Income Insurance unveils mental wellness insurance plan

Subscribers must be recommended by a psychiatrist to undergo psychotherapy.

Income Insurance Limited has introduced the industry's first standalone mental wellness insurance plan called the "SNACK Self Care Pack." 

The subscription-based plan, available for S$9.90 per month through the SNACK by Income mobile app, provides coverage for psychiatric consultations and psychotherapy sessions without the need for inpatient hospitalisation or post-hospitalisation conditions.

The launch follows the introduction of Star Secure Pro, which offers additional protection for five specific mental health conditions, including Major Depressive Disorder, Obsessive Compulsive Disorder, Schizophrenia, Bipolar Disorder, and Tourette Syndrome.

Recent data from the Ministry of Health (MOH) indicates an increased prevalence of poor mental health in Singapore, with more people willing to seek help from health professionals in 2022 compared to 2019.

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Peter Tay, Chief Digital Officer at Income Insurance, highlighted the barriers individuals face when seeking mental health treatment, including cost and uncertainty about the seriousness of their condition. 

Key features of the plan include coverage of up to S$200 per month for psychiatric consultations and up to S$500 per month for psychotherapy sessions. 

Subscribers must be recommended by a psychiatrist to undergo psychotherapy and may not be eligible for claims within 12 months unless the coverage is for a different condition.

The plan operates on a flexible monthly payment subscription model, allowing users to start and pause their coverage as needed, with claims easily made through the app.