Mental Health Insurance Policy new rules: Health policy holders will no longer need to take a separate policy for mental illness.
The insurance regulator has issued a big relief instruction for health insurance customers. According to the new instructions, health policy holders will no longer need to take a separate policy for mental illness. The Insurance Regulatory and Development Authority of India has asked insurance companies to cover mental illnesses to every policyholder. It has been made mandatory with immediate effect.
The Insurance Regulatory and Development Authority of India (IRDAI) had given instructions to cover mental illnesses in the policy under the Mental Healthcare Act 2017. Insurance companies did not do so even after warnings. Angered by this, IRDA has given strict instructions to insurance companies to immediately cover mental illness in the policy. The regulator has made it mandatory.
The insurance regulator said that from November 01, 2022, all insurance companies will cover mental illnesses in the policy. Insurance companies will not be able to refuse claims for the treatment of mental illnesses. IRDA has also made it necessary to cover mental illness in the already issued health policies. Any new customer who is thinking of taking a health policy must check the mental illness coverage.
The Insurance Regulatory and Development Authority of India enacted the Mental Health Care Act in the year 2017 to cover mental illness in health insurance. Its objective was to bring people suffering from mental illnesses like dementia, Alzheimer’s etc. under the purview of the policy cover.
Keep these things in mind while taking a health policy
To manage the expensive medical expenses of hospitals, taking a health insurance policy is considered a better decision. While taking a health policy, keeping in mind the number and age of the family members, special care should be taken on some points-
- premium rate renewal rules
- claim settlement ratio
- Sum Insured Restoration
- Road Ambulance Charges
- room rent expenses
- pre and post expenses
- Daycare Payment Process
