Canada is in the midst of a mental health pandemic. One in four Canadians report experiencing high levels of stress on most days, and nearly half said that their stress levels were worse than prior to COVID-19. Social isolation compounded with financial stress, and extra childcare responsibilities at home, have severely impacted people’s lives and contributed to the rising cases of depression, anxiety, and other mental health issues.
The cost of mental health
Mental health conditions can be expensive. Psychologists, psychiatrists, or other mental health professionals, can cost as much as $200 per session, and often that cost is neither covered nor subsidized by provincial health plans.
Lost income is another cost of mental health conditions. Stress, anxiety and depression can cause a drop in productivity, and if these conditions worsen, might result in people missing work altogether, sometimes even for a few months, or even years.
Many Canadians are not effectively prepared to handle the high cost associated with addressing their mental health challenges. But luckily there are insurance policies that can support mental health treatment.
If you have employer provided benefits, you might have coverage for mental health specialists, including licensed psychologists and psychiatrists. Usually, there is a limit to how much you can spend on these specialists, but leveraging your benefits can decrease the overall costs of addressing your mental health challenge.
If drugs are required for treatment, you might also be reimbursed, if drug coverage is part of your benefits plan.
If you don’t have group benefits, there are also individual plans for health insurance that can be purchased. These should also have some coverage for mental health specialists, along with coverage for any drugs treatment, if such treatment is required.
Disability insurance, also known as income protection coverage, is one of the most important insurance products for Canadians. It provides the policyholder with a monthly payment in case they are unable to work because of injury or illness. Stress, anxiety, depression, and other mental health conditions, are the top reasons for disability claims.
When you apply for disability insurance, you will be asked to disclose your full medical history including any diagnoses and treatment you’ve received for depression, anxiety, or other mental health-related issues. It’s important to be truthful because the insurance company could deny your claim if you failed to disclose any serious mental health challenges that you’ve experienced.
Disclosing your history of mental health-related challenges does not mean that you will be denied coverage. There could be several other outcomes:
Your application is accepted but your underlying health condition is excluded from the coverage
Your application is accepted but your pre-existing condition has limited coverage
Your application is accepted without any limitations
How to Get the Best Insurance Coverage for Mental Health
In order to receive full coverage to protect yourself against the potential loss of income resulting from mental health-related conditions, it’s best to get comprehensive disability insurance coverage before the condition develops. It’s especially important to have such coverage if you are self-employed, or the owner of a growing business, as you have both your personal and business income to protect.
Get a Quote
Get a quote today to protect yourself against loss of income. We can help you find the disability insurance coverage that’s affordable, and tailored to your needs as a self-employed Canadian.