Mental health is a recurring topic in the media these days. And for a good reason. Mental health issues are much more prevalent in society now. Do you wish to safeguard your finances from the medical expenses of potential mental health ailments? Consider purchasing mental health insurance. Know these five things while purchasing mental health insurance.
Coverage
Your insurance plan for mental health typically includes the following components:
- Room Rent
- Treatment
- Consultation
- Procedures
- Medicine
Most insurance policies for mental health also cover the following:
- Mental Capacity
- Thinking
- Memory
- Cognition
- Decision-Making
Additionally, some mental health insurance plans cover Outpatient Department or OPD Procedures. An OPD procedure is any procedure that requires less than a day’s hospitalisation.
Typically, diseases covered in mental health insurance policies are the following:
- Bipolar Disorder
- Mood Disorder
- Attention Deficit Disorder
- Acute Depression
- Schizophrenia
- Psychotic Disorder
- Dementia
- Post Traumatic Stress Disorder
- Anxiety Disorders
- Obsessive-Compulsive Disorder (OCD)
The following mental health conditions are not covered in health insurance
- Mental illnesses caused due to the abuse of alcohol and drugs
- Repeated mental illness due to lack of discipline while following the course of the treatment
Waiting Periods
Mental health insurance regards mental illnesses at par with pre-existing conditions in health insurance. Insurers tend to assign waiting periods for pre-existing diseases up to a few years. They follow the same for mental health insurance.
Consider the waiting period for a certain condition to be four years. Here’s what you will have to do till your mental illness is covered by your policy. You must buy the policy and renew it for four consecutive years without a gap.
Why and When Should You Purchase Mental Health Insurance
The rising incidence of mental health issues is a modern-day reality. You can take well known and documented preventive measures. Healthy, strong relationships, regular exercise, a balanced diet, meditation are a few preventive measures. Also, make it a point to talk freely and openly about your thoughts and feelings.
The stresses and strains of modern life may prevent you from taking these measures. Unfortunately, mental health issues can still crop up despite rigorously taking them.
In this situation, everyone should be covered by mental health insurance. You should be keen to purchase mental health insurance if you have any of the following:
- If someone in your family has or had mental illnesses
- If you have recently faced a traumatic situation
- If you have lost a loved one a short while ago
- If you have been in an accident recently
There are Standalone Mental Health Plans Available
IRDAI, the insurance regulator of India, mandates that all health insurance policies cover mental health. There are also a few standalone mental health insurance plans in the market. If you are looking to cover yourself for a specific ailment or condition, check the policy. Does it cover that ailment? If yes, great! If not, pick one that covers the specific condition.
Treatment with Medication/Therapy vs Treatment with Hospitalisation
Hospitalisations can treat some mental illnesses. At the same time, some others are treated by therapy and medication. Are you looking to cover a specific illness? Find out which category it lies in.
If the illness requires hospitalisation, pick a comprehensive indemnity health insurance plan. If it requires more therapy and medicine, you need a plan that also covers OPD. It’s a good idea to purchase medical insurance, even if it’s for therapy and counselling. This is because specialist therapists and counsellors’ fees can go quite high.
Knowing these five things should lead you to make an informed decision about mental health insurance. Remember to reassess your health insurance coverage regularly. Once a year is a good frequency. During these reassessments, start with the question: Am I adequately covered by health insurance today?
Also read: Choosing the Best Mental Health Insurance Policy