Mental Health Parity Law Signed into Law

When Congress passed the "Emergency Economic Stabilization Act" of 2009, most of us remember this as the Wall Street Bailout Plan, it also made sure that health insurance providers offer equal coverage to people with mental illness and substance abuse disorders.

Simply put; beginning after December 21,2009 the legislation requires that health insurance providers must include mental health and substance abuse coverage on par with physical illness coverage in terms of reimbursement and treatment. Currently, most health insurance plans limit the number of visits for psychiatric care or outpatient/inpatient substance abuse coverage. Under the new law such restrictions are prohibited.

It should be interesting to see how the health insurance industry will handle this. We know in most cases, it will probably drive our health insurance premiums up. As if health insurance isn't costly enough, along comes Congress and mandates these new benefits be implemented into our health plans.

Some may see this new law as a good thing, thinking that they can go to their psychiatrist or psychologist an unlimited amount of times and be reimbursed for treatment. Just keep in mind, "freedom" always comes at a price.