The Financial Pitfalls of Mental Illness
Mental Illness can be debilitating to anyone going through it. It can also have major financial impacts, especially for someone that is underinsured.
When our financial troubles first started we were living in Utah and had adequate insurance. My wife was hospitalized several times during this period and our out of pocket was negligible. As I mentioned in a different post we made a serious of financial mistakes that led us down the road of being drowning in debt.
We moved to South Carolina where I took a job that would further my career but was not ideal for our finances. I made okay money but our health insurance was not adequate. For a family plan, I was paying close to $800 per month out of pocket for a $3000 deductible.
Coming from a government office this seemed to be ridiculously expensive but is not any different from many other private industries. Having this type of insurance is not terrible for someone that is healthy but if you have mental health issues the costs add up.
Emergency Room Visits Add Up
Each time my wife would go to the emergency room it would cost us $300. Most of the time they would transfer her to another hospital for her treatment and this one was out of network and therefore not covered.
The first few times being admitted they would bill us. Each week she was in the facility was another $2000, and she would stay an average of ten days. After we started to become a bit behind in the bills we were charged immediately. I would put the full amount on my AMEX card and hope for the best.
One of the major problems with not only this hospital but most of the mental health facilities in the country, they are for profit. The only other option is the state-run facilities and they are usually dominated by the criminally insane. For someone that suffered from depression and anxiety having her in a state-run hospital would be even further detrimental for her health.
The other problem was that most of the time we did not have a choice to leave either. It was for her own safety, of course, but the fact that I had to pay them $2000 per week and did not have a choice seemed more like extortion.
No Job, No Income
Even when she was stable enough to be at home, it was difficult for her to keep a job. We had to live off of one income and the bills kept mounting up.
It was not until I was working at Staples did I get some good advice on what to do. I met a lawyer that specialized in Social Security Disability Insurance and she recommended to me to try to get her on it.
Unfortunately at that time, it was already too late. My wife was finally stable and working again but the financial damage was already done. I knew that I was going to be filing bankruptcy and did not utilize the SSDI. Had I known about it earlier we might have been able to make it a bit further along and quite possibly avoid bankruptcy.
I also believe that if we had adequate insurance or lived in a state that had good not for profit facilities we also might have avoided some of the financial constraints. We have a mental health crisis in this country and there needs to be more awareness and funding for proper treatment.
State Resources May be Available
Living in Colorado, we recently had to look into treatment for my daughter. I was amazed that the facility we went to was funded by grants. My daughter was treated for several weeks and I never saw a bill. This should be something that happens in every state. Mental health treatment options can be expensive and inadequate. We face not only the stigma of being diagnosed but also possible financial ruin.
If you are struggling, make sure you research options in your state. There may be low cost or free options for treatment including prescriptions. There is also SSDI that can be used when needed. People that are suffering need proper health and sometimes working during these times is just not possible.
When we filed for bankruptcy we filed with close to $100k in debt. Much of this amount was stemming from the medical debt and the lack of income during the dark times. Bankruptcy should be the last resort as it does have lasting impacts. With a little research, there may be other options that can limit the financial damage.
Never hesitate to get the help that you need. We all have times where we could benefit from therapy and money should never be detrimental to finding care.