hard, or else their income may not be sufficient for their expenses. This often leads to working long hours, sometimes to the point of illness. Given the high cost of medical care today, many people look for additional coverage beyond social security to help with medical expenses when they fall ill. This need aligns perfectly with health insurance, which provides extensive coverage for various medical treatments, such as room fees, meals, doctor fees, and medical expenses. Additionally, in cases where one cannot work, such as being ordered to rest at home by a doctor, there may be compensation available, depending on the health insurance plan chosen. Therefore, before purchasing health insurance, be sure to study the details carefully. If you have any questions, ask the insurance company for clear explanations to ensure your understanding aligns with theirs for your own benefit.

Car Insurance

As freelancers and self-employed individuals, aside from sending work online, we sometimes need to deliver work to clients' offices. If you use your personal vehicle for this, be sure to consider car insurance as well. Just because you don’t use your car often doesn’t mean you should neglect this aspect. If an accident occurs, the costs can escalate quickly. Moreover, there are various types of car insurance and premiums to choose from. If you seldom use your car, you might consider getting 2+ or 3+ car insurance, as the premiums are relatively low while still providing adequate coverage. In particular, 2+ car insurance offers coverage that is quite similar to that of level 1 insurance.

Now that you know, freelancers and self-employed individuals should keep these insurances in mind, as they can help save money and provide peace of mind during times of illness.

Thank you for the information from www.moneyguru.co.th