Mental health issues like depression, anxiety, and bipolar disorder are becoming more common, with around one million Malaysians reported to suffer from depression alone. (Source:National Health and Morbidity Survey, 2023). However, the high cost of mental health care like therapy, medications, and hospital stays often makes it hard for people to get the help they need. Recently, some insurance companies in Malaysia have started to include mental health coverage in their plans, making it easier for Malaysians to afford mental health care. This article explains the options for mental health insurance in Malaysia and what they mean for people who need support.
Main Insurance Plans for Mental Health in Malaysia
For those struggling with mental health, the cost of care can be a major obstacle. With new insurance plans that cover mental health, more Malaysians can afford to get the support they need. This makes mental health care more accessible and removes some of the financial stress around getting treatment. Here are some of the key insurance plans now available in Malaysia that cover mental health care:
1. Etiqa Insurance and Takaful: IL CI Plus
- Product: Investment-Linked Critical Illness Plus (IL CI Plus)
- Details: This add-on rider can be added to certain Etiqa plans. It covers 68 critical illnesses, including mental health conditions like depression, bipolar disorder, schizophrenia, and schizoaffective disorder.
- Coverage: It allows policyholders to receive between RM1,500 and RM30,000 to help pay for consultations, medication, or hospital stays.
- Why It Matters: Etiqa’s plan was one of the first to cover mental health in Malaysia, helping people manage treatment costs.
2. AIA Malaysia: A-Plus Health Rider
- Product: A-Plus Health Medical Rider
- Details: Introduced in 2019, this plan covers conditions like depression, postpartum depression, schizophrenia, bipolar disorder, OCD, and Tourette Syndrome, allowing up to RM1,500 yearly for consultations.
- Coverage: Policyholders can use this for consultations at private or government hospitals.
- Why It Matters: AIA makes mental health care more affordable for Malaysians who need it.
3. Prudential Malaysia: PRUAll Care
- Product: PRUAll Care
- Details: Introduced in 2021, this plan covers severe depression, schizophrenia, bipolar disorder, OCD, autism spectrum disorder, Tourette Syndrome, and ADHD.
- Coverage: People with these conditions can get a lump sum payment of up to 20% of their total coverage to help cover treatment costs.
- Why It Matters: PRUAll Care covers a wide range of mental health issues, making it one of the most inclusive plans.
4. ThoughtFull and AIA Malaysia Partnership
- Service: Corporate Mental Health Support
- Details: In 2022, AIA partnered with ThoughtFull, a digital mental health platform, to offer mental health support for employees. This service includes access to coaching, wellness tools, and coverage for consultations and treatment.
- Why It Matters: This service helps companies support the mental health of their employees, which can improve well-being and productivity at work.
Challenges and Opportunities for Mental Health Insurance
While these new insurance plans are a big step forward, there are still some challenges. Most policies only cover certain conditions, and the amount provided may not be enough for people needing long-term treatment. Additionally, some people still feel hesitant to seek help because of stigma around mental health.
Still, the increased focus on mental health care across Malaysia shows positive progress. As awareness grows, insurance companies may start offering even more mental health coverage to meet demand.
Conclusion
Mental health insurance is still a new idea in Malaysia, but it is a positive step toward better well-being. For those considering mental health coverage, it’s important to read through each plan’s details and choose wisely. Speaking to an insurance expert, like Sam, can help clarify options and ensure you pick the plan that best fits your needs. Get to know more about our insurance experts on iBanding’s directory page. As more Malaysians prioritize mental health, insurance coverage may continue to improve, making it easier for people to manage both their mental and physical health.
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