Mental Health on a Budget: Making Therapy Possible with Financial Planning
Admitting you need help with your mental health isn’t always easy.
For many, it brings feelings of shame, weakness, or inadequacy—when in reality, recognizing you need support is a powerful and courageous first step.
But even after overcoming that emotional hurdle, another major barrier often stands in the way: cost.
If you’ve taken a look at your budget and feel unsure whether therapy is financially possible, don’t give up just yet.
There are several ways to make mental health care more affordable and more accessible than you might think.
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Discuss Your Sessions With Your Therapist
If you’re struggling with session payment, talking with your therapist is usually the way to go.
You can try asking your therapist for a payment plan, like a monthly installment for your sessions.
Moreover, if they allow it, you can also ask for a reduced number of sessions per month.
If nothing else, another thing you can do is to look for a less expensive therapist within your budget.
Talk about an agreement with them regarding the length and frequency of your therapist sessions.
These options are optimal if you’re following a zero sum budgeting method, since it adds much more flexibility when it comes to budgeting.
This is because with the ability to pick therapists and discuss with them about your sessions, especially with the price, this method is much more manageable.
Check Your Insurance
If you have employer-provided insurance, it’s worth reviewing what’s included—many insurance plans cover a range of mental health services.
This can include therapy sessions, counseling, inpatient care, and treatment for substance use disorders, often at a reduced cost or even fully covered after a copay.
The specific health benefits and the services usually depend on the insurance you have.
That said, if your insurance covers these services and the benefits they entail, you can take advantage of them.
This is especially true if you have Medicare, specifically Medicare Part B.
It covers mental health services, which include an annual screening for depression.
Not only that, but they usually also have in-network therapists that you can go to.
And lastly, if you have a high deductible plan, you should be able to use a Health Savings Account for your copays or coinsurance payments.
Seek a Psychologist in Training
Another option is to look for a psychologist training clinic.
These are often found at universities or colleges that train students to become therapists.
You might feel unsure about their skills since they’re still in training.
However, sessions are typically supervised by licensed professionals.
Interns usually receive a lot of oversight and are often very dedicated and passionate about helping their patients.
Because they’re still in training, the cost is usually much lower than traditional therapy.
Look Into Community Mental Health Centers
Another good resource that you can take advantage of is community mental health centres.
They tend to be close by in your community and have a good grasp of neighborhood issues and attitudes around the community they serve.
Not only that, but not only do they offer mental health services, but they are also participating in or spearheading initiatives that reduce the stigma of mental illness, so you can be sure that they will help you without any judgment, whether it’s because of your reluctance to admit help or financial issues.
Check Out Online Therapy Services
If you’re struggling with both financial and time-related issues, consider exploring therapy sessions that fit around your work and income.
That said, one option worth exploring is online therapy services. Since the COVID-19 lockdowns, these have become much more accessible and widely offered.
Online therapy can be just as good as in-person therapy, and it’s a lot easier to access because of the lack of distance you have to travel.
So, what is online therapy?
It’s just what the name suggests: online therapy conducted through a video call on HIPAA-compliant platforms like Google Meet or Zoom.
Check Your Employer for Employee Assistance Programs
We have what we call the Employee Assistance Program, where employees can take advantage of counseling for personal or work/life stressors. These include crisis intervention, legal advice or consultation, help with substance abuse, and support for family or relationship issues. They’re usually free, and the discussions within these sessions are confidential.
Although the number of sessions you have is largely limited, it’s a good option if you need to talk to someone immediately. Usually, they are accessible through a website, phone line, or an app. Your employee usually pre-pays for the services they offer, so they’re free. And even though the number of counselling sessions is limited, they usually can refer you for longer-term care if you need it.
Ask For Help Now
It’s difficult enough to live with a mental health condition. Not being able to afford help is much worse, which is why the cost is usually the second biggest hurdle that you can encounter after admitting that you need help. Fortunately, there are a lot of ways and resources that you can take advantage of to find a more affordable solution to your mental health problem. Remember, you don’t have to go through this alone.
