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2024’s Best Private Health Insurance for Mental Health Australia

The topic of mental health has gained significant attention, particularly with the growing recognition of conditions such as depression, addiction, and other behavioural disorders. Maintaining good mental health is now acknowledged more than ever, increasing people seeking psychiatric care and support.
Fact Checked

Updated: 22 May 2024

Given this rise in demand, it is important to understand the insurance options available for psychiatric care. Health insurance policies are critical in enabling access to vital mental health services. This guide aims to provide clarity on the complexities of health insurance coverage for psychiatric care and the various available options.

Key facts

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Hospital Coverage for Mental Health

Access to psychiatric services is crucial, and health insurance plays a significant role. While Hospital coverage usually includes psychiatric services, it may be a restricted benefit, which means there could be limitations depending on your coverage level. Opting for gold-tier Hospital cover is generally a good idea for comprehensive psychiatric care with fewer restrictions. However, it’s important to note that Hospital insurance typically doesn’t cover out-of-hospital psychiatric services.

Extras Coverage for Psychology and Counselling

Beyond hospital care, top Extras policies can offer access to therapy or counselling sessions with a psychologist without the need for a referral. These policies also cover other out-of-hospital services, including dental, optical, and physiotherapy. However, there’s typically a 2-month waiting period for psychology and counselling consultations.

Extras Services Beneficial for Mental Health:

How Health Insurance Supports Your Mental Well-being

When you are admitted to a hospital as a private patient, your private hospital insurance will typically cover your accommodation costs and a portion of the medical fees. However, it’s important to note that not all expenses related to your admission will be covered. To avoid any surprises, it’s recommended that you reach out to your health fund, hospital, and doctor to find out the amount covered by your insurance, the amount you will need to pay out-of-pocket, and any other potential costs.

Potential out-of-pocket expenses include:

Comparing Health Insurance with Psychiatric Cover

Choosing the right health insurance for psychiatric care can be daunting. Here’s a comparison to help you decide:

Insurer
Product Name
Psychology (Extras) Coverage
Waiting Periods
Monthly Premium
Gold Ultimate Health Cover
  • $1,000 per policy
  • (Initial visit – $134.00, Subsequent visit – $119.00)
2 months for hospital psychiatric treatments, even if pre-existing
$522.75
Premium Package (Gold)
  • $500 per policy
  • (Initial visit – $140.00, Subsequent visit – $80.00)
2 months for hospital psychiatric treatments, even if pre-existing
$477.14
Gold Ultra Health Cover
  • $600 per policy 
  • (Initial visit – $136.70, Subsequent visit – $101.50)
2 months for hospital psychiatric treatments, even if pre-existing
$572.00
Gold Hospital $250 Excess & Comprehensive Extras
  • $500 per policy 
  • (Initial visit – $120.00, Subsequent visit – $75.00)
2 months for hospital psychiatric treatments, even if pre-existing
$405.22
Gold Hospital Complete $750 Excess with Combined Best Extras
  • $500 per policy 
  • (Initial visit – $100.00, Subsequent visit – $100.00)
2 months for hospital psychiatric treatments, even if pre-existing
$393.94

Source: Privatehealth.gov.au (August 2023; Premium estimates for an individual living in NSW, Hospital cover estimates for a Gold plan and Extras cover estimates for Top Extras cover)