As per the Insurance Regulatory and Development Authority of India’s (IRDAI) latest recommendations, your insurance plans must now include coverage for mental disorders, neurodegenerative illnesses, and stress. However, the kind of coverage selected will determine whether you will be covered only for hospitalisation or also for outpatient care as well. By obtaining insurance coverage, people with mental illnesses can access better healthcare for conditions that were often ignored. Therefore, you should carefully choose a mediclaim policy considering your needs for mental health coverage.
Due to growing stress and anxiety levels, mental health concerns have been a significant source of worry in recent years, particularly since the onset of the COVID-19 pandemic. Due to the stigma associated with the subject, mental health is often ignored. Following the requirements of the Mental Healthcare Act of 2017, the IRDAI has made it essential for all health insurance plans to cover mental diseases. The deadline for compliance with the guidelines for all insurers is 31st October 2022.
As with any physical illness, taking the necessary precautions to ensure one’s mental health is critical. The Mental Healthcare Act of 2017 was passed to guarantee that all people with mental illnesses receive the proper care and services needed to improve their condition.
Who should opt for mental health insurance?
Similar to physical problems, mental illnesses may impact a person’s life and career. If people ignore their mental health issues, they may become worse and need adequate medical care. In addition to the underlying illness, many illnesses may be costly. Therefore, it is strongly advised to have an insurance policy that covers mental health conditions because it will safeguard your funds and allow you to get the best medical care possible.
- Mental health illnesses are not exclusive to any age group or population due to increased stress levels among most people.
- Persons with a family history of mental illnesses or those who have experienced traumatic events should consider buying this mediclaim policy.
- Even young adults and students are susceptible to mental health conditions and should take precautionary measures.
- Those with a history of antidepressant or narcotic use should get mental health insurance.
- Those with a documented history of severe depression, neurological and personality disorders, or psychopathy should get this insurance policy.
Today, health insurers are becoming more transparent about their coverage of mental illnesses. For a long time, mental disorders were not even seen as a problem in India, and individuals often dismissed their mental health issues as unimportant. However, a lot of people around the world, including in India, have realised just how important it is to raise awareness about mental health.
What is covered under mental health insurance?
Mental illness is a severe problem in mood, thinking, perception, remembering, or orientation. Your judgement, behaviour, and capacity to carry out routine tasks get affected. The treatment of stress, mental disease, and psychological problems is no longer regarded as an exclusion from insurance coverage, according to rules released by the IRDAI.
This rule implies that every insurance plan will cover mental illness. Insurance firms can no longer distinguish between those with physical medical conditions and those with mental illnesses. The action provided much-needed respite for many suffering from mental illnesses.
Here are some mental illnesses that are covered by the mediclaim policy for mental disorders:
- Anxiety disorders
- Acute Depression
- Obsessive-compulsive disorders
- Attention-deficit/hyperactivity disorder
- Depression
- Bipolar disorder
- Mood disorder
- Schizophrenia
- Post-traumatic stress disorder
- Psychotic disorder
What does mental health insurance not cover?
Numerous celebrities, health organisations, and influencers on social media have emphasised the significance of mental health. To attract customers, it has become crucial for insurance firms to emphasise mental diseases in the insurance framework. An insurance policy for mental illness does not, however, provide coverage for the following circumstances:
- You will not be offered coverage if a mental disorder was brought on by abusing alcohol, drugs, or other substances.
- You will not be given insurance coverage for consultations if you already have any mental condition.
- The insurer may decide not to offer the insurance plan to a person with a severe mental illness history.
- If the insured or the policyholder has not been hospitalised for more than 24 hours, you will not be offered coverage under the mediclaim policy for mental illnesses.
How to choose the best mental health insurance?
When choosing the best plan to purchase, you should bear the following points in mind about medical insurance for the mental condition:
- You should check that mental health insurance covers medical costs incurred when being hospitalised for mental health issues. The expenses of therapy, medication, and room rent, among others, should be covered in your plan.
- Some insurance coverage will only kick in if you are admitted to the hospital for longer than 24 hours. Therefore, you should check different alternative plans to cover all your costs.
- People with a family history of mental sickness should look for insurance plans that specifically cover mental conditions. Additionally, anybody predisposed to or already experiencing a mental disease should look for plans that include coverage for existing mental disorders.
- If a policyholder has a mental disease that was not diagnosed at the time of purchase, there may be a waiting period. The waiting time for mental health issues is typically two years before receiving coverage for mental health care. However, it may vary depending on the insurance company selected.
- Verify that the mediclaim policy you are purchasing covers mental health. It would help to exercise caution when deciding on an insurance plan since many still do not cover mental illness. Before submitting an insurance claim, read the policy’s terms and conditions and all related documentation.
Conclusion
Individual health insurance is crucial for unexpected medical expenses, whether or not you have a mental condition. In today’s busy world, there is an increasing imbalance between work and life. You must have a solid insurance policy to protect your healthcare expenses.
If you’re searching for mental insurance policies, various alternatives are available. You may take advantage of benefits such as a quick claim settlement procedure, substantial coverage, and more. The premiums given for the insurance coverage may be entitled to tax advantages as per Section 80D.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.
