Mental Health Without The Financial Burden. Exploring Consumer Financing Solutions

Costs as a barrier

Therapy sessions with qualified psychologists or psychiatrists in urban areas can range from Rs 500 to Rs 3,000 per session. For individuals requiring weekly or bi-weekly appointments, this adds up quickly, making continuous care difficult to afford. In rural areas, while the costs may be lower, the lack of trained professionals often forces individuals to travel to urban centres, adding travel and accommodation expenses to the already high treatment costs.

Moreover, the cost of psychiatric medication can be a significant expense, especially for those with chronic conditions requiring long-term management. Generic alternatives are available, but many patients prefer branded medications due to perceived effectiveness, increasing their financial burden. 

A triple problem

Low-income families often prioritise immediate economic needs over long-term mental healthcare, viewing therapy as a luxury rather than a necessity. This is compounded by the stigma associated with seeking mental health treatment, leading some to opt for informal or traditional healers, which may be less costly but often ineffective. 

Government-run mental health facilities are few and far between, and those that do exist are often under-resourced and overcrowded. Thus, the financial barriers to mental healthcare in India are intertwined with the triple issues of accessibility, inadequate insurance coverage, and societal stigma, making it difficult for many Indians to seek and sustain the mental health support they need.

Using finance to solve the problem

Healthcare financing solutions like no-cost EMI options, healthcare credit lines, instant cashback, and other patient-centric offerings are increasingly making mental health services more accessible and affordable in India. These financial solutions help reduce the immediate out-of-pocket burden, enabling patients to access the care they need without the stress of upfront costs.

One popular option is the no-cost EMI (Equated Monthly Installment) plans offered by various financial service providers. These plans allow patients to pay for mental health services in smaller, interest-free instalments over several months. For example, Bajaj Finserv and ICICI Bank have partnered with hospitals and clinics, enabling patients to spread their treatment costs, including therapy and medication, over a longer period. Another example is that of QubeHealth-Pay (the author is co-founder of the company), which offers a solution that offers, instant access to cash to pay for any healthcare expense, allowing you to pay back in no-cost EMIs over a year.

By offering quick approval processes and flexible repayment terms, these solutions empower patients to access therapy sessions and psychiatric consultations without having to wait until they can afford to pay upfront. 

Instant cashback offers also play a role in reducing costs. For instance, Paytm and PhonePe, often provide cashback offers for transactions at partner clinics and online therapy platforms. 

Cash for access

We have to see the access to capital, as a ‘lubricant’ to increase access and consumption to healthcare. When the healthcare need is related to mental health, the friction point should not be associated with payment methods or the lack of money.

Healthcare providers in this space, employers, healthcare financing companies and other innovators operating at the intersection of healthcare and finance, are the key to expanding access to mental healthcare without the financial burden.