IRDAI Mandates Mental Illness Coverage In Health Insurance, But Challenges Persist

Even though insurance companies cover mental health, providing this benefit to everyone who needs it might still be difficult. The Insurance Regulatory and Development Authority of India (IRDAI) recently established a five-member committee of medical experts and insurers to address the need for comprehensive mental Bajaj Allianz health insurance. #

Although mental health has always been a serious issue, individual mental health issues have only worsened since the pandemic. #

Mental health problems have become more prevalent in India. Most mental health treatments include therapy and counselling sessions conducted under professional guidance. Since these conditions are typically treated in outpatient departments (OPDs), the Bajaj Allianz mediclaim policy for families must have an OPD provision to support mental health care.

The costs of inpatient treatment in a hospital, including room rent, boarding, and nursing fees, are typically covered by mental health insurance policies. Most mental health conditions require outpatient treatment, but today, almost all health insurance products in India are inpatient-focused. ^

Numerous policies also cover expenses related to outpatient care, including prescription drug costs and consultation fees for psychiatrists, psychologists, and other mental health specialists. This is crucial because most mental health treatments involve expensive but sometimes non-hospitalized consultants and experts. [1]

Therefore, bearing the following before purchasing a Bajaj Allianz health insurance policy is essential. It’s critical to understand what is covered and what isn’t because all insurance companies might not offer mental health services in the same ways.

  • Coverage: Carefully consider the coverage when selecting a health insurance policy, particularly regarding mental health conditions and treatments. Ensure the policy covers any specific mental health issues and any potential treatments you might need. ^
  • Waiting Period: There is frequently a waiting period before the effects of many mental health insurance policies in India take effect. Consider the waiting period to ensure you will have coverage when you need it.
  • Exclusions: To understand the exclusions and limitations, carefully read the policy’s terms and conditions. Make sure there are no significant exclusions in the policy that would affect your mental health coverage.

Even health insurance plans that provide coverage for mental health issues place a cap on their value. A significant barrier to incorporating outpatient products into health insurance plans for families is the high 18% GST currently imposed on health insurance premiums.

While the IRDAI’s mandate to include mental illness coverage in health insurance is a step in the right direction, several challenges still exist. These challenges may include limited coverage, high premiums, and a need for more awareness among policyholders. Efforts should be made to address these obstacles to ensure comprehensive and accessible mental health care for all individuals. #

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# Visit the official website of IRDAI for further details.

^ Claims are subject to terms and conditions set forth under the health general insurance policy.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.


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