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Mental health problems have become worryingly common in the modern world. The World Health Organization finds that over 1 billion people live with mental health disorders that affect their everyday lives. These conditions have become the second biggest reason for prolonged disability.
Treatment costs for long-term psychological health problems can make a massive dent in your budget. Consider the scenario: therapy costs, medication, follow-ups, rehabilitation therapies…What’s worse, all these costs can escalate if you ignore them, as some people are wont to in an attempt to minimize conditions like depression and anxiety.
We outline three strategies that can support you in managing these expenses for you or a loved one without incurring a financial setback.
1. Explore Treatment Centers With Subsidized Rates or Flexi-Payment
The CDC reports that 90 percent of annual healthcare expenses in the US are for people with chronic conditions, including mental health issues.
Undoubtedly, treatment for conditions like clinical depression and anxiety disorders can be expensive. It often entails a mix of therapy and suitable medication. Treatment can become tough to afford if you also have co-morbidities.
One budget-friendly path is to work with community-based providers. They often have income-based charges to make treatment more accessible. Non-profit organizations in your area may also offer treatment at subsidized rates for individuals with financial difficulties.
Online therapy has emerged as a popular option due to its advantages of flexibility and lower rates compared to in-person visits. Verywell Mind explains that teletherapists have fewer overhead costs. It allows them to offer affordable rates to people who may lack health insurance coverage.
Another sensible option is to explore university centers. They entail lower rates for services such as individual counseling and group-based sessions.
For example, Florida Gulf Coast University offers counseling on a sliding scale starting as low as $5 per hour. Moreover, counselors can work with you regardless of your connection (or lack thereof) with the university. The idea is to help medical students with hands-on experience while also benefiting the wider community.
When exploring these treatment options, discuss flexible payment models. These could be installment-based payments or assistance with availing medical loans from your bank
2. Compare Residential Facility Versus Home Care
Some mental health disorders become daunting to manage at home without expert help. The National Institute on Aging notes that everyday caregiving is challenging in the later stages of Alzheimer’s since the patient may experience incontinence and lose interest in food.
Among people with schizophrenia, problems with perception and speech can become severe. They make continued care difficult for family caregivers who also need to balance other life priorities.
In such cases, it becomes unavoidable to consider residential care as a viable treatment plan. At the outset, these facilities may seem expensive. However, they can be cost-effective if you assess the long-term repercussions. For example, missed work due to care responsibilities can add up quickly. Judgment errors in administering care can become an even more serious problem.
Be cautious about selecting the behavioral care facility by seeking recommendations and conducting personal visits. The recent Acadia Healthcare lawsuit highlighted incidents of grave misconduct toward patients, much of which went unaddressed for an extended period.
TorHoerman Law recommends checking that the facility meets federal standards for inpatient care and does not violate trust in behavioral health treatment.
The residential unit you are exploring should be transparent about the costs of treatment, accommodation, and living expenses. They should also be willing to interact with your insurer if you have a provision for residential mental health care, particularly for senior adults. Some insurance providers are amenable to covering out-of-network providers.
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3. Experience the Financial Rewards of Preventive Care
Prevention is better than cure, as the old adage declares. In healthcare, prevention also proves to be cheaper (and more manageable) than a cure. You can prevent some mental health issues from escalating into far pricier treatment territory by tackling them early.
For example, depression is an often underestimated problem, often trivialized and normalized in today’s stressful world. However, if left unaddressed, it can grow into moderate to severe symptoms that last several years.
A recent report in JAMA Network Open observed that chronic depression may be linked to dopamine, a neurotransmitter. Could it explain why more people now suffer symptoms for longer periods?
The UK’s Royal College of Psychiatrists warns that postpartum depression has also become scarily common. In 2024, around 85,000 new mothers in England were likely affected by postnatal depression. It often leads to devastating consequences for women and their babies.
Managing mental health concerns is much more expensive when they become chronic. If you experience symptoms related to constant low moods or irrational behavior, it is best to seek expert guidance sooner.
Moreover, you may find that treatment in the early stages is easier to adopt and cheaper to pursue. A BMJ study observed that walking, yoga, and strength training can effectively manage some symptoms when practiced intensely. They can work with psychotherapy and antidepressants to prevent your symptoms from worsening.
Being mentally resilient is vital for a fulfilling and rewarding life. It is arguably as critical as physical health, but is unfortunately overlooked due to denial and the associated costs.
The above strategies should support you with mental health more cost-effectively. You should not have to let financial worries affect the treatment you require for a wholesome life.
