Why Mental Health Insurance is Essential for Gen Z

Generation Z is the first group to grow up with smartphones and with constant access to social media but faces unique, often overlooked challenges.

Mental health problems stand out as one of the biggest obstacles for Gen Z, those born from 1997 to 2012. According to an article in The Guardian titled What’s Up Generation Z, about one-third of people aged 18 to 24 exhibit symptoms of anxiety and depression, a significant rise from one in four in the year 2000.

As these mental health challenges become more severe, many may be unaware that mental health insurance can offer vital support. In Malaysia, where resources for mental health are still developing, mental health insurance can ensure necessary care, easing both the costs of treatment and financial worries.

Let’s dive into why having mental health insurance is essential for Gen Z, particularly in Malaysia, and how it could be the safety net you didn’t know you needed.

Statistics of Malaysian Gen Z’s Mental Health

Did you know that the spike in mental health issues among Gen Z adults aged 15-30 years old has reached an alarming stage? According to the Malaysian Youth Mental Health Index 2023 (MyMHI’23), 60% of youths in Malaysia between the ages of 15 and 30 reported having mild to severe depression symptoms.

This is in line with results from the National Health and Morbidity Survey 2023, which showed that the percentage of people in the nation who suffer from depression had increased to 4.6% of those who are 16 years of age or older, a doubling of rates over the previous four years.

The pandemic, socioeconomic pressures and rising stressors post-lockdown have significantly contributed to this increase, as many people, particularly Gen Z, struggle to cope with disrupted lives and new challenges. Additionally, the insufficient number of mental health professionals in Malaysia, with only 0.52 psychiatrists per 100,000 people, as reported by The Star on January 19, 2024, further exacerbates the issue.

As mental health issues rise, the need for mental health insurance becomes more urgent, especially for Gen Z, ensuring access to timely and proper mental health care and support.

Understanding Mental Health Issues among Malaysian Gen Z

Mental health issues can take many different forms, ranging from anxiety and depression to stress and burnout. All of these problems have the potential to significantly affect day-to-day living, making it more difficult to accomplish tasks or merely get by.

Anxiety and Depression

Depression and anxiety are the most frequent mental health illnesses among Malaysian Generation Z. These illnesses do not simply cause sadness or worry; they may have an impact on every part of life, from relationships to work performance. For example, a Gen Z’er with anxiety might avoid social events or key workplace discussions because they are concerned about being judged, resulting in loneliness and missed opportunities to connect with others. Similarly, a Gen Z’er suffering from depression may feel constantly exhausted and unable to focus, exacerbating their mental health and creating a vicious cycle of anxiety and depression.

Stress and Burnout

There is no denying that Gen Z is under a lot of stress. Stress and burnout are widespread because there is constant demand to do well academically as well as professionally. If left unaddressed, they might worsen and become more significant mental health issues. This excessive stress can also have an impact on their confidence and motivation, making it more difficult to overcome obstacles and achieve goals.

Social Media Impact

Overusing social media is tied to a rise in mental health issues, such as anxiety, depression, and loneliness. Research such as the Systematic Review on The Effects of Social Media on Adolescents and Young Adults, shows that the constant urge to compare ourselves and seek validation can worsen these issues. As social media continues to play a bigger role in the lives of young adults, its effects on their mental health are becoming increasingly important to address.

The Role of Mental Health Insurance

What is Mental Health Insurance?

Mental health insurance acts as an important safety net for Gen Z, providing critical help during challenging circumstances. It helps by covering the cost of treatment, counselling, and medicine, so you don’t have to stress about breaking the bank while receiving the treatment you require. This form of insurance is becoming increasingly popular as consumers see the value of mental health.

Importance of Mental Health Insurance for Gen Z

For Generation Z, mental health insurance is like wearing a raincoat on a wet day—you may not always need it, but when you do, it will greatly benefit you. The specific mental health issues that this generation encounter can be greatly mitigated by insurance, which can help ensure that patients receive prompt and efficient therapy. This generation needs mental health coverage for the following reasons:

Reducing Financial Barriers to Care

The expense of mental health care is one of the biggest obstacles. Regular therapy sessions, psychiatric health consultations, and essential prescription costs can rapidly mount up without mental health insurance. These expenses may be burdensome for many Gen Z’s, who could still be in the early stages of their professions.

Normalising Mental Health Care

Mental Health Insurance fosters mental health conversations by normalising the need for professional help. This can help decrease stigma and encourage Gen Z to see mental health treatment as an important aspect of their overall well-being.

Introducing Etiqa Critical Care Plus: Essential Support for Your Mental Health

Here’s where Etiqa can help. Etiqa Critical Care Plus is an insurance plan designed to provide affordable coverage for 42 types of critical illnesses, including severe mental health issues. Here are some exclusive key benefits:

High sum insured: Up to RM200,000 for adults and RM40,000 for juveniles.
Coverage for severe mental illnesses: Bipolar Disorder, Major Depressive Disorder, Schizophrenia, and Schizoaffective Disorder.
Coverage for 42 types of critical illnesses: Heart Attack, End Stage Liver Failure, Terminal Illness, and more. For the full list of critical illnesses, kindly refer to the product disclosure sheet on our website.
Cancer Care Benefit: Additional 50% of sum insured is payable for cancer diagnosis, on top of the critical illness benefit.
Coverage for Type 2 Diabetes Mellitus complications: Surgery Retinopathy and Limb Amputation.
Coverage for communicable diseases: A lump sum of RM300 cash allowance for communicable diseases can be claimed once a year and up to two times per life insured, per policy, throughout the coverage term, subject to a limit of RM3000 per life insured, per policy for diseases such as Dengue, Covid-19, or any one communicable disease that requires quarantine by law.
Cashless payments: Premiums will be paid automatically via your EPF Account Sejahtera.
Family Plan available: Includes coverage for you, your spouse, and your children.

Terms & Conditions apply.

How to Apply for Etiqa Critical Care Plus?

If you’re interested in signing up for Etiqa Critical Care Plus, all you have to do is ensure that:

You are a Malaysian
You are an EPF member
You are aged 17 years old and above

If you fulfill all three criteria above, you can sign up for Etiqa Critical Care Plus immediately and conveniently via the KWSP i-Akaun app. You will only need to answer 4 health-related questions, no medical examination required, and coverage is immediate.

Take Action Now: Protect Your Mental Health with Mental Health Insurance

Early investment in one’s mental health may turn life’s uncertainties into possibilities for a better tomorrow. Don’t wait any longer to take charge of your mental health. Protect your mental health with Etiqa Critical Care Plus at: https://eti.qa/critical-care-plus

The benefit(s) payable under eligible product is(are) protected by PIDM up to limits. Please refer to PIDM’s TIPS Brochure or contact Etiqa Life Insurance Berhad or PIDM (visit www.pidm.gov.my). I Member of PIDM.

The information contained in this blog is provided for informational purposes only, and should not be construed as advice on any matter. Etiqa accepts no responsibility for loss which may arise from reliance on information contained in the article. This information is correct as of 26th December 2024