Why is therapy so expensive?
Heyy bestie!
I hope you're taking care of yourself. I've been thinking a lot about mental health lately and wanted to share some thoughts with you. It's something we all need to pay more attention to, and I hope our conversation this month can help shed some light on how we can better support ourselves and each other.
Here’s what’s in store for you:
Monthly Market Review - July 2024
Why Is Therapy So Costly?
Mental Health Insurance In India
Binge Of The Month
Extraordinary Info within 4 mins
‘Sup with the market
The Indian stock market was all over the place in July. Key indices showcased differing trajectories, oscillating with investor confidence and sectoral shifts. Some sectors soared, while others fell, giving quite a mixed performance. The BSE Sensex climbed 2.85%, but Nifty 50 did even better with a 3.35% boost. 📊📈
Navigating these ups and downs means keeping your investments diversified. It’s the best way to manage risks and grab those opportunities when they come your way.💡📉
Accessibility of Mental Health Care in India ft Ekta💼
Mental health care accessibility in India faces significant hurdles. Numerous factors stop people from seeking mental health support and I felt it’s best if I let a professional convince you. So, I’ve brought in Ekta (y’all might know her as @ektadb_speaks) to shed some light on the topic, and here’s what she has to say:
Stigma Around Seeking Mental Health Help
Stigma remains a major barrier to accessing mental health care, with many people fearing judgment and keeping their struggles hidden. Most people who struggle, fear societal judgment and don't want others to know. We've been conditioned to hide our tough times, masking our pain with smiles. This reluctance to seek help is rooted in the fear of being perceived as weak or unstable, leading them to suffer in silence. Breaking this stigma through education and open conversations can help normalize therapy and encourage more people to seek the support they deserve.
Why Therapists Are Better Than Friends
While friends provide valuable support, therapists offer a level of expertise and impartiality that friends simply can’t match. Therapists use specialized frameworks and techniques to help individuals navigate their unique, complex emotional issues and make informed decisions. They provide unbiased professional guidance, creating a safe space for self-discovery and growth. Investing in therapy can lead to more effective, long-term solutions for mental health challenges.
Why Is Mental Health Care So Expensive?
There are just 0.2 psychiatrists per 100,000 people in India, far below the global median of 3 per 100,000, with similarly low numbers for psychologists, social workers, and mental health nurses. This severe shortage of qualified professionals, combined with underdeveloped mental health services in many regions, drives up costs. Additionally, many therapists work in private practice, which means higher fees to cover their operational expenses and specialized training. The gap between the high demand for mental health services and the limited supply of professionals further exacerbates the cost issue.
Mental Health Insurance in India 🧠💡
A recent survey by a private mental health practice reveals that about 60% of people cite cost as the biggest barrier to seeking help. Let's explore how insurance can (and sometimes can't) bridge this gap.
The Law📜
The Mental Healthcare Act of 2017 was a game changer, making it mandatory for insurance companies to cover mental illnesses. However, the COVID-19 pandemic worsened mental health issues, leading the Insurance Regulatory and Development Authority of India (IRDAI) to enforce mental illness coverage in insurance policies from October 1, 2022.
Inpatient vs. Outpatient Coverage 🏥
Here’s where things get tricky. Most health insurance plans in India cover inpatient care, but mental health often requires outpatient treatments like therapy and counseling. Outpatient mental health treatment is typically only covered during hospitalization and the post-hospitalization period. So, when picking a health insurance policy, carefully check the specifics of mental health coverage it provides.
Know the Limits and Riders 📝
Many insurance policies have a maximum limit for mental health treatment, which can vary significantly. Some insurers offer separate mental illness coverage, often called a "Mental Health Rider" or "Mental Health Cover." This may include expenses related to therapy, counseling, and treatment for mental health conditions.
OPD Benefits: A Rare Find 🔍
Business Standard’s study found that counseling and therapy are rarely included in OPD benefits. Very few insurers cover consultations and counseling for mental illness under the OPD benefit. Ensure your plan has options for both OPD benefits and mental illness coverage.
What’s Not Covered 🚫
Mental health insurance typically covers expenses only when the patient has to be hospitalized. Few insurers cover expenses for outpatient care like consultations. Mental illnesses induced by drug or alcohol abuse aren’t covered. Also, if there’s a history of a recurring mental condition, the claim might not be accepted.
🔖 Binge of the month
I have been reading The Gentleman from Peru by André Aciman. It’s a profound story of love and loss that has been good so far (I’ll let you know how it was a while later perhaps. I’ve also been watching Fool Me Once on Netflix, like any other Brit show the aesthetics are amazing, and it was a great show overall with a killer ending!
🍸 Cocktail Pe Charcha
Is it too overwhelming to research & plan your investment? Say no more, we can personally guide you into mixing the perfect financial cocktail to manage your money!
Insurance for mental health is evolving, and it’s essential to understand the specifics of your coverage. Mental health coverage, in particular, can be a maze, and reading the fine print is the only way to know better. Keep exploring your options and ensure your policy meets your needs both now and in the future. Your mental health is worth the effort.
To 🎶holding out for spring🎶🥂
Niyati❤️