Income Insurance has unveiled a standalone mental wellness insurance plan to mark a milestone in the Singapore insurance industry.
The plan, “SNACK Self Care Pack,” is available through a monthly subscription on the SNACK by Income mobile app at SG$9.90 and offers coverage without restrictions such as inpatient hospitalization or post-hospitalization conditions. It also grants subscribers enhanced access to psychiatric consultations and psychotherapy sessions.
This introduction closely follows Income Insurance's launch of Star Secure Pro, another plan designed to provide additional protection for five mental health conditions: major depressive disorder, obsessive-compulsive disorder, schizophrenia, bipolar disorder, and Tourette’s syndrome.
The latest data from the National Population Health Survey by the Ministry of Health (MOH) reveals a concerning rise in poor mental health prevalence, increasing from 13.4% in 2020 to 17.0% in 2022. However, there's a positive shift as more people in Singapore are willing to seek help from health professionals in 2022 (56.6%) compared to 2019 (47.8%).
Developed as an “active recovery and preventive” solution to bolster mental well-being and prompt early treatment, subscribers of the plan can get coverage of up to SG$200 a month for psychiatric consultations and up to SG$500 a month for psychotherapy sessions.
Subscribers seeking reimbursement for psychotherapy sessions will require a recommendation from a psychiatrist. Those with existing mental conditions currently under psychiatric care are ineligible for a claim within 12 months unless the coverage pertains to a different diagnosis.
“Despite greater awareness and increased conversations around mental health issues today, stigma, misconceptions, and financial barriers can deter individuals from getting prompt and appropriate help. In a recent study that Income Insurance conducted last year amongst 1,000 respondents, the top two reasons that respondents cited for being reluctant to seek professional help was the cost of treatment and uncertainty around the seriousness of the condition to seek professional help. This is despite 70% of the respondents were found to have a good understanding of various mental health conditions,” said Peter Tay, Income Insurance chief digital officer.
Recently, the insurance firm was named as one of Singapore’s “systemically important” insurers by the Monetary Authority of Singapore (MAS), subjecting Income Insurance to additional supervisory measures meant to support the country’s sector through better resilience.
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