Mental illnesses have become much more common now. The stress of modern life means that all of us may be susceptible to mental ailments. Do you want to shield your wallet from the medical expenses of potential mental health ailments? Purchasing mental health insurance can help.
Here are the hacks to choose the best mental health insurance.
Check what’s covered
Your suitable health insurance plan can include the expenses for treatment, procedures and consultation, room rent and medicines. In addition to these, health insurance for mental health can cover the treatment expenses for disorders related to cognition, memory, mental capacity, thinking and decision making.
There are also specific mental health insurance plans that cover OPD Procedures (a procedure that doesn’t require hospitalisation).
The following psychological disorders are generally covered under mental health insurance
- Bipolar Disorder
- Mood Disorder
- Attention Deficit Disorder
- Acute Depression
- Schizophrenia
- Psychotic Disorder
- Dementia
- Post Traumatic Stress Disorder
- Anxiety Disorders
- Obsessive-Compulsive Disorder (OCD)
Additionally, check the coverage of specific conditions that you are interested in. Are they covered in the plan? How much are the limits? Are there any conditions?
Exclusions
Most mental health care plans mention exclusions. These are the conditions that are not covered. The following conditions are generally excluded. Mental illnesses are due to the heavy consumption of alcohol, drugs and similar substances. Recurring mental illness due to failure to follow the course of the treatment.
These are the common mental health insurance policy exclusions. You should inspect the proposal for any others. Are there any more exclusions? What are they? Are they excluding a condition that you might be interested in covering? That can be a deal-breaker. Look for a policy that has the least exclusions, all other factors being equal.
Also read: The Central Role India’s Courts Have Played to Protect People With Mental Illness
Scrutinise the Waiting Periods
Some insurers assign waiting periods for coverage of specific conditions. These waiting periods can be up to a few years. Consider the waiting period for a certain condition to be four years. You must buy the policy and renew it for four consecutive years without a gap. The condition will be covered afterwards.
Go for a health insurance policy for mental health which has the shortest waiting periods. At least for conditions that you are interested in covering.
Check Out Specific Mental Health Plans
The insurance regulator of India, IRDAI has mandated that all health insurance policies cover mental ailments. Some insurers also offer a few specific mental health insurance coverages. If you are interested in covering specific ailments or conditions, an indemnity plan may be inadequate.
A mental health insurance plan providing more cover for those conditions is what suits your needs. Consider a specific mental health plan which has those conditions covered. One good way to study this is to inspect the major course of treatment. Read along to know more about it.
Inspect the Major Course of Treatment Needed
Some mental illnesses need procedures requiring hospitalisations. On the other hand, some can be treated primarily through therapy and medication. If you are interested in covering specific illnesses, find out the major course of treatment.
If the illness requires hospitalisation, go for a comprehensive indemnity health insurance plan. If it requires therapy and medicine, choose a plan that also covers OPD. OPD stands for Out-Patient Department. Some also call it daycare treatments. It refers to treatments that require less than 24 hours of hospitalisation. It makes sense to purchase medical insurance, even if it is for therapy and counselling sessions. Specialist therapists’ and counsellors’ fees may be steep.
These five steps should lead you to make an informed decision about mental health insurance.
Do not forget to reassess your health insurance coverage needs at regular intervals. Perform these reevaluations at least once every year. The key question to ask when evaluating insurance is: Am I adequately covered by my health insurance today?
With this information, you are a step closer in choosing the best insurance for mental health for yourself.
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