Four Methods for Financing Mental Health Treatment

Four Methods for Financing Mental Health Treatment

 

The quality of a person’s mental health is just as important as their physical health. In fact, having poor mental health can impact the state of one’s physical health if severe enough. But a common misconception about mental illness is that someone needs to be diagnosed with something such as schizophrenia to be mentally ill.

 

The fact is that mental illness appears in many different ways, like anxiety and depression. Just because someone isn’t suffering from an official illness doesn’t mean they don’t need help. However, paying for treatment can also pose a problem.

 

Here are four methods you can finance mental health treatment.

 

 

Government Assistance

 

No one’s declining mental state should be put on the back burner because insurance isn’t an option right now. If that’s the case, turning to the government for help isn’t a bad idea. However, keep in mind that there’s a difference between federal assistance and state assistance. Federal assistance can mean acquiring Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI). State assistance works a bit differently as each state has their own rules and regulations on how it should be distributed. You’ll have to review your state’s guidelines to find out what’s involved with applying for assistance.

 

Take Out a Loan

 

Loans have made it much easier for people to quickly finance things they need, including improving your mental health. While there are all sorts of loans, the most flexible option is a personal loan. A personal loan is used for anything you need or want. In this case, you can put the money towards getting the treatment you need. Personal loans are best taken out from private lenders. These lenders love to give their borrowers reduced interest rates. 

 

Interest rates are the reason why some loan payments can be difficult to pay back. But one thing to note is that how much interest you’re charged depends on your credit score and this applies to private lenders. You’ll have to go over your credit score before applying. If your score is too low, you’ll either be considered high-risk or outright denied. It’ll help if you also go over your credit report and see if there are any discrepancies. Any error can cause your score to lower, so make sure everything is crystal clear.

 

University Resources

 

Mental health can decline for a number of reasons. College, for example, is one to cause people to feel demotivated, bogged down and in some cases, depressed. Even the buildup that leads to college can cause teen anxiety in hopeful students who otherwise are mentally and emotionally ready for that next step. However, most colleges often come with a plethora of resources that include low-cost mental health services. These services give students a way to destress through text chats or hotlines with a trained counselor and go over solutions for their problems.

 

Schedule a Fundraiser

 

Another way for you to finance mental health treatment is to start a fundraiser. Platforms, like GoFundMe, give people an easy way to crowdfund the money they need. And the best part is that there’s no waiting to receive the funds and you don’t have to go through a rigorous application process.

 

Is residential therapy right for your teen? Ask yourself these questions.

 

Also review our Financial Options page.

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Contact us if you have exhausted your local resources with your troubled teen. We help you make smart decisions for teen help programs, therapeutic boarding schools and other options for struggling teens.

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