More than 150 million patients with mental illnesses could soon get help with coverage under health insurances, but at a cost — insurers are hinting at an increase in premium.
The Mental Healthcare Bill 2016, which got Lok Sabha’s nod last week, will become law once it receives Presidential assent. The Bill makes it mandatory for insurers to provide insurance to the mentally ill. Health insurers are gearing up to bring mental illness, such as depression and anxiety, under insurance cover.
The progressive provision, however, may result in more expensive insurance products.
Responding to BusinessLine in an email, Antony Jacob, CEO of Apollo Munich Health Insurance, said: “The inclusion of expenses related to mental health could impact the premiums and some insurers may raise premiums. Currently, most of the mental health conditions are treated on an out-patient basis.”
