Virtual therapist
Therapist providing virtual service

Recent data-based studies are finding significant increases in mental illness within the United States. However, while the demand for high-quality healthcare appears to be increasing (particularly in the aftermath of the COVID-19 pandemic), so do the costs. In fact, Carepatron has found that in 2020, healthcare spending grew 9.7%, a more significant increase than 2019's 4.3%. 

According to the Money and Mental Health Policy Institute, concern about finances is a massive cause of stress and anxiety for many United States citizens, which breeds a circular problem. People are stressed because they don't earn enough, and although one solution to chronic stress is seeking therapy, financially concerned people are unlikely to pay for an expensive therapist. As you can see, this can be a complicated situation to navigate. Although every scenario is highly subjective to the individual's experience, not being able to afford therapy when you need quality healthcare can be a scary reality for the patient and their loved ones. 

One solution to expensive healthcare is locating a teletherapy service. Telehealth distributes healthcare services via remote communication channels, including messaging, phoning, or video conferencing. While it is a form of healthcare that has been around for decades, it has grown exponentially. McKinsey and Company found that telehealth usage increased from 11% in 2019 to 76% post-pandemic. By offering virtual services options, a therapist removes the need for office space, saving time and money. While also reducing the cost of a therapy appointment (even if only marginally), making it more affordable and accessible to patients in need. 

So how much should you be expecting to pay?

Although it is challenging to ascertain a highly accurate indication of therapy fees, according to a range of U.S.-based studies, an individual in-person therapy session is likely to cost between $150-$250. On the other hand, a telehealth therapy session will probably sit somewhere between $60-$100. A wide range of diverse factors influences how therapists set their fees, including the type/length of service, the experience of the therapist, and geographical location. 

What about insurance?

Insurance plays a huge role in whether or not people can afford therapy. Most healthcare insurance companies cover mental health services, including therapeutic services, but it is still essential to check with your provider. Healthcare insurance gets a little bit complicated when it comes to networks. Insurance providers usually have a certain number of healthcare businesses within their network, and you have to receive treatment from these practices; otherwise, you won't be covered. An in-depth understanding of what appointments and treatments your insurance covers will help ensure you have all the relevant information. 

You can find the full report here.

About Carepatron

Katherine Ellison is a Practice Specialist at Carepatron, a community-driven healthcare workspace for practitioners and their clients. Learn more at www.carepatron.com, or for more resources, contact Jamie Frew at jamiefrew@carepatron.com or +1 415 862 1910.