According to NBC Washington, a procedure called trans-cranial magnetic stimulation (TMS) is an emerging treatment for depression that already has Food and Drug Administration approval. The therapy works by focusing a magnetic field on the parts of the brain associated with low activity and depression. The result is an increase in dopamine and serotonin--both need for normal levels of happiness and typically at decreased levels in depression sufferers.

On the Other: Magnetic Therapy is Still Relatively New

Magnetic therapy does not have a very long history and the long-terms effects remain unknown as of 2010. This means that magnetic therapy can help with depression, but it may make other changes in the brain, some of which could be harmful. Known short-term side effects include seizures and hearing problems, but these happen very rarely.

Bottom Line

TMS therapy has only proven effective in 66 percent of people with depression, according to NBC Washington. In addition, most people elect to have magnetic therapy as a supplement to traditional depression medication. However, as of 2009, most insurers do not cover TMS therapy, which costs anywhere from $6,000 to $9,000.

Source:

NBC Washington: Magnet Helps Treat Depression

Mayo Clinic: Transcranial magnetic stimulation