Everything you need to know about mental health insurance

There was a time, not so long ago, when mental health was swept under the rug and ignored. Thankfully, that has changed over the last few years. Many celebrities have come out in the recent past, talking about their battles with depression and how mental illness is a real issue in society today. The COVID-19 crisis has further driven home the importance of mental wellbeing - especially we were all confined to our homes during the initial months of the lockdown. All this has also lead to a paradigm shift in the way health insurance looks at mental illnesses.

The manner in which health insurance policies are framed has changed significantly, and policyholders today can enjoy a great deal of coverage against mental health issues. However, most individuals are still unaware of this and often refrain from getting professional medical help; they are afraid that they will have to cover the costs on their own.  Keeping this in mind, the following article will go over some of the important pointers pertaining to medical insurance and mental health. Hopefully, this will paint a clearer picture of mental health insurance in India and ensure that does in need of care can get it without worrying about the cost.

Let’s start with a quick history lesson.

The 7^th of April, 2017 was an important date for mental health and medical insurance in India. It was on this day that the Mental Health Act was passed. This act, which came into force a month later, stated that ‘every insurer shall make provision for the treatment of mental illness on the same basis as is available for the treatment of physical illnesses’ [as per Section 21(4) of the Act].

However, it was only on the 18^th of August 2018 that the IRDAI mandated insurers to follow the provisions of the Mental Health Act. This mandate was followed-up with another breakthrough when the IRDAI barred the exclusion of stress-related, psychological, behavioural, neurodevelopment disorders under health insurance.

Okay, but how do I get cover for mental illnesses?

What this all means is that, if you have a comprehensive health insurance policy, any mental illness that results in hospitalisation should be covered by your plan. This is because health insurance companies are mandated to treat your illness as any other medical condition. The rule also states that the insurer cannot deny coverage to policyholders, even if they have a history of opioid or anti-depressant usage in the past. Further, if your plan covers OPD expenses, you can also claim compensation for illnesses that can be treated through therapy sessions and medication. It also ensures that counselling and doctor’s consultations are also covered.

All-in-all, your health insurance policy now offers significant coverage against mental illnesses too! Just remember to discuss the same with your insurance provider so you are up to speed with all the specifics such as waiting periods, sub-limits, and the other fine aspects of the plan. We hope this article has been helpful, good luck and all the best!