Planning To Get Mental Health Insurance? What You Should Know

Mental health insurance and what it covers

Mental health issues have become one of the growing concerns today, especially after the COVID-19 pandemic, which led to a spike in mental illness cases.

Efforts are being made through campaigns and other mediums to create mental health awareness. However, many of those facing such issues hesitate to seek help due to the fear of being stigmatised.

Like in the case of physical illness or injuries, it is crucial to get medical assistance for mental health problems.

There is also an act, The Mental Healthcare Act 2017, to “protect, promote, and fulfil the rights” of persons with mental illness while delivering mental healthcare and services. 

In addition, the act also states that “every insurer shall make provision for medical insurance for treatment of mental illness on the same basis as is available for the treatment of physical illness.”

Enforcing this, the Insurance Regulatory and Development Authority (IRDAI) recently directed insurance companies to cover mental illness in their insurance products and confirm compliance with the MHC Act 2017 before October 31, 2022, reported The Indian Express.

This means that if you require hospitalisation for in-patient treatment, your mental health insurance plan will cover the cost of the treatment.

This includes the cost of medicines, diagnostics, treatment costs, ambulance fees, and hotel rent. This cover can differ for different insurance companies.

Some mental disorders are depression, bipolar disorder, eating disorder, bipolar disorder, post-traumatic stress disorder (PTSD, Schizophrenia, and eating disorders.

But before you plan to buy mental health insurance, it must be noted that there are certain exclusions in the coverage.

At present, the coverage doesn’t include mental retardation or intellectual disability. In addition, any outcome due to the abuse of alcohol or drugs is also not covered under the plan.

Besides ensuring that your illness is covered under the plan, one must also explore various options available in the market, as the price of mental health insurance can vary.