Mental Health Insurance: What Are Your Options?

Apart from the physical effects of COVID-19, people around the world might have to face the mental repercussions of the pandemic, according to a paper published in the New England Journal of Medicine. The author stated that the consequences of public health emergencies like quarantines that hinders people from going outside, major financial losses, and conflicting news and facts can contribute to widespread emotional distress. And constant emotional stress can increase the risk of psychiatric illnesses like anxiety disorders, depression, post-traumatic stress disorder (PTSD), and more.;

The Effect of the Recent Pandemic on Mental Health

According to a report by Business Insider, pandemic survivors and healthcare workers themselves are at higher risk of developing PTSD. PTSD, according to the National Institute of Mental Health (NIMH), is a disorder that makes people feel afraid or stressed even if their lives are not in danger.

Patients might have had a difficult time managing the trauma related to their time in quarantine or in the hospital. Healthcare workers, on the other hand, can get burnt out and succumb to stress and anxiety because of the physical and mental stress of the job, especially during these unprecedented times.

The Best Way to Deal With Mental Health Challenges

Just like COVID-19, mental illnesses can affect everyone – even the happiest of people. Simple stress and sadness can lead to a variety of disorders if they’re not managed properly. As such, it’s vital to take care of your mental health during this pandemic.

The best step forward is always to get professional help from a psychiatrist or therapist. However, not everyone has the money for it. Depression treatment can cost almost $7000 for about eight days of treatment. Alcohol use disorder treatment can cost around $5,900 for six days. Paying all of that out of your own pocket just won’t cut it. This is where mental health insurance comes in.

A Look into Mental Health Insurance

Mental health insurance works just like its general counterpart. Coverage depends on the person’s needs. You pay for the monthly fee, and you get deductions for your mental health checkups, therapy sessions, and medication. The affordability and coverage of your plan depend on the type of insurance policy you’ll get. Here are brief overviews of your mental health insurance options to help you figure out what’s best for you.

• Employer coverage – If you have a regular job, your employer can offer medical insurance as one of your benefits. They’ll cover some of your fees in case you need care. However, not every policy covers mental health. Check with your human resources department if it’s included. If not, ask if you can put it in, even if you have to pay for a higher premium.

• Medicare – Medicare is a federal insurance program that you pay for yourself. Its rules and coverage remain the same in every state. It’s split into four parts:

• Part A – Also known as hospital insurance, this covers your stay in a hospital or when you’re getting home health care.

• Part B – This is is also called medical insurance. It covers your doctors’ services, medical supplies, preventative services, and outpatient care.

• Part D – This offers coverage for prescription drugs. In order to get this, you need to join an approved plan that covers drugs.

• Part C – This is also called a medicare advantage plan. It provides both Part A and Part B. Depending on what you choose, you could get prescription drug coverage as well.

For mental healthcare, Part B is your best bet, as it covers your costs for outpatient care. It helps pay for one depression screening a year, family counseling, group and individual psychotherapy, psychiatric evaluation, diagnostics, medication management, and more. This is especially helpful for people who need financial help for their bulimia nervosa treatment plan. Part D can also be helpful to get the medication that your psychiatrist can prescribe.

• Medicaid – This is a government-backed medical assistance program meant for low-income residents of all ages. It covers over 27% of mental health care in the country. In some cases, you might have to make a small co-payment, but this insurance plan covers almost all of your costs. It’s administered by the state using federal guidelines. Medicaid can cover counseling, medication management, therapy, peer support groups, and more.

It’s been more than half a year since the COVID-19 pandemic broke out, leading to both physical and mental pain for everyone, not just for those afflicted by the disease. During these trying times, it’s important to know how to get quality mental healthcare and how to pay for it. These insurance options help you get the therapy sessions and medication you need without breaking the bank.