Options for Financing Addiction Treatment - Drug Rehab Financing Programs
Financing addiction treatment is a major concern for many people seeking treatment for substance abuse. If you've reached the point where you've decided to seek treatment for drug or alcohol addiction for yourself or a loved one, you have taken the first step to a clean life. Getting to this point was not easy, so getting back on the road to good health and clean leaving shouldn't be dependent on whether or not you can pay for it. Drug rehab treatment can be quite costly, and for some people, the main impediment standing between them and clean living is the often incorrect belief that they're not going to be able to pay for their care.
The problem with this thinking is that it doesn't just affect the addicted person and his or her family. It also leads to spiraling national healthcare costs. An addicted person who is unable to pay for rehab will most likely remain on drugs. This usually leads to that person experiencing an increased number of emergency room visits and hospital stays whenever he or she runs into health problems associated with the drug use. Those visits end up costing the healthcare system much more than what it would have cost to put that person in treatment in the first place. As you can see, financing addiction treatment is a win-win situation for everyone. The good news is that if you're looking for a way to pay for drug rehab therapy, there are several options available. Read on to find out about the options of financing addiction treatment that can get you back on the road to the rest of your life.
Loans From Friends or Family
Obviously, the easiest way to pay for drug rehab it to pay for it yourself -- in cash -- if you've got the resources. If you're worried about how to pay for treatment, it probably means that you don't have those resources, but you could also consider reaching out to friends and family members for a loan. Drug use doesn't just affect the addict; it also greatly affects loved ones. The last thing friends or family members will want to do is give money to an addicted person to fund his or her drug use, but they may be very willing to chip in if that money is being used to treat their loved one's addiction. Asking for financial help may make you uncomfortable, but look at it as part of your path to becoming a stronger person.
To eliminate the potential fear they may have that you will use the funds for your addiction, suggest they give the money directly to the drug treatment center that you decide to enroll in. Don't feel bad, however, if no one is able to help you out. It merely means that one option wasn't available, and you are moving on to alternate options for financing addiction treatment. If your loved ones do help you out, make a sincere promise to yourself and your loved one that you will begin to pay them back as soon as you have completed treatment and are back in charge of your life. Don't over-promise just to get the loan. Choose payback terms that you are comfortable with and that you can easily afford. Your goal is to keep your sobriety and your friendship.
Rehab Program Financing
If you are searching for a drug or alcohol treatment center, you likely want to know how much your treatment program will cost. The price that each patient pays to receive drug treatment generally depends on the location of the facility, its amenities and the treatment programs it offers. Read More
Many drug and alcohol treatment centers offer their own drug treatment financing to prospective patients. This financing may originate directly from the treatment center, or the center may work with third-party lenders to create affordable lending packages for its clients. This is one of the best options for people entering drug treatment. Many centers work hard to create finance packages that patients can comfortably pay back once they finish treatment. Check out the drug treatment facility you're considering, and speak to their financing department about exploring this option.
If obtaining a personal loan from a friend or family member is not an option, there are other ways to obtain drug rehab financing. Two popular options include paying for it with a credit card or a bank loan. The payback terms of the credit card may make it easy for you to make payments. Try and look for a card with an extremely low interest rate, or else this option can end up becoming much more expensive than you anticipated. If you choose to obtain a personal loan from a bank, the same thinking applies. Choose a loan that has the lowest interest rate you can find with manageable payback terms.
Financing addiction treatment through your own savings is often a possibility, but you may be concerned about having nothing left over after you finish treatment. If your treatment is successful, you will have made one of the best financial decisions of your life. Using your assets to eliminate the problem that was destroying your life is the best use of that money. You should speak to a trusted financial advisor to see if this is an option for you. He or she may suggest funding a portion of your treatment with part of your savings.
If you have any assets like a car or a boat, you may want to consider selling some of these to fund your rehab stay. To some people, this may be less than ideal because they have a personal attachment to their belongings. If selling an asset means the difference between sobriety and addiction, it's worth it. Think about it like this: Once you are clean, you'll be able to recoup your investment many times over.
Some drug and alcohol treatment programs will accept private insurance or Medicaid, so a patient can cover drug treatment costs. This would obviously be a great option as it would lessen or eliminate the patient's out-of-pocket financial obligation. Bear in mind that there may be restrictions or limits as to how much insurance will cover as well as what types of treatment your provider will approve. Certain types of therapies may not be covered by insurance companies.
As you can see, there are many available options for financing addiction treatment. Carefully look at all your choices and choose the one that makes the most financial sense for you. This is the time when you should reach out to a trusted love one and get their advice. You don't want to choose an option that will cause you more stress further down the road.