Health Insurance Plans For Mental Well Being

Mental health has always been an extremely important component of our well-being. However, it is only recently that the stigma associated with it has come to be undone and its impact in governing our day to day lives in homes and outside has come to be established. The recent pandemic caused by Covid-19 has also made it very apparent how deteriorating mental health can have a sombre and debilitating effect on our personal and professional lives, without taking our privilege into consideration.

Keeping with the flow of time and social change, Health insurance companies now offer health insurance policies that address your mental well-being and illnesses at par with our physical diseases. The following are a list of things that you need to know about mental health insurances -

• Mental Illness Cover Is Mandated by IRDAI -

One of the major breakthroughs in this context has been the IRDAI mandate that has been passed in favour of mental health being incorporated as part of health insurance policies. The Mental Health Act, 2017 ensures that mental illnesses are treated equally with other physical ailments and offers coverage associated with its diagnosis, consultation, medicine and treatment costs. Health insurance companies are bound to incorporate mental health covers as part of their plans by this mandate.

• Insurance Cover -

Mental health insurances come with all the insurance coverage options of other health insurance plans. All basic indemnity plans cover mental illnesses. Expenses such as pre and post hospitalization charges, diagnosis and treatment costs, as well as a cashless claim benefit are covered by such plans. Since this is a very new addition to the financial industry, solitary mental health insurances are not yet available but are comprehensively included as part of insurance policies. The insurance cover is extendable to people suffering from a disorder in their mood, perception, memory, decision making capabilities and other psychological disorders.

• Classifies Major Mental Disorders -

Mental health insurance policies offer a diverse coverage of mental disorders and this is one aspect that makes it beneficial and attractive. Some major mental disorders that have been classified by insurance companies under their mental health plans include Bipolar Disorder, Schizophrenia, Anxiety Disorders, Alzheimer’s Disease and Dementia. All of these diseases interfere with the normal functioning and consciousness of the human brain, which in some cases might also lead to hospitalization. Mental health insurances become a significant part of the healthcare process in such cases where it offers financial protection for the diagnosis, treatment and rehabilitation of a person requiring such medical scrutiny.

• Applies to Existing Plans -

The best part of mental health insurance plans is that it can be easily covered with a policyholder’s existing plans. While other health insurance plans require regular renewal and revision, mental illness coverages can be subsumed with remaining individual health insurance policies, subject to the payment of a higher premium for added services.

• Exclusions -

Like general health insurance policies, mental health insurances too come with certain exclusions. The way health insurance companies are not bound to pay for every single physical disorder that a policyholder might make a claim, the same holds for mental disorders as well. For example, mental disorders caused by alcohol, drug or psychotropic drug abuse and mental retardation or any other pre-existing medical condition is not covered by mental health insurances. You need to be wary of these points, before you decide to invest in any particular plan or policy.

These are some of the important points that you need to bear in mind before investing in any mental health insurance. What you should understand is, that there is no discrimination between mental and physical illnesses anymore and we need to be more vocal about the same. Most insurance companies now offer the above services and hence, you can be assured of financial protection against any established or suspected mental illness.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.