Coping With The Financial Side Of Mental Health Issues
September 27, 2018The more people I meet, the more I realize that so many of us are suffering in silence from things like severe anxiety, depression, and other mental health or stability challenges. I’m always grateful when people open up to me about what they experience and how it’s impacting their ability to function and give what it takes to make a living. This enables me to pass this wisdom on to others in my work.
You are not alone
The most important thing I’ve learned so far is this: You are not the only one experiencing this. It’s ok to talk about it. Give yourself the freedom to admit it doesn’t feel normal. Give yourself the attention you need and the time to take care of you.
It’s such a sensitive topic and many don’t reach out and talk to anyone about what they are going through. They say that are suffering and they have a hard time functioning in the normal day to day activities. It also impacts their ability to show up for work – not just physically, but emotionally and mentally. It can have negative effects on their ability to earn stable income and manage their funds in general.
Addressing the medical issue is something I’ll leave to that profession, but if you have reason to believe that you may need to take some time away to address your mental health in the future, here are some things you can do to keep your finances in order.
Keeping your finances together when it feels like your head is falling apart
1) Get ahead of any negative impact to your finances – Think about what would happen if things get to the point where you need time off work and plan for that just in case. How much time might you need and would it be paid time off? Will you have to transition to a different role at work to have a more balanced lifestyle? What if the pay is less? Do some research to find out if you need to start shifting some things around in your life to allow for a period or no pay or lower pay.
2) Make a plan for how you would keep afloat if you are unable to work – I spoke with someone who had multiple breakdowns at work that would not allow her to function, despite how much effort she put into doing so. Her doctor recommended she take a leave from work immediately. What if that was your situation? How would that impact you financially? The last thing you need to do is worry about how you are going to make ends meet, when you’re supposed to be taking time off to take care of yourself and get yourself to where you need to be.
3) Budget for what you need to help you cope or heal – Make room in your budget not only for that gym membership, travel, massages or whatever it is that helps you to balance your life, but also to build your emergency fund. If you must cut back on how many hours you’re working, it’ll ease the transition if you are living below your means and if you have funds set aside to buy you some time while you seek the medical assistance or take the break away that you need.
Consider saving closer towards 6 months or more in your emergency fund, so that you will be able to access those funds while you take time off work to heal and potentially still have some funds left in that account when you return to work.
4) Understand how Social Security Disability Insurance and Supplemental Security Income might help you – If you meet the eligibility requirements, these programs provide monthly income in the event you are unable to work for an extended period of time.
5) Find out if any short-term and long-term disability benefit you have at work covers mental health – Learn about the eligibility requirements and approval process under your plan at work. Most pay a portion of your salary, typically 50-70% of your income, while you are out of work due to a disability. Get clear on any waiting periods, and budget accordingly for reduced or no income.
6) Prepare for a potential unpaid leave of absence from work under FMLA – The Family and Medical Leave Act (FMLA) provides certain employees with up to 12 weeks of unpaid, job-protected leave per year. You may have to use your FMLA leave while receiving disability pay from work. Some employers require you to use up your paid vacation leave and paid sick leave or family leave for all or a portion of the time you’re on FMLA. Find out more about how that works here and be sure to know what your employer requires.
7) Look to your benefits at work for assistance – Your EAP can provide you with a referral to a counselor if you’re not certain how to address your mental pain – you typically receive a couple sessions free of charge, then have the option to continue via health insurance coverage (if available) or out-of-pocket.
If your employer offers financial wellness services, take advantage of it and get your questions answered and have a plan to cope with your situation before it becomes a strain financially.
8) Be mindful of medical costs by staying in-network and reviewing prescriptions ahead of time – One challenge to many healthcare plans is that there are very few in-network psychiatrists and therapists available on some plans. Do what it takes to stay in-network if at all possible, and if not, then interview providers by asking if they offer a sliding scale for patients without insurance assistance – many do.
If your doctor prescribes you any medication, work with her to make sure that your insurance will cover it as well. Many plans require prior-authorizations or have alternate meds they prefer, which can save you a bundle. If your doctor feels strongly about prescribing something that doesn’t have great coverage on your plan, she may be able to offer you a coupon or suggest a pharmacy that offers it at a lower price. Shop around.
You are your most valuable asset and you have to be healthy to give the best version of yourself. Be sure to make room in your life to take care of yourself and remember that extends to your mental health. Take advantage of the resources around you and know that it’s ok to talk about it and get the help that you need. I understand and there are many others out there who will as well and who are standing by to help you through this. You’ve already taken a step in the right direction by reading this blog to help you or someone you know who’s going through this.