IV Ketamine vs. Spravato vs. TMS: Which Treatment Is Right for You?
By Lance Demaline • June 26, 2026

Quick Answer: TMS, Spravato, and IV ketamine are all options when standard antidepressants haven't worked well enough, but they differ in three ways that matter to most people: how they're delivered, their FDA status, and whether insurance covers them. Most major insurance plans typically cover TMS and Spravato; IV ketamine is self-pay only at Optimum. Which one fits you depends on your treatment history, your insurance, and a clinical evaluation - not on which one sounds most impressive online.
If you've tried one or more antidepressants and still aren't where you want to be, you've probably come across all three of these names. They get lumped together as "advanced" or "alternative" depression treatments, which makes it hard to tell them apart. They're actually quite different from each other. This post breaks down what each one is, how the FDA classifies them, what they cost, and the kind of person each tends to suit.
What each treatment actually is
TMS (transcranial magnetic stimulation) is a non-drug treatment. You sit in a chair while a device delivers magnetic pulses to a targeted area of the brain involved in mood regulation. There's no medication, no sedation, and no recovery time - you drive yourself home and go about your day. Optimum delivers TMS using BrainsWay Deep TMS and NeuroStar systems.
Spravato (esketamine) is a prescription nasal spray. Esketamine is closely related to ketamine, but Spravato is a specific FDA-approved formulation you self-administer in the clinic under supervision. You stay for a monitoring period afterward and can't drive yourself home.
IV ketamine is ketamine delivered as a monitored infusion in the clinic. It's the same core compound that Spravato is derived from. Still, it's given intravenously rather than as a nasal spray, and it's used off-label for depression rather than under a depression-specific FDA approval. Like Spravato, it requires in-office monitoring and a ride home afterward.
The FDA status is not the same for all three, and it affects coverage
This is the distinction most comparison pages blur, so it's worth being precise.
- TMS is FDA-cleared for major depressive disorder and certain other conditions. "Cleared" is the correct term for a medical device.
- Spravato is FDA-approved for treatment-resistant depression. "Approved" is the correct term for a medication.
- IV ketamine is not FDA-approved for depression. Ketamine is FDA-approved as an anesthetic, and clinicians can prescribe it off-label for mood conditions, but it does not carry a depression-specific approval.
That last point isn't a knock against IV ketamine - off-label use is legal, common, and clinically established. But it's the direct reason for the cost difference below, so it's important to understand rather than gloss over.
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What each one costs, and what insurance covers
Because TMS is FDA-cleared and Spravato is FDA-approved for depression, both are typically billable to insurance. Optimum is in-network with most major plans, including Aetna, Anthem, Cigna, Humana, Medical Mutual, UnitedHealthcare, Medicare, and a wide range of Medicaid and Medicare Advantage plans. Coverage and out-of-pocket cost still depend on your specific plan and benefits, which the team verifies before you start.
IV ketamine is different. Because it's used off-label, it generally can't be billed to insurance. At Optimum, IV ketamine is self-pay only, at $450 per session or $2,400 for a six-session series. CareCredit financing is accepted, and the clinic offers payment options for patient-responsibility balances on insurance-covered treatments.
So if cost and coverage are your main concern, TMS and Spravato have a clear advantage. People still choose IV ketamine for reasons that have nothing to do with price, which is the next section.
Learn More: Pricing & Insurance
How much time does each one take
The logistics differ a lot, and for many people this is the deciding factor.
TMS is a series of short daily sessions, typically on weekdays over several weeks. A standard course at Optimum is 36 sessions. Each session is brief, there's no sedation, and you can return to work or driving immediately. Optimum also offers an accelerated TMS option that compresses the timeline for patients who are a fit for it.
Spravato is given in the clinic, usually a couple of times per week at first and then tapered. You stay for a monitoring window after each dose and arrange a ride home.
IV ketamine is a series of monitored infusions, usually spread over a couple of weeks. As with Spravato, you'll be observed during and after the session and can't drive yourself afterward.
Who tends to be a good fit for each
Candidacy always depends on a clinical evaluation, but here's the general shape of it:
- TMS often suits people who want a drug-free option, want to avoid sedation, and can commit to frequent short visits. It's a strong default for many because it's covered and doesn't disrupt your day.
- Spravato often suits people who want an FDA-approved, insurance-covered ketamine-based option and are comfortable with in-office monitoring.
- IV ketamine is often chosen by people who want an infusion-based approach, haven't responded to other options, or whose clinician recommends it for their specific situation - and who can pay out of pocket.
None of this is a substitute for an evaluation. The right answer depends on what you've already tried, what your insurance covers, and your medical history.
Is IV ketamine the same as Spravato?
They're closely related but not the same. Spravato (esketamine) is an FDA-approved nasal spray derived from ketamine. IV ketamine is the broader compound given as an infusion, used off-label for depression. The delivery method, FDA status, and insurance coverage all differ.
Can I switch between these treatments or combine them?
Sometimes. People who don't respond well to one option may be candidates for another, and in some cases treatments are sequenced over time. That's a clinical decision made with your provider based on your response and history.
Will I be sedated, and can I drive afterward?
With TMS, no — there's no sedation and you can drive right away. With Spravato and IV ketamine, you'll be monitored during and after the session and will need someone to drive you home.
Which one works fastest?
Responses vary from person to person, so there's no guaranteed timeline for any of them. Your provider can give you a realistic picture for your situation during your consultation.
Does insurance cover any of these?
TMS and Spravato are typically covered by most major insurance plans, and Optimum verifies your benefits before you begin. IV ketamine is self-pay only because it's used off-label.




















