AIA Australia has unveiled My Psychologist, a new virtual mental health service aimed at improving access to psychological care for its life insurance policyholders and their families. The initiative, developed in partnership with Online Psychologists Australia, seeks to address ongoing challenges in accessing mental health support, such as long wait times and high costs.
My Psychologist provides policyholders with the ability to book virtual consultations with licensed psychologists, as well as facilitating referrals for Mental Health Care Plans via telehealth-enabled general practitioners, when required. For users with a Mental Health Care Plan, the service promises faster access to care, with appointments available within seven days and a reduced out-of-pocket fee of $60, supported by Medicare.
Addressing Barriers to Mental Health Care Access
Mental health concerns have become a leading reason for Australians seeking medical advice from general practitioners (GPs). However, many face significant barriers when attempting to access psychological services, including months-long wait times. According to recent data, one in five Australians between the ages of 15 and 85 experience mental health issues annually, underscoring the urgent need for improved access to mental health services.
In 2023, 30% of Australian adults sought support from psychologists, psychiatrists, or counselors, reflecting a growing demand for mental health services. Despite this demand, the availability of mental health professionals has not kept pace. Research indicates that one-third of psychologists are no longer accepting new patients, a stark increase from just 1% before the pandemic.
A broader regional survey conducted by YouGov reveals that mental health coverage in health insurance is becoming an increasingly important factor for consumers across the Asia-Pacific. In the survey, 18% of respondents considered mental health coverage essential when selecting an insurance plan, with 41% rating it as important but not a deciding factor. In Australia, 21% of participants placed mental health benefits as a priority when choosing an insurance provider.
However, affordability remains a key concern, with 52% of respondents citing high premiums as a barrier to accessing comprehensive mental health care. In Australia, this concern was even more pronounced, with 56% of respondents expressing reservations about the cost of mental health coverage.
Rising Mental Health Claims
Mental health-related claims have become a significant concern for AIA Australia, now accounting for 20% of life insurance claims, second only to cardiovascular issues. Over the past decade, the share of mental health claims has surged, increasing from 10% in 2014 to 25% in 2024. This shift highlights the growing need for accessible and affordable mental health services, particularly in the context of life insurance.
CEO Remarks on My Psychologist
Damien Mu, CEO of AIA Australia, emphasized the role of My Psychologist within the company’s broader health and wellness initiatives, under the umbrella of AIA Embrace. He explained that the company is committed to supporting prevention and early intervention, both of which are critical for improving long-term health outcomes.
“Timely access to care is crucial, and early intervention can make a significant difference in an individual’s overall health,” Mu said. “This service will ensure that users can access mental health support when they need it most, giving them both empowerment and professional care during their mental health journey.”
My Psychologist Available to HESTA Members
Initially, My Psychologist will be available to members of the superannuation fund HESTA, which serves over one million Australians working in the health and community services sectors. Many of these workers face high levels of stress, which can contribute to mental health challenges and, in some cases, extended time away from work.
HESTA’s Chief Experience Officer, Lisa Samuels, highlighted the potential impact of the service for members who may be struggling with mental health issues. “HESTA has more than one million members, many of whom work in the health and community services sector. Due to the demanding nature of their roles, some of these members can often face mental health challenges, which can lead to extended time out of the workforce,” Samuels said.
HESTA’s internal analysis has shown that poor mental health can result in a reduction of up to 27% in retirement savings. By partnering with AIA Australia, the superannuation fund aims to help its members access timely and affordable mental health care, reducing the financial and personal burdens associated with untreated mental health issues.
“Our goal is to better support our members by connecting them with the mental health resources they need, at a time when they need it most,” Samuels said.
A Growing Need for Accessible Mental Health Support
AIA Australia’s My Psychologist service is a timely and innovative solution to a pressing problem. As mental health issues continue to rise and demand for services outstrips supply, initiatives like this provide an essential resource for those seeking professional support. With increased access, affordability, and convenience, My Psychologist could help change the landscape of mental health care in Australia, making it more accessible for individuals and families who need it.
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