Mental Health Coverage and Health Insurance

There are millions of people that require the services of mental health professionals but are unable to access these resources because of the lack of funds. The cost of services can be very costly particularly if one has to pay for this type of helping service without the aid of insurance. For those individuals that are in the market for health insurance it is recommended that a policy that includes the coverage is selected. Having the ability to seek the counsel of a mental health professional and receive assistance paying for these services is very beneficial as one can never know when this type of service will be needed.
One of the main ways that people pay for mental health coverage is through a health insurance plan. There are many plans that include coverage for mental health services. However, whether this coverage is commonplace or an optional benefit varies. Most of the more comprehensive plans do allow an insured individual to seek mental health services, but in many cases the coverage for these services varies based on the number of visits that the individual accumulates. The coverage is usually a percentage of the cost of the mental health service per number of visits. For example, the individual will have to pay 20% coinsurance for the first five sessions after meeting a deductible. As the number of visits to a mental health professional increases the coinsurance amount that the individual is responsible for will steadily increase. Eventually an individual with health insurance will at least pay for half of the services that are received while the company pays for the remaining half. Under some plans there are lifetime limits on the amount of coverage that the health insurance will provide for psychiatric services. Anyone considering the use of these services should speak to their health insurance provider to receive detailed coverage information.

An additional coverage option for mental health services is a medical savings account also known as a MSA. A medical savings account is a savings account where individuals can place funds to pay for medical expenses. This type of account is usually used in conjunction with high deductible insurance plans. An individual can place funds into this account for medical expenses and will not incur any taxes. This money can be used for any health related expense except for the payment of premiums so it is an option for those looking for a way to pay for services.

Even if you’re self-employed, many states are now requiring that the coverage provided by health insurance companies be just as comprehensive as physical health coverage. This will help to alleviate the financial stress that can be caused when trying to pay for these services. It is always best to inquire about the mental health coverage options attached to a health insurance policy. Having this type of coverage is necessary as one never knows when it will be needed.

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