In light of Mental Health Awareness Week, charity Mind has been focusing on the impact the cost-of-living crisis is having on mental health.
Britons with health insurance in place assume that this cover would also apply to all mental health services, but in fact the type of coverage for mental health can vary hugely between policies.
As NHS services come under strain, and wait periods for treatments continue to grow, and the cost-of-living crisis is putting many UK households under pressure, it is more important than ever that Britons make sure they have adequate protection in place, Continuum said.
Craig Parkinson, mortgage and protection consultant at Continuum, said: “The pandemic all too clearly demonstrated that our health is even more important than our wealth.
“However, although health must come first, mental health and wealth affect each other.”
There are also other forms of protection cover that can help in the event of a mental health crisis, such as insurance cover to provide an income if illness prevents you from working.
Critical illness cover pays a tax-free lump sum if an individual is diagnosed with any of the illnesses listed in the policy.
Yet most policies are focused on cancers, heart attack and stroke, so securing critical illness cover for mental health conditions can be a challenge.
Parkinson said: “Stress affects us physically and financial worries are one of the main causes of stress for many of us.
“Fortunately, there are ways to protect both mental health and wealth if things go wrong.
“A good private medical care policy will cover you in the event of a mental health crisis. It can mean getting back to full health faster, but can be expensive.”
He explained that for those with existing mental health difficulties, it can be difficult to get the cover they want.
“Pre-existing conditions are often not covered but a good financial adviser can help even those with existing mental health issues get the level of cover they need,” he said.
“Sometimes those with existing mental health difficulties might be asked difficult or personal questions about your mental health, sometimes by staff who do not have specialised mental health training.
“A good financial adviser can also help the application process feel less upsetting or intrusive by managing the process and gaining the information required in a sensitive fashion.”
He said accident, sickness and unemployment cover is usually offered for a wider range of conditions so it can be a better option for those worried about a mental health crisis affecting their finances.
