As long as I'm just linking to what other, smarter people think, social scientist and brainy blogger Aaronish wrote a good post on why "homophobia" isn't as accurate a description as "homoprejudice." I think he has a point.
In order for “homophobia” to exist, the sufferer would have to present with terror, a gripping desire to flee, hyperarousal (non-sexual!), avoidance, and generalized fear when presented with the “stimulis” of a homosexual. (I am sure that even Rush Limbaugh does not meet that criteria.)
The more fitting term is “homo-prejudice.” This removes the pathology and suggest a much more adequate etiological underpinning: predjudice! A mental disorder, like a specific phobia, requires the attention of a mental health professional. Could a therapist bill an insurance company to treat someone suffering with “homophobia?”
No, because that person has a prejudice and, although they may benefit from therapy, does not have a mental illness. They have a prejudice against homosexuals. Would people accept the terms “Afro-Ameriphobia,” or “Chronic Womeniphobic?”