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 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 health insurance available on Finserv MARKETS, today!
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