Mental well-being is as crucial as physical health. Unfortunately, many don’t seek mental health care because of its considerable costs. One survey shows that 42 percent of adults with any mental illness didn’t access the necessary care because they couldn’t afford it. Even with insurance coverage or financial assistance, mental health care services can incur significant expenses. You might be aware that having health insurance doesn’t shield you from accumulating out-of-pocket costs. But out-of-pocket healthcare spending can be twice as high if you’re dealing with anxiety, depression, or both. 

Considering that, how can you manage your out-of-pocket mental health care costs? While some may dip into their savings, it often falls short of covering expenses. Consider the strategies highlighted below if you have limited choices for handling these costs. 

Use In-Network Mental Health Providers

Using in-network providers may limit your options to find the most suitable therapist. But since they are part of your insurance company’s network, the out-of-pocket costs of in-network providers tend to be lower. This is because the insurance company has arranged reduced fees with the provider. 

Meanwhile, receiving mental health care from a provider outside your insurance company’s network may result in higher out-of-network cost sharing. You’re typically responsible for a higher portion of the costs since there’s no established agreement between the provider and the insurer. 

One way to handle your out-of-pocket mental health costs is to obtain care from a provider within your health plan’s network. There may be cases, though, where you need out-of-network care. 

Thankfully, some insurance plans like Medicare Advantage come with out-of-network benefits, which can help compensate for the higher costs linked to out-of-network care. But how does Medicare Advantage work? 

Also known as Medicare Part C, Medicare Advantage (MA) is a plan offered by private companies approved by Medicare. When you enroll in an MA plan, Medicare pays them to provide coverage for your Medicare benefits. Like the Original Medicare, MA covers a range of mental health services but with lower out-of-pocket expenses. 

Seek Sliding Scale Options for Therapy

Some individual providers or organizations offer sliding scale options for therapy. This can be a viable option if you already have a relationship with a therapist and your annual income suddenly changes. 

With a sliding scale, the therapist will adjust pricing based on your income level. Sometimes, the rate is half of their hourly charge. Typically, the less your annual income is, the lower the cost of therapy will be. It will help offset out-of-pocket costs, particularly if your plan doesn’t cover therapy. 

Negotiate a Lower Rate With Your Therapist

Not every therapist may provide sliding scale options, but it never hurts to inquire about a discounted rate. Negotiating for mental health services may seem uncomfortable. Many therapists want to help. Likewise, they understand that not everyone earns the same wages. 

It’s common for them to accept lower fees than the standard rate they advertise. Note that you’re more likely to succeed in negotiating a lower rate at the beginning of therapy than in the middle. Being upfront will spare you the extra burden of managing avoidable out-of-pocket expenses. 

Consider Remote Mental Healthcare

Even with good health insurance, mental health care services can be expensive. You may consider remote mental healthcare to manage your out-of-pocket costs. This option is typically more affordable than paying for individual sessions with an in-person therapist. It might not suit everyone, but it’s worth considering if you want to reduce costs for out-of-pocket expenses. 

Utilize Employee Assistance Programs

Employee Assistance Programs (EAPs) can be a beneficial alternative to minimize out-of-pocket expenses. They’re commonly included in employee benefits packages and provide services for short-term counseling, referrals, and follow-up services. Contact your human resources department about this program and find out how you can avail. 

Tap Into Your FSA or HSA Funds to Pay for Therapy

Do you have a flexible spending or health savings (FSA) account (HSA)? You can use these funds to cover the out-of-pocket costs for the mental health care you need. However, verifying which mental health expenses qualify for your FSA or HSA is crucial. Some services are only eligible if they’re medically necessary for your physical or mental health. 

Explore Potential Credit Card Options

A credit can also be a viable option to cover your mental health costs out of pocket. Suppose your monthly income is sufficient to cover the therapy out-of-pocket expenses. But you don’t have all the funds available during your weekly therapy sessions. You can cover the expenses using a credit card. However, consider looking for an interest-free option. 

Conclusion

The financial burdens of receiving mental health care can be overwhelming. While it can be tempting to skip your counseling session and forgo getting psychiatric help, doing so may put your mental health at risk. Don’t let costs comprise the care you need to feel and function at your best.