Preparing Your Coins for Therapy
“Got me a therapist to tell me there are other men,” SZA sang in “Kill Bill.” Now you might be thinking, it’s time to go to therapy, but you also may think therapy costs an arm and a leg when paying out of pocket. Well, I’m sure you’ve heard, “therapy is an investment in yourself.” I agree. Don’t trip! I promise paying out of pocket is possible without going into debt. Continue reading for steps to help you budget for mental health therapy.
Research: First, you want to look up therapists of interest along with their cost of service. Therapy fees look different across states and cities, some states more expensive than others. You may also want to look closely for therapists offering sliding scale fees. Therapists occasionally are up for negotiating their fees depending on the circumstance.
Out-of-Network Benefits: Although some therapists may forgo in-network health care insurance as an option, health care can still be used to cover therapeutic expenses. Therapists who do not take insurance directly are considered out-of-network providers. Check if your health insurance includes benefits for out-of-network mental healthcare. If so, inquire about the extent of coverage and any copays or deductibles. Most insurances accept what are often referred to as “superbills.” This is when your insurance will reimburse you 50%-90% of the cost of each therapy session after you provide them with an invoice from your therapist as proof of pay for the service. Also explore HSA benefits to see if you are already allocating a certain amount of your check to medical care expenses. You can utilize HSA benefits for mental health therapy as well.
Budget: You will eventually need to sit with your finances and determine where your money is going and create a budget. Afterall, Megan the Stallion said it best, “Without the money, I don't budge, what's the budget?” This is good practice to do often in order to stay mindful about your expenses because they may change from time to time. Calculate all of your necessary living expenses and allocate a certain amount to therapy. Begin to see your mental health as a necessary living expense and see that portion of your budget as imobile.
Frequency: Consider how often you want to invest in seeing your therapist. Therapists may have suggestions regarding frequency, but know that you have the autonomy to choose how often you see them. Think of whether or not you will actually benefit from weekly, biweekly, or monthly sessions. Of course, the least amount of sessions can help you save some money, but try being honest with yourself about your needs and your budget.
Financial Assistance Programs: It’s important to look into funding directed toward mental health therapy. There are some local and federal options that offer assistance if not fully covering funding for your therapeutic treatment. For instance, Washington state has the Washington Therapy Fund which offers as many as 16 sessions fully covered for Black people, which I am a part of (shameless plug). Although their site offers a specific group of therapists, if you’ve already found a therapist you connect with, you could ask them if they would be willing to sign up to participate in this program so that your services along with others may be taken care of.
I hope these suggested steps are helpful as you prepare your coins to prioritize your mental health. Make sure you're taking the necessary steps to hold yourself financially accountable while prioritizing your mental health, after-all, it is an investment in yourself. If you have specific questions about mental health therapy or something related, feel free to contact me.
