Analysts say there is a growing interest in mental health insurance, but that coverage is still lacking.
SINGAPORE: Insurance companies report an increase in insurance demand. Industry analysts disagree with the inclusion of mental health coverage in policies. Options are limited, and coverage is often inadequate.
The Institute of Mental Health said that one in seven people in Singapore is a person who has had a mental disorder at some point in their life.
Most common These disorders included major depressive disorder, abuse of alcohol, and Schizophrenia.
Stressors related to COVID-19, which include the psychological impact of social distancing, have contributed to a decline in mental health.
With the World Health Organization (WHO) warning in July of a “long-term and far-reaching” impact, the pandemic has on mental health.
Last month, Masagos was appointed Minister for Social and Family Development. Zulkifli stated that approximately 13 percent of the population experienced it.
Depression and anxiety symptoms may occur between May 2020 – June 2021. The first anniversary of the pandemic.
With growing awareness of mental health issues, more people seek out insurance plans that offer mental health coverage.
AIA, which launched the first insurance policy in Singapore to cover mental illness. In January 2019, the Beyond Critical Care program’s take-up rate was 12%.
Plan rose more than 470 percent in the first half of this year. Comparable to the same period in 2020.
Policies are covered for mental illness at 20% of the policyholders Their basic plan’s coverage.
A customer with S$50,000 is available for basic plans with coverage up to S$250,000 For mental health conditions. The lifetime limit on this payout is $500,000 S$150,000
AIA stated that it had not experienced an increase in the number of claims for the five.
The plan covers mental disorders such as major depressive disorder, schizophrenia, bipolar disorder, obsessive-compulsive disorder, and Tourette’s syndrome.
Ms. Tay Jin Lin, AIA Singapore’s head for product management, and According to this proposition, more people are becoming aware of the importance of mental health issues.
It was due to the media’s focus on mental health. Coverage and efforts of the private and public sectors to destigmatize Topic, and more people are discussing it online.
She also added, “By taking the first steps to provide coverage for mental illness, we hope to get more people to recognize these qualities in our society Conditions that are legitimately medical conditions and require treatment Support.”
Devika Chowdhury – She is a professional news editor, writer, and blogger for the last 10 years. She is working with NewsGater as an off-beat news editor cum writer.