Mental health is one of the most important aspects of our lives. It has a significant impact on our physical, emotional, and social well-being. Thankfully, awareness about good mental health is increasingly being recognised in society.
There has been a positive change, and insurance providers are also considering mental health as an essential component of overall well-being. As per the guidelines of the Insurance Regulatory and Development Authority of India, IRDAI, all health insurance policies must abide by the Mental Healthcare Act of 2017 and offer coverage for mental health.
Read on to understand the importance of mental health insurance and the types of coverage that are typically included in health insurance policies, and how they can benefit the policyholders.
Mental Health Insurance
Mental health illness includes various conditions that affect the day-to-day life activities and decisions of an individual. Mental disorders may heavily impact a person’s mood, thinking capacity, perception, orientation, and memory. All such issues can be discussed and recovered with the help of a consultant. These mental disorders are covered by mental health insurance, and those suffering from any of these may seek the immediate help of a mental health expert. Depending on the mental health insurance policy that you choose, you may either get in-hospital or only out-patient treatment coverage.
What is Covered Under Mental Health Insurance?
Mental health insurance covers almost all major mental conditions. Check out the list of coverages that mental health insurance generally provides. Please note that the coverage may vary in different health insurance policies :
List of Mental Disorders Covered
Normally, mental health insurance plan may cover the following conditions:
- OCD (Obsessive Compulsive Disorder)
- PTSD (Post-Traumatic Stress Disorder)
- ADHD (Attention Deficit Hyperactivity Disorder)
- Mood disorder
- Bipolar disorder
- Psychological disorder
The cost of OPD consultancy is mostly covered by a health insurance plan. These are the outpatients who do not require immediate hospitalisation, and the treatment is completed in less than 24 hours without a need for hospitalisation. Such costs are borne by your insurance provider.
Some mental health disorders may require the patients to get hospitalised for better treatment and quick recovery. However, you need not worry as the cost of medical treatment is covered by your insurer. It helps the insured to seek the best possible medical help without having to stress about financial aid.
What is Not Covered Under Mental Health Insurance?
Here are some conditions that are mostly excluded from a health plan:
- Mental disorder due to drug abuse
- Mental retardation
- Waiting period (may range up to 2 years)
- Some mental health plans only cover the expenses when the patient is hospitalised
- Some plans may exclude recurring mental illness.
Benefits of Mental Health Insurance
A mental health insurance plan offers several benefits and relaxation to the insured. These include:
A). A Wide Range of Mental Conditions Covered
Not 1 or 2, but a mental health plan covers a range of illnesses, so the patient does not have to spend from their pocket. Anxiety, depression, and bipolar disorder are a few to name.
B). A Mandatory Cover
As per the Mental Health Act 2017, it is now compulsory for every health insurer to provide mental health coverage to patients. Hence, you need not look for a separate plan to cover the same.
C). Mental Peace
All you need while seeking medical help is mental peace so you can focus better on the treatment process. With a health insurance plan, you need not worry about the treatment cost as your insurer is there to cover it.
Amid and post-Covid, there have been considerable cases of post-trauma mental illnesses like anxiety and depression. Distance from near and dear ones and the isolation that the pandemic brought with it majorly affected the mass population. Consequently, more and more people realise that mental health matters should be taken seriously and addressed in order to ensure that people live healthily and have fulfilling lives. It is essential that we recognise the importance of mental health and work together to create communities where individuals can access services, treatment, and support when needed. So, it is essential to understand the significance of mental health and take care of it.