Australia
AIA Australia introduced its first program for menopausal women aged 40-55 years. The program offers rehabilitation support for mental health disorders, such as anxiety and depression. Medibank launched a low-cost health product, Healthy Living Extra, designed especially for young Australians. It costs as little as $3.45 per week and provides 24/7 mental health phone support.
EMEA
HSBC Life increased the opportunities for mental health coverage with standard terms at the application stage with no back-office underwriting or need for personal health information. Initial tests of this approach reflect a 10% increase in receiving terms for applicants disclosing a mental illness. Seventy percent of applicants disclosing mental health issues received standard terms at the application stage.
Bupa is introducing Bupa Well+, a comprehensive health and wellbeing subscription service in the UK, which offers digital solutions for prevention, diagnosis, and treatment. Customers with Bupa Well+ will have access to digital consultations with GPs, nurses, physios, and mental health specialists, as well as access to treatment support from mental health and physio programs.
In South Africa, the Vimbo App is proven to be capable of reducing the common symptoms of depression and anxiety, using proven cognitive behavioural therapy (CBT). The insurer Discovery is now making of Vimbo at the claims stage.
Asia
In the Philippines, the government is holding ongoing conversations regarding the coverage of mental health. Recently, the city government of Mati and the Philippine Health Insurance Corporation (PhilHealth) entered into an agreement to offer mental healthcare packages to members. The PhilHealth mental health package started in October 2023 with benefits of PHP9,000 and PHP16,000 per patient.
In Thailand, driven by an increase in the number of psychiatric patients, Bangkok Insurance joined forces with the Department of Mental Health campaign to raise awareness about depression. With an estimated 1.5 million Thais suffering from depression, this initiative aims to educate the public. Prudential Thailand launched the TTB Mao Mao Ultra Care Life and Health Insurance product, which is designed to provide comprehensive care for customers. The plan offers special additional care for mental health for the insured and their family members.
In Vietnam, FWD launched Care Medical Rider 3.0, which offers six protection plan options ranging from basic to advanced, and the sum assured ranges from VND 50 million to VND 3 trillion. It features dedicated support and counselling services from mental health experts through the Thoughtful app and is free of charge for a year.
Etiqa Insurance Singapore launched a new critical illness (CI) plan that offers comprehensive protection against more than 100 CI and mental health conditions across multiple stages of illnesses. The Essential Critical Secure Plan provides a monthly cash payout of up to 200% of the original sum insured.
Singlife Dementia Cover is the first insurance plan in Singapore to offer yearly payouts for individuals living with dementia and other mental health conditions – providing financial security for individuals affected by cognitive decline. The plan pays out up to S$10,000 each year for dementia and mental health conditions, such as major depressive, schizophrenia, and bipolar disorders.
Conclusion
Given their investment in research, programs, and platforms, it is evident insurers consider mental health an important issue. Their product offerings will continue to evolve as more groups of people in need of services are identified. Mental health is now regarded as one of the five pillars of health along with physical activity, nutrition, sleep, and social connections – and an important area for continued expansion of insurance coverage.