As a college student, you probably don’t have a lot of extra money to spend on mental health care. If you have health insurance, the services you need may be covered. However, there are a few details that affect how much your insurance will pay toward your total treatment cost.
You should be aware of the laws that protect your insurance coverage for these services. First, the Affordable Care Act made it possible for young adults to stay on a parent’s health insurance plan until age 26. If you can’t be insured by a parent, you may be able to get coverage through your university or your state. There’s also a mental health parity law that states that insurance companies have to cover mental health services to the same extent that they cover medical care. This means they can’t limit your access to treatment for mental health conditions.
You’ll need to understand how your insurance works and know some details about your usage so far this year. In this article, we’ll discuss how college students can make the most of their insurance benefits to save on mental health treatment costs before the end of the year.
How can college students make the most of insurance benefits to save on mental health treatment costs?
It depends on the type of insurance you have. If your plan has a deductible, you can save the most on treatment at the end of the year by planning your full course of treatment before your deductible resets to zero. A deductible is the amount you need to pay toward certain health care services until your insurance starts to cover them at a higher rate. If this is how your insurance works, the amount you pay is called coinsurance. For example, say you have a deductible of $3,000. Your insurance plan might pay 30% toward intensive mental health care services until you’ve spent $3,000 on your health care and then move up to 70%. If you have an out-of-pocket maximum, you won’t have to pay for any more services once you’ve paid that amount.
If your plan doesn’t have a deductible, your copay amount for mental health treatment may be the same at any time of year. If you’re not a dependent, you should also factor in other kinds of financial support you may need. For instance, if your condition prevents you from working, you might apply for disability benefits to recover some of your income.
Understand how your insurance works for mental health treatment
Your insurance carrier should provide you with a coverage breakdown that explains how your plan works for different types of treatment. Certain types of care that can be considered preventive, like outpatient therapy and medications, may be covered at the same rate all year. More intensive forms of treatment are more likely to change based on your status with your deductible.
If your plan has a deductible, you’ll need to know three things. First, find out how your costs for mental health treatment change after you meet your deductible. Second, you’ll need to know how close you are to meeting your deductible. Third, you’ll need an estimate of how many weeks of treatment you may need.
Find out what details will affect your mental health treatment options and costs
You should be able to check where you are with your deductible if your insurance provider has an online portal. Otherwise, you can check with your representative. The next step is to find mental health care providers that accept your insurance. Consider what level of treatment you may need and whether your insurance company requires a referral from your primary care doctor. Our Lightfully University program is covered by UC SHIP and many other insurance carriers. You may need to check with your insurance company to verify that a certain care provider is covered.
Next, you’ll need a quote for treatment cost per week so you can estimate your coinsurance amount before and after you’ve met your deductible. If you’ve already met your deductible, your coinsurance rate is likely to be lower. If you’re very close to meeting your deductible, you may only have to pay a higher rate until your deductible is met. Contact our Admissions Concierge Team for estimates of how much your treatment may cost per week.
Prioritize your mental health care needs
Having a mental health condition can make it hard to get the most out of your college experience. If you’re dealing with symptoms of depression, anxiety or other conditions without treatment, balancing your schoolwork with other responsibilities may seem exhausting or impossible. Good mental health is a basic need that supports you in everything you do. With the right care, it’s something you can create and maintain for yourself.
We’ve made it easier for college students to receive comprehensive mental health care without putting school on hold. Lightfully University is a virtual Intensive Outpatient Program (vIOP). You can plan treatment sessions around your class schedule, and attending virtually means you don’t need transportation to appointments. Most importantly, we create personalized treatment plans for each Lightfully U client. You’ll only receive treatments that make sense for you.
Do you have questions about using your insurance for mental health treatment? Contact us or get in touch with our Admissions Concierge Team. We’re here to help.
