Undiagnosed, untreated, and unrecognised symptoms of depreciating mental health costs the global economy more per year than the GDP of a small to medium country. To put this into perspective, let’s look at a few statistics.
- Mental health problems are one of the main causes of the overall disease burden worldwide.
- Mental health and behavioural problems (e.g. depression, anxiety, and drug use) are reported to be the primary drivers of disability worldwide, causing over 40 million years of disability in 20 to 29-year-olds.
- Major depression is thought to be the second leading cause of disability worldwide and a significant contributor to the burden of suicide and ischemic heart disease.
- It is estimated that one in six people in the past week experienced a common mental health problem.
Quoted directly from the Mental Health Foundation, you can read more about these statistics here.
As this week is Mental Health Week in the UK, we decided that in your interest, we’d shine an industry spotlight on this worldwide issue and lay out a few pointers to ensure that you’re not seeking treatment by paying out of your pocket. At least not when you already have health insurance for everything else.
A Brief History of Mental Health
The recent pandemic pulled back the curtain on many overlooked aspects of society, from opportunities to work from home to the severe decline in mental health over the years. In efforts to seek work and life balance, society began to normalise the request to ask for help, especially in this obscure field.
Years ago, mental health therapy and awareness were limited to the deeply troubled, the criminally insane, and the rich, as laid out in a detailed study titled: The Stigma of Mental Disorders by Wulf Rössler of Zürich University in Switzerland back in 2016.
This stigma still showcases itself today, and while the general population now seeks help, the insurers are fortunately ready for this new influx of opportunity.
The question is, are you using your insurance to improve your mental health?
Most major insurers provide extensive coverage for mental health
Did you know that mental health and its treatment are considered, insured, and catered for by most major insurers?
The various policies provide basic cover for several initial sessions with registered practitioners. Some policies go even further to provide cover for medication on-script without pre-authorisation when dispensed by licensed officials.
For some, this may come as a shock. For others, this is common knowledge, and they have been reaping the benefits of these policies for years. So, where does one begin to find out whether their policies allow mental health checks? You start with fine print.
The Fine Print
Dependent on your broker and, in the same breath, your policy, you’ll find that various plans cover some ailments while discarding others.
You should remember and acknowledge that the plans vary, and due to these variations, insurers cover you for what you initially require. A broker’s duty, over and above allocating a policy to you, should address your present and future needs.
Remember that within your policy, like any legally-binding contract, the fine print is where you’ll find out exactly what you’re covered for, to what extent, and at what cost. So, again, it is up to your broker to fully explain these terms and conditions to you.
Final Thoughts
If the organisation that provides you with your insurance does not assure you of the details you require, it’s time to seek additional assistance.
At Choice Mortgages, you should know that you will speak to a real person who, before anything else, will get to know you. We believe that forming a relationship with our clients, allows you to feel comfortable and trust us. You should not be afraid of sharing medical information, but know that it will help us in assisting you and will give you complete peace of mind.
You’re not just a client; you’re a person.
Likewise, your individually-selected broker is more than just a salesperson, but someone you can turn to for help and clarity, all with personal confidentiality.
So ask us all you wish to know about your policies, mortgages, and insurance. This is what we do. We provide independent mortgage and insurance advice, and we take pride in high-quality customer service and satisfaction.
We’re here to help you, and you can contact us here for a non-obligatory consult.
