A Comprehensive Guide to Mental Wellness Insurance and Financial Support: Can You Get Coverage for Anxiety & Depression?

Private Insurance Coverage

Income Insurance

Income Insurance has made strides in addressing mental health issues with the launch of its SNACK Self Care Pack. The plan, priced at just S$9.90 per month, is designed with the goal of promoting both proactive and ongoing mental health care. For individuals with anxiety, depression, or other mental conditions, this package provides monthly coverage for psychiatric consultations (up to S$200) and psychotherapy sessions (up to S$500).

One of the attractive features of this plan is its flexibility, as it allows subscribers to pause or restart coverage as needed. However, a limitation to note is that individuals who are already diagnosed with a mental health condition and have been receiving treatment will not be eligible for claims within the first 12 months unless the claim is for a different condition. This coverage does not extend to inpatient care or any costs related to post-hospitalization services.

AIA

AIA’s Beyond Critical Care Insurance Plan (BCCIP), introduced in 2019, was a groundbreaking initiative that provided coverage for mental health conditions for the first time. With protection covering over 180 conditions, the BCCIP includes a wellness package called the Mental Wellbeing Benefit, which offers up to 20% of the coverage amount (capped at S$50,000) for serious mental illnesses like major depressive disorder (MDD), schizophrenia, and bipolar disorder. This coverage extends until the policyholder turns 75.

AIA also offers a broader range of benefits, including holistic protection against critical illnesses and a premium refund if certain criteria are met, making it a comprehensive option for those seeking more than just mental health coverage.

Great Eastern

Great Eastern provides a trio of plans that cater to mental health, including GREAT CareShield, Pay Assure, and GREAT Family Care.

• GREAT CareShield covers mental disabilities stemming from accidents, such as post-traumatic stress disorder (PTSD) and traumatic brain injuries, which can severely impact daily activities like dressing or eating.
• Pay Assure is a unique offering that helps individuals who lose their ability to work due to critical illnesses or mental conditions such as borderline personality disorder (BPD). It offers financial support for daily living expenses in such scenarios.
• GREAT Family Care is a multi-generational plan that extends its coverage to elderly family members, specifically covering mental conditions like dementia and Alzheimer’s disease.

Manulife

Manulife’s ReadyMummy plan is specifically designed for expectant mothers, addressing the unique challenges new mothers face. Postnatal depression is common among Singaporean women, affecting up to 9% of mothers. ReadyMummy covers mental conditions like anxiety, insomnia, and mood disorders from pregnancy up to three years post-birth. The plan provides support for psychiatric treatments and in-hospital care expenses, including cognitive-behavioral therapy, making it a valuable option for new mothers facing mental health challenges.

Public Insurance Coverage

In Singapore, while mental health services are covered, they are generally less comprehensive than those for physical illnesses. However, the public healthcare system does provide essential coverage for those in need of mental health care.

The Chronic Disease Management Program (CDMP) is one such program that covers major mental health conditions like anxiety and schizophrenia. The program is available at most public hospitals and clinics, as well as over 1,250 private specialist clinics.

For Singapore citizens and permanent residents, MediSave, a health savings scheme, can be used to pay for CDMP services. MediSave allows individuals to draw funds from their CPF to cover medical expenses, including those for outpatient treatments. While the CDMP provides significant savings on medical costs (up to S$700 annually), patients must pay a 15% co-payment for each claim.

Additionally, MediSave can be used to enhance coverage by upgrading to an Integrated Shield Plan. This provides a blend of basic public healthcare and coverage from private insurers for more specific treatments, including mental health services.

Mental Wellness Schemes in the Workplace

Singlife

Singlife has partnered with SG Assist to provide a financial lifeline to caregivers—a group often left out of traditional wellness programs. The CaregiverCircle initiative offers life insurance coverage to caregivers, with a benefit payout of S$100,000 if the caregiver faces terminal illness or permanent disability. To further support mental wellness, caregivers also receive a 15% lifetime premium reduction for Singlife’s CareShield plans, promoting long-term financial stability.

Chubb

In response to the growing demand for flexible work options, Chubb offers a Work From Home Insurance Plan at an affordable premium of S$38 per employee annually. The policy not only covers physical injuries like slips and falls that may occur at home but also provides up to S$500 for mental health support. This initiative recognizes the mental toll that remote work can take and offers a valuable safety net for employees.

Frequently Asked Questions (FAQs)

1. What if I sought help before but wasn’t officially diagnosed?

If you bought insurance before developing a mental illness, you may still have partial coverage, particularly if you upgrade to an Integrated Shield Plan. This will enable you to receive inpatient psychiatric care for up to 35 days in a public hospital, even without a formal diagnosis at the time of purchasing the insurance.

2. Does insurance cover therapy?

Yes, insurance can cover therapy. MediShield Life, for example, helps cover outpatient treatments, including therapies for mental health issues. Many insurers, including AIA’s BCCIP, provide benefits for therapy consultations, which can help manage conditions like anxiety and depression.

3. Can I still get coverage if I’ve been diagnosed with a mental health condition?

It depends on the insurer. MediShield Life does provide coverage for individuals who have already been diagnosed with mental health conditions. However, many private insurers still have limitations on coverage for pre-existing conditions, especially for more serious or chronic mental health disorders.