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Health Insurance Now Covers Mental Illnesses

By Finserv MARKETS - Dec 24,2019
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Mental Illness Covered by Health Insurance

Thanks to well-known celebrities Like Ellen DeGeneres and Deepika Padukone, the subject of mental illnesses has come to the forefront. For the longest time, they never received the attention that they deserved. Given the importance that mental health is now getting, it has become important for insurance companies to focus on mental illnesses in the purview of health insurance.

According to the latest guidelines by the insurance regulatory and development authority of India (IRDAI), the treatment of stress, mental illness, and psychological disorders are no longer considered as exclusions in the cover. This means that every health insurance policy will include mental illness. Insurers will no longer differentiate between individuals suffering from a physical illness and a mental illness.

Mental illness is defined as a significant disorder of mood, thinking, perception, memory, or orientation. It impairs an individual’s judgment, behavior and inability to meet regular activities of life. In addition, it also impacts an individual’s capacity to recognize reality and mental issues associated with the abuse of drugs and alcohol. It excludes mental retardation or inappropriate development of the mind. Any individual with a mental illness is eligible to make a claim. As per the Mental Healthcare Act, 2017, any individual suffering from a mental illness will be covered in the same manner as a person with a physical illness.

This means that certain health insurance policies now offer a cover for the treatment of mental illness, neurodegenerative disorders, and stress. However, whether the policyholder will be covered specifically for hospitalization or for outpatient services as well, will be based on the type of policy that he or she purchases. An insurance company cannot discriminate between physical illness and mental illness. Individuals with mental illness can make the most of health insurance benefits by availing a health insurance coverage.

We know that all health insurance plans cover physical illnesses. However, there are a few plans available in the market that also cover for mental illness. You thus need to choose a plan carefully and consider your health coverage requirements. Read the documents thoroughly and go through the terms and conditions of the policy before you file a claim.

Remember that the inclusion of a mental illness in a health insurance plan does not mean that the insurer will be liable to insure individuals who have pre-existing mental conditions. This means that the insurer will cover such a policyholder only when he or she completes the waiting period. In case the insured is diagnosed with a mental illness after the purchase of a policy, the company has no right to reject the claim.

Whether you are suffering from mental illness or not, having health insurance in place is essential. Given the rise in work-life imbalance, it surely calls for your attention to seek a health plans as soon as possible. If you looking for health insurance plans, you can get in touch with us at Finserv MARKETS.

With Bajaj Allianz health insurance plans available on Finserv MARKETS, you can benefit from features like reinstatement benefits, swift claim settlement process, bespoke health insurance plans, extensive coverage, and more. You can claim tax deductions under Section 80D for the premiums paid towards the policy.

So, get yourself a Bajaj Allianz health insurance available on Finserv MARKETS, today!

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522