Mental Illness Health Insurance Plan: Why Is It Considered As Critical Medical Condition?
Updated On Aug 31, 2022
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For a very long time, health insurance never provided coverage for costs associated with mental diseases. The scope of health insurance coverage only covered physical health conditions and illnesses. Fortunately, a significant change in the same has been seen recently. People with mental diseases are opening out about their conditions as awareness of mental health concerns has grown.
The ongoing epidemic has also drawn attention to the fact that people's emotional wellbeing, as well as physical health, must be taken into account. One of the main health concerns facing individuals nowadays is mental health. To find out more on mental illness health insurance plans, read on.
What Do We Actually Mean By Mental Wellbeing?
Psychological, social, and emotional well-being are all parts of one's mental health. It significantly affects how someone feels, thinks, and behaves. Every stage of life requires maintaining one's mental health.
A person's incapacity to think, work, memorise, act, or even make decisions is referred to as having a mental disorder. It causes cognitive impairments and even makes going about daily tasks challenging.
Does Health Insurance Cover Mental Health?
Yes, mental diseases are covered by health insurance. People had not previously considered it vital for medical insurance to cover psychiatric problems. However, there has been a rise in awareness of people's mental wellbeing as more individuals come forward and discuss mental health difficulties. Now, practically everyone considers it to be a top priority.
IRDAI has mandated that mental diseases be covered by health insurance due to this. The insurance regulator has ordered all insurance providers to also include mental health as part of health insurance policies and to handle it the same as physical illnesses. The standardised legislation enables health insurance coverage to cover psychological problems, mental disease, stress, and neurological ailments.
The national health insurance ecosystem might advance significantly as a result of this advancement in health insurance by IRDAI. Insurance coverage for mental diseases would benefit persons with mental illnesses and lessen the economic strain that follows.
What Are The Benefits One Can Avail Under Mental Health Coverage?
Following are the benefits one can avail under mental health coverage -
- In-patient hospitalisation expenditures, such as treatment costs, diagnostic test costs, medication costs, ambulance costs, room rent, etc. are covered by mental health insurance in a manner similar to those of a traditional health plan.
- The insurance policy provides coverage for those with mental illnesses that impair their cognition, memory, thinking, mental capability, behaviour, and ability to make decisions.
- The expense of consultation, counselling, and rehabilitation for mental illnesses is covered by OPD benefits from a select few health insurance companies.
What Is The Waiting Period Under Mental Health Insurance?
Yes. The same as with pre-existing conditions, there is a waiting time for mental health insurance. Typically, after a 2-year waiting period, health insurance policies cover mental disorders. A claim for mental illnesses cannot be made until the policyholder has had his or her health insurance renewed for two years in a row. A mental health insurance claim cannot be made until the insured has been hospitalised for at least 24 hours.
Depending on the insurance, the waiting period may change. It is thus advised to review the terms and conditions of the mental health insurance policy to determine the precise waiting time.
Why Is Mental Health Insurance Considered An Important Issue?
More and more individuals are becoming susceptible to mental diseases like depression as a result of the contemporary hectic lifestyle. Everyone must choose to get mental health insurance due to this. Additionally, because they are more vulnerable, those with a family history of mental illness should acquire a health insurance plan that covers mental illnesses. Additionally, anyone who has gone through a terrible event like the death of a loved one or an accident should get mental health insurance coverage.
Endnotes
In summary, you might think about purchasing an appropriate health plan that fully covers mental disorders and related costs if you wish to reduce the financial strain caused by mental illnesses.
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