Insurance to cover your mental heath?  Here's all you need to know

Insurance to cover your mental heath? Here’s all you need to know

mental health insurance, Insurance Regulatory and Development Authority, IRDAI, mental health patients, all you need to know about mental health insurance | Photo: Queue

Covid had a negative impact on people’s mental and physical health in equal measure. Due to the lockdown and self-isolation brought on by the pandemic, many people found themselves caught in difficult situations far from their homes. This put many people’s mental health in much greater danger.

Prior to October 31, 2022, the Insurance Regulatory and Development Authority of India (IRDAI) has ordered insurance companies to cover mental illness under health insurance coverage. According to the Mental Health Act of 2017, every insurer must offer medical insurance for the treatment of mental illness on the same terms as those for physical sickness.

“All insurance products shall cover mental illness and comply with the provisions of the MHC Act, 2017 without any deviation. Insurers are requested to confirm compliance before October 31, 2022,” IRDAI stated, according to Indian Express report.

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This will increase awareness for those who are struggling and help remove the taboo that is already decreasing around mental health. This means that, in accordance with the law, your mental health insurance plan will pay for the cost of the therapy if you need to be hospitalized for inpatient care.

This covers the price of prescription drugs, medical exams, treatments, ambulance fees, and accommodation expenses. The coverage provided by various insurance companies may vary. Depression, bipolar illness, eating disorders, post-traumatic stress disorder (PTSD), schizophrenia, and eating disorders are a few types of mental disorders.

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Here’s all you need to know if you’re planning to get mental health insurance

The insurer noted that a large number of health insurance plans sold by insurers do not cover newborns or infants with internal congenital birth problems immediately. The regulatory declared that all health insurance plans that cover infants and unborn children will cover internal congenital birth defects starting on the first day of coverage, without any waiting periods, sublimits, or other restrictions.

Some restrictions include:

Currently, mental retardation and intellectual disability are not covered. Additionally, the plan does not provide coverage for any consequences brought on by drug or alcohol addiction. As the cost of mental health insurance might vary, it’s important to look into all of your alternatives in addition to making sure that your condition is covered by the plan.

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