Mental health and your finances – what protection is available?

Current mental health statistics

In recent years, mental health has become a hot topic. Whereas before it was often overlooked, in today’s world we are starting to take mental health much more seriously, especially as these conditions are so widespread and impact so many. Instrumental in this shift was the pandemic – an unprecedented time of changing guidelines, shifting expectations and high pressure – the echoes of which are still rippling throughout the profession.

For context, recent surveys suggest that mental health is at an all-time low in the industry, with a shocking 23% of dentists revealing they have had to seek help for mental health issues, and a concerning 14% admitting they have contemplated suicide.[i] Additionally, another survey found that 82% of dentists feel like their stress levels have increased since the pandemic, with three quarters admitting that they have gone into work even when they didn’t feel well enough to do so.[ii]

Looking at these statistics, it’s fair to assume that the vast majority of dental professionals have struggled with mental health at some point. But how could this affect your finances?

Mental health and work

Mental health conditions are often debilitating, meaning that those suffering from them are unable to fulfil their work duties. Even common symptoms associated with conditions such as depression and anxiety may prevent professionals from performing at the top of their game, which in a high-pressure industry such as dentistry can have significant consequences.

For instance, people with mental health conditions may experience confused thinking and an inability to concentrate, low energy and sleeping problems and an inability to cope with daily problems or stress.[iii] All of these could soon start to impact the quality of treatment you provide, even resulting in legal action being taken if a patient believes they have received substandard care – rather ironic, considering that one of the main causes of stress noted by many dentists is the fear of being sued.[iv]

People suffering from extreme mental health problems are generally unable to work at all. This raises the question – what happens to your income during this time, and are there any ways to protect your finances?

Available options

The main problem facing dentists is that most are typically considered as self-employed. In most cases this means professionals are unable to receive sick pay, so if they have to step away from work due to mental health issues, they won’t be remunerated during this time.

It’s easy to assume that protection such as Medical Insurance and even Income Protection policies should automatically take into account mental health, but this isn’t always the case. These types of protective policies will usually have caveats, and due to the unpredictable nature of mental health conditions, many of these policies exclude mental illnesses from the list of conditions that they cover.

However, that doesn’t mean there aren’t options available. As understanding around mental health continues to grow, there are policies being drafted that do take into account mental illnesses, though these often have their own terms attached. For instance, a policy may cover conditions such as depression, but may not help protect against a different stress-related mental illness like an eating disorder.

As such, it’s essential that professionals looking for protection read the full terms and conditions of any protection they’re considering, especially if they want comprehensive cover that will safeguard them in all eventualities.

Ask for advice

With so many policies and options available, finding the right cover for you isn’t always easy. You can save time and stress by seeking advice from the experts.

The award-winning team at money4dentists has been assisting dentists with their finances for decades. As we only work with dentists, we can guarantee that the advice you receive will always take into account the unique nature of the dental industry, meaning that we can help find you Medical Insurance policies and cover that will always meet your particular needs.

Mental health is no joke – so why not protect yourself?

Ultimately, much like any other illness, mental health conditions are often unpredictable. Anyone can suffer from them, but as dentists are more prone to suffer from stress-related issues, it makes sense to think about how they can impact your finances.

By asking the experts and exploring the available options, you can gain peace of mind.

For more information, please call 0845 345 5060 or 0754DENTIST.

Email info@money4dentists.com or visit www.money4dentists.com

Richard T Lishman
Managing Director of the 4dentists Group of companies

[i] Dentistry. Dentistry Census – mental health worsened by pandemic. Link: https://dentistry.co.uk/2022/05/15/dentistry-census-mental-health-worsened-by-pandemic/#:~:text=Many%20revealed%20that%20they%20felt,shocking%2014%25%20had%20contemplated%20suicide. [Last accessed January 23].

[ii] Westgarth, D. Mental health in dentistry: Has the profession opened up through the years? BDJ In Pract. 2022; 35(6): 18–22.

[iii] Mayo Clinic. Mental Illness. Link: https://www.mayoclinic.org/diseases-conditions/mental-illness/symptoms-causes/syc-20374968 [Last accessed January 23].

[iv] Dental Protection. Dental Protection survey reveals 9 in 10 dentists fear being sued by patients. Link: https://www.dentalprotection.org/uk/articles/dental-protection-survey-reveals-9-in-10-dentists-fear-being-sued-by-patients#:~:text=A%20Dental%20Protection%20survey%20of,on%20the%20way%20they%20practise. [Last accessed January 23].