Earlier, health insurance companies in India covered only physical illnesses in their health insurance policies. Following a Supreme Court order in June 2020, IRDAI (The Insurance Regulatory and Development Authority of India) made it mandatory for insurers to cover psychological disorders as well. So, following the guidelines, medical insurance providers have started including mental health insurance coverage under the ambit of health insurance.
Go through this article to know all about this!
This is a benefit that comes with health insurance policies in India. It covers the costs incurred due to in-patient treatment of mental illnesses. The coverage includes ambulance charges, cost of medicines, charges in relation to diagnostic tests, hospital room rent, etc.
Considering that modern lifestyles can cause an excessive amount of stress, individuals are vulnerable to mental illnesses. Additionally, concerns related to physical health or traumatic experiences, for example, the death of a loved one, can lead to mental disorders.
Medical emergencies resulting from mental disorders can drain the savings of individuals owing to the high cost of treatment at hospitals. To make sure that you’re financially secured at the time of such uncertainties, opting for a health insurance policy with mental illness cover can be a wise move.
The benefits of mental health coverage in India are as follows:
In accordance with the IRDAI guidelines, health insurance providers like Navi provide mental health coverage as a part of their health insurance plan. This insurer approves cashless claims within 20 minutes only and has over 10,000 network hospitals from where one can avail of cash treatment.
Download the Navi app and buy a comprehensive health insurance policy in 90 seconds through a hassle-free, paperless procedure.
There are some conditions under which one may not get mental health coverage. So, individuals must be careful about the exclusions before buying a health insurance policy with mental illness coverage. The common exclusions are as follows:
One needs to give attention to the following pointers before buying a health insurance policy in India that covers mental disorders.
By choosing an insurance policy that comes with an affordable premium, you can avoid financial stress.
Look for insurance that gives higher coverage for mental disorders at an affordable premium.
The policy should not have a waiting period higher than its market competitors.
Before purchasing a health insurance policy, be very cautious regarding the exclusions.
The claim settlement process of the insurance provider must be hassle-free. In this regard, the claim settlement ratio serves as a key indicator.
The cost of treatment with regard to mental illnesses can cause financial stress for any individual. However, by purchasing the right health insurance policy with mental health cover, one can protect his/her savings during medical emergencies. That said, now that you are aware of the benefits, inclusions and exclusions of mental illness coverage, you can buy a health insurance policy that is best suited for your requirements.
If you are looking for health insurance policies then you can consider Navi. Navi has a network of 10,000 plus network hospitals spread across 400 plus locations all over India. Download the Navi app from the google playstore today!
Ans: This insurance company provides coverage when policyholders suffer from the following diseases:
• Bipolar disorder
• Acute depression
• OCD (Obsessive-compulsive disorder)
• Schizophrenia
• Attention-deficit/hyperactivity disorder (ADHD)
• Anxiety disorder
• Hyperactivity disorder
• Psychotic disorder
• Post-traumatic stress disorder
Ans: Generally speaking, the waiting period in relation to medical insurance policies with mental health cover is two years. This means that if individuals purchase a plan today, they will need to wait for a minimum of 2 years before they can raise a claim.
Ans: Yes, in most cases, individuals need to be admitted to a hospital for more than 24 hours for getting mental disorder treatment. The majority of Insurers give coverage for only in-patient treatments; the cost of OPD treatment is usually not included in the scope of coverage.
Ans: The healthcare facilities that are mentioned in the agreement when purchasing a health insurance policy from health insurance providers are referred to as network hospitals. Insured individuals can avail of cashless treatment at these hospitals. In other words, the insurance companies pay the cost of treatment directly to the network hospital after approving the claim of the insured individuals.
Ans: Co-payment under a health insurance policy is a clause that requires insured individuals to make payments from their own pocket no matter what the claim amount is. As per this arrangement, the insurer has to pay only the remaining portion of the claim amount.
How about an affordable health insurance policy 👨⚕️ starting at a monthly premium of just ₹235? Install the Navi app now and get your policy in under 2 minutes.
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
6 Best Critical Illness Insurance Companies in India to Invest in February 2023
Critical illness insurance is a type of health insurance policy that protects against fatal illness... Read More »10 Best Cashless Network Hospitals in India 2023 – Benefits and Claim Process
Cashless Network hospitals are accredited hospitals that have partnered with a health insurance com... Read More »TPA in Health Insurance – Full Form, Functions and Roles
TPA (full form – Third Party Administrator) is a licensed intermediary between health insurance p... Read More »10 Best Cashless Health Insurance Plans in 2023 – Tax Benefits and Coverage
Considering the rising medical expenses, it is important to obtain health insurance for yourself an... Read More »Top-up Health Insurance Premium Calculator -How to Use & its Benefits
Are you looking to compare top-up health insurance policies online? A top-up health insurance premi... Read More »What is Group Insurance Policy – Best Group Health Insurance Plans
Group medical insurance policies are specially designed to provide financial coverage to a particul... Read More »What are Individual Health Insurance Plans – Benefits and Cover
The COVID-19 pandemic demonstrated how unprepared most people are in the face of a major health cri... Read More »Corona Insurance Policy (2023) – Types, Cover and How To Claim
Corona Insurance policy provides coverage for all medical and hospitalisation expenses incurred due... Read More »What is a Cardiac Health Insurance Policy – Benefits and Diseases Covered
In cardiac health insurance policies, insured individuals get financial coverage to treat heart dis... Read More »What is Cashless Mediclaim Policy – Working, Features & How to Claim
A cashless Mediclaim policy provides much-needed financial aid during medical emergencies. Policyho... Read More »Group Personal Accident Insurance – Inclusions, Exclusions and Documents Required
Mr Sharma is an owner of a company. He’s looking to insure his employees against unexpected medic... Read More »What is Liability Insurance and What Does It Cover
Insurance has become an indispensable financial product, thanks to its benefit of offering a protec... Read More »Top 10 Chit Fund Schemes in India in 2023
Chit funds are one of the most popular return-generating saving schemes in India. It is a financial... Read More »10 Best Gold ETFs to Invest in India in February 2023
Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica... Read More »Top 10 Demat Accounts in India [Lowest Brokerage Charges]
A Demat account was created to eliminate the time-consuming and inconvenient procedure of purchasin... Read More »20 Best Index Funds in India to Invest in 2023 (Updated on 31st Jan)
What is an Index Fund? An index fund is a type of mutual fund or exchange-traded fund (ETF) that... Read More »Best Arbitrage Mutual Funds to Invest in India: Returns and Taxation
Arbitrage funds are hybrid mutual fund schemes that aim to make low-risk profits by buying and sell... Read More »Best SIP Mutual Funds To Invest In India (2023) – Its Types And Taxation
A Systematic Investment Plan (SIP) is a convenient way to invest a fixed sum in mutual funds. For i... Read More »10 Best Corporate Bond Funds in India 2023 – With Returns
Corporate bond funds are debt funds that invest at least 80% of the investment corpus in companies ... Read More »10 Best Banks for Savings Account in India (2023)
A savings account keeps your money safe, and lets you earn interest every quarter. There are many b... Read More »All information is subject to specific conditions | © 2023 Navi Technologies Ltd. All rights are reserved.
Insuring health was never this affordable!
Monthly premium starting @₹235