Thrizer: A New Way to Pay for Therapy
“Thrizer is a payment app for therapy-goers and mental healthcare professionals that makes out-of-network therapy more accessible.”
The benefits of therapy are undeniable, offering a safe space to explore emotions, work through challenges, and develop coping strategies. Yet, despite the profound positive impact it can have, there's a significant hurdle that stands in the way for many individuals: the financial burden of therapy, particularly when it falls outside of the comfort zone known as "in-network."
The struggles of paying for therapy, especially when it is out of network, can feel like navigating a labyrinth of costs, insurance policies, and budgetary constraints. In this blog, we will delve into the complexities of this issue, shedding light on the challenges individuals face when seeking mental health support beyond the boundaries of their insurance provider's network. We will explore the reasons why people choose out-of-network therapy, the financial obstacles they encounter, and share strategies and insights to help make this important investment in mental health more accessible. Join us on this journey as we uncover the realities of pursuing mental wellness in a world where the cost of care can often seem prohibitive.
The Financial Burden of Therapy
Seeking therapy is a courageous step towards prioritizing mental health. It provides a safe and non-judgmental space for individuals to explore their emotions, gain insight into their thoughts and behaviors, and develop coping strategies. Therapy can be a vital tool for managing stress, anxiety, depression, trauma, and a myriad of other mental health challenges. It fosters personal growth, improved relationships, and enhanced overall well-being. However, despite its undeniable benefits, the financial aspects of therapy often deter people from seeking the help they need.
The Cost Factor: Why Therapy Can Be Expensive
Session Fees: One of the most prominent factors contributing to the financial burden of therapy is the cost of individual therapy sessions. These fees vary widely depending on factors such as location, therapist credentials, and specialization. Licensed psychologists and psychiatrists, for example, typically charge higher fees than licensed social workers or counselors. Private practice therapists may charge more than those working in community mental health clinics.
Insurance Limitations: While many individuals have health insurance that covers mental health services, insurance policies often come with limitations. Some plans restrict the number of sessions covered, require high co-pays or deductibles, and only cover services with in-network providers. This leaves those seeking therapy with limited choices and potential out-of-pocket expenses.
Frequency of Sessions: The recommended frequency of therapy sessions can also contribute to costs. In some cases, therapists may recommend weekly or biweekly sessions, which can quickly add up. This can be a significant financial commitment for individuals and families.
Additional Costs (Medications, Assessments, etc.): Beyond therapy sessions, there are often additional costs associated with mental health treatment. These can include the expense of prescribed medications, psychological assessments, and specialized therapies like EMDR (Eye Movement Desensitization and Reprocessing). These additional costs can further strain financial resources.
The Impact of Financial Stress on Mental Health
It's ironic that the very act of seeking therapy to improve mental health can itself become a source of stress due to financial concerns. The financial burden of therapy can lead to feelings of anxiety, hopelessness, and even exacerbate existing mental health issues. People may delay or avoid therapy altogether, believing they cannot afford it, even when they desperately need support.
This vicious cycle of financial stress impacting mental health underscores the need for solutions that make therapy more accessible and affordable. In the following sections, we will explore one such solution – Thrizer, a novel payment method designed to ease the financial challenges of therapy and expand access to mental health care.
Why Choose Out-of-Network Therapy?
Before delving into the reasons for choosing out-of-network therapy, it's important to understand the distinction between in-network and out-of-network providers.
In-Network Therapy: In-network therapists are professionals who have contracts with specific insurance companies. When you see an in-network therapist, your insurance plan typically covers a portion of the cost and you pay a deductible. This way, you often have lower out-of-pocket expenses.
Out-of-Network Therapy: Out-of-network therapists are not contracted with your insurance provider. Choosing an out-of-network therapist means that you may have to pay the full session fee upfront, and then you can seek reimbursement from your insurance company if your plan allows for it.
Benefits of Out-of-Network Therapy
Greater Choice of Therapists: One of the primary reasons individuals opt for out-of-network therapy is the expanded pool of available therapists. When you're not limited to in-network providers, you have the freedom to choose a therapist who aligns with your specific needs, preferences, and therapeutic goals. This flexibility can be invaluable, especially when seeking specialized or niche expertise.
Specialized Expertise: Out-of-network therapists often include specialists who have unique qualifications and experience in treating specific mental health concerns. If you're dealing with a complex issue or require a particular therapeutic approach, out-of-network therapists can offer specialized care tailored to your individual needs.
Privacy and Confidentiality: Some individuals prioritize privacy and confidentiality in their therapy journey. By choosing an out-of-network therapist, you can reduce the likelihood of insurance companies having access to your therapy records, ensuring a higher level of privacy. This can be especially important for those in sensitive or high-profile positions.
Challenges of Out-of-Network Therapy
Higher Out-of-Pocket Costs: The most significant drawback of out-of-network therapy is the potential for higher out-of-pocket expenses. Since insurance coverage for out-of-network providers is often limited, individuals are required to pay the full session fees upfront. This financial burden can be a significant deterrent for many.
Reimbursement Difficulties: Seeking reimbursement from insurance companies for out-of-network therapy can be a complex and time-consuming process. It may involve submitting claims, providing documentation, and waiting for reimbursement, which can take weeks or even months. Additionally, not all insurance plans offer reimbursement for out-of-network services, leaving individuals responsible for the full cost.
Despite these challenges, many individuals find that the benefits of out-of-network therapy outweigh the drawbacks, particularly when it comes to receiving specialized care or working with a therapist who truly resonates with their needs and goals. However, the financial aspect remains a critical consideration, and this is where innovative payment methods like Thrizer can offer potential solutions to ease the financial burden of therapy.
Introducing Thrizer: A New Payment Method
Thrizer is a revolutionary payment platform designed to alleviate the financial challenges associated with therapy. It's a user-friendly, online service that connects individuals seeking therapy with an array of mental health professionals, whether in-network or out-of-network. Thrizer aims to simplify the payment process, making therapy more accessible and affordable for a broader range of people.
How it Works:
“Thrizer Pay works pretty much the same way as the standard process did. Therapy-goers link their health plan, understand their coverage, and start paying for therapy with Thrizer. All payments are automatically applied to their out-of-network deductible.
Once they meet their deductible, it gets interesting. Thrizer Pay allows individuals to pay what they actually owe for therapy sessions. In other words, save upfront with their out-of-network benefits, rather than paying their provider’s full fee and waiting for reimbursement. When doing so, Thrizer covers the rest of the provider's fee and waits for reimbursement on behalf of the patient.
Let’s use the example above. Say your provider’s fee is $200, and your insurance is covering $180 (yes, this happens all the time and is a story for another day). Your net cost for the appointment is $20. But paying $200 and waiting for the $180 back can burden your bank account.
With Thrizer Pay, your card is only charged $20 at the time of the appointment (plus Thrizer’s 5% fee). The remaining $180 is automatically floated by Thrizer, so the provider still receives their full $200 immediately.
Thrizer then does what we do best on the backend – get the insurance reimbursement quickly. It is a true win-win.
By using Thrizer Pay, therapy-goers can significantly reduce upfront out-of-pocket costs for sessions, while therapists can continue to charge and earn what they are worth.”
In summary, Thrizer takes the burden of dealing with insurance and waiting for reimbursement for you. Instead of paying for a session upfront in full, Thrizer allows you to only pay what you owe and deals with the rest for you.
What’s in it for Thrizer, you ask? There are no monthly fees and they only charge a 5% fee for the service of paying the upfront out-of-pocket cost for you while they wait for insurance reimbursement.
How to Start Using Thrizer
Create an account with Thrizer
Connect with your therapist: Accept your clinician's invite or add them to Thrizer so they can charge you for appointments
Enter your insurance information: Thrizer links to your insurance to automatically submit claims after your appointment
Add a payment method
Forget that insurance exists: Only pay what you truly owe for therapy. Thrizer floats the rest and waits for insurance reimbursement for you.
What Have Thrizer Users Said?
“I appreciate the responsiveness and assistance of Thrizer throughout my ongoing treatment. I am glad I don’t personally have to deal with my insurance anymore,” - Lucas K., Texas
“I didn’t even know my insurance would pay for out-of-network appointments, much less that I could just pay a copay as if my therapist was in-network. I wish I knew about this before!” - Liam W., California
Why We Are Excited for Thrizer
At Your Journey Through, we appreciate the commitment to providing personalized and affordable therapy for everyone. This is one of the goals we strive to achieve within our practice, as well! However, we understand the barrier that the cost of therapy can pose. This is why we are so excited to share Thrizer with you. We truly love to see therapy made accessible!
Interested in getting started with Thrizer or just want to learn more, check out their website for more information and testimonials!
*Thrizer has a paid partnership with Your Journey Through in order to help make therapy more accessible for YJT clients. Links used are affiliate links where YJT may make a commission or be compensated for referring clients to Thrizer.
