Yes it is. Psychologists get paid about $120k/yr with the same amount of schooling and expense as an actual doctor.

It's not as intense as med school is and their internships are normal hours instead of the official hazing ritual that is residency, but the expense is very high unless you get lucky and get a publicly funded PhD program, and then half of your education is research instead of therapy.

Insurance defines the financial demand which determines the pay of psychologists and the amount hired.