The COVID-19 pandemic has brought discussions about mental health issues into the spotlight. From depression to anxiety, a host of mental health issues can result from genetic predispositions to stress and burnout. Today, awareness of mental health issues is gaining in importance. With this increased momentum, many health insurance policyholders are wondering if their policy covers psychological disorders.
The Insurance Regulation and Development Authority (IRDAI) issued orders to all insurance companies to cover mental illness under new and existing policies. Since the order was passed in 2018, disorders such as acute depression, obsessive-compulsive disorder (OCD), anxiety disorders, bipolar disorder, post-traumatic stress disorder, schizophrenia, dementia, psychotic disorder, attention deficit or hyperactivity disorder and mood disorder are beginning to be covered by health policies.
But policyholders should know that, in most cases, health insurance only covers hospitalization costs when it comes to psychological disorders. Most comprehensive policies do not cover OPD costs. Therefore, when buying a policy, people should carefully read the terms of the policy. Like other agreements, policyholders first have to go through a waiting period for the policy to activate for issues related to psychological disorders.
“Generally, the health insurance plans offered by these insurers cover the hospitalization expenses of patients hospitalized for mental illness. But outpatient counseling or therapy is only covered if the policy offers outpatient department (OPD) benefits, Ankit Agrawal, CEO and co-founder of InsuranceDekho, told the Mint.
Insurers such as Max Bupa Health Insurance, ICICI Lombard, Aditya Birla Health Insurance Company, HDFC Ergo General Insurance, and Digit General Insurance have created health insurance policies that specifically cover those with mental health issues.
(Edited by : Shoma Bhattacharjee)
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