Medical Insurance with Mental illness
I want to buy a medical insurance, however I'm being treated for Dysthymia. With regular follow up with a psychiatrist and Psychologist.
I reached out to Max Bupa but they said they will not be able to provide a cover. Any insurance that will cover me?
Have you received anything in writing from the insurance company. Can you share it with us at email@example.com? If you haven't received it you should request it in writing.
Ideally, as per rulings, law, and IRDAI regulations, Insurers are supposed to provide covers to people with a medical illness, treat them similar to the way they treat physical illness, however, insurers can reject proposals based on their board-approved underwriting policies
Our recommendation would be to try the following:
- Approach other insurers - do not give up. Try Star Health, Religare, IFFCO Tokio - and Public sector insurance companies like New India Assurance, Oriental Insurance (through local insurance agents)
- If #1 does not work, as a last resort, you can parallelly try to get yourself insured through your bank. Banks have group policies, especially public sector banks that can be liberal. Check PNB, Bank of India, Bank of Baroda, etc.
Do let us know if you have any follow up questions. Would be more than happy to help.
Hope this helps.
I got a call from Max Bupa representative that they will not be able to provide the cover. I'll request them to share it in writing.
Sure I'll try other insurance companies.
Bank insurance - I reached out to Axis bank, they have a tie up with Aditya Birla and Tata.
However when I was going through the policy wording. It stated the following
We will not make any payment for any claim in respect of any insured person directly of indirectly for, caused by, arising from, or any way attributable to any of the following unless expressly stated to the contrary in this policy
Psychatric, medical disorders (including medical health treatments).
Should I go for bank group insurance?
You can go for the Axis Bank group policy as a last resort - till you aren't able to find a better non-group plan. Based on our limited knowledge, we understand that the chances of a hospitalization claim for a mental illness are super low - if that is true, then it won't make a very big difference for you that mental illness is not covered in the policy.
Ensure you make adequate disclosures in the policy, before buying - You don't want to pay premiums for years, and then face cancellation of the policy, decline of a claim when you need to be hospitalized (for a non-mental illness) in the future
Hope this helped. Do let us know if you have any questions.
In the policy wordings of Axis Bank group policy, following is stated under medical exclusions -
"We will not make any payment for any claim in respect of any insured person directly of indirectly for, caused by, arising from, or any way attributable to any of the following unless expressly stated to the contrary in this policy Psychatric, medical disorders (including medical health treatments). "
Will they issue a policy, considering I'm being treated for Dysthymia.
You should give it a shot. It may work.
The only way we have seen this work is when one is persistent. You have nothing much to lose, if they decline your proposal.
Also, we think, this clause that excludes mental illness will go off, get corrected - as soon as the contract is renewed (annually) between the insurer and the bank.
Parallely, you must also try government insurance companies through a local office. Insist on all communication in writing.
Please keep us posted.
All the best!