One of the biggest hurdles that families face when trying to put a loved one in drug rehab is the cost – but it shouldn’t be. Any type of medical care is costly, and drug rehabilitation is no exception. If you slipped and fell and broke your arm or your spouse came down with a chronic illness, you wouldn’t withhold medical care. You would find a way to cover the costs and get the medical attention needed.
The same should be true with treatment for a drug or alcohol addiction. You should never delay care because of the cost. There are many options available to make quality care affordable and realistic. Also consider this point: according to the National Institute on Drug Abuse, treatment reduces the costs associated with drug addiction.
Imagine not having to worry about your loved one stealing from you, or bailing them out of jail or finding them a lawyer. Think about all the costs you’ve already endured and what a trip to the hospital will look like if your loved one overdoses. And, who is currently paying for your loved one’s basic needs right now? You’re probably covering the cost of rent, food, bills, clothes, gas, car payments, etc.
Let’s go over the different ways that you can pay for drug rehab. When you see how many options there are, you’ll feel more liberated and less stuck.
The best scenario is if you have private insurance that your loved one is covered under, which may be the case if you have a child under the age of 26. Private insurance plans are all different, so you will need to check with the plan to determine what they will cover.
Some insurance plans may pay a significant portion of your treatment, others will pay a much smaller amount. You will be responsible for the deductible and any other out-of-pocket costs. Insurance companies will pay up to a certain amount for treatment because they don’t want to keep funding rehab stays for chronic addicts. So, make the most of this opportunity that is given to you and your loved one.
Perhaps best of all is that private insurance opens up many opportunities for treatment. You basically have your first pick as to which treatment center you want – local or out-of-state, luxury care, holistic treatment – as opposed to public insurance where the options are more limited.
Public insurance is for people who don’t have private insurance and is provided on a state or federal level. Public insurance can make drug addiction treatment more affordable. The biggest hurdle is finding a treatment center that you feel comfortable with that also accepts state or federal medical plans. The insurance may cover all of the expenses, or it may only cover some of them.
Also be aware that there are specific guidelines in place for state and federal medical plans, so you’ll need to check with the treatment facility in advance to see if they can accept your insurance. If the treatment facility you’re considering cannot accept the insurance, reach out to nonprofit organizations that provide rehab services at a reduced cost. Nonprofit centers aren’t free, but they often allow clients and their families to make payments over time.
Some families simply need a financial boost to get their loved one into rehab. There are many financing companies that help specifically with drug addiction treatment. The River Source recommends M-Lend Financial that helps facilitate speedy admissions. You must qualify for the financing, as with all financing programs, and the offers may include 0% interest for 12 months.
This type of financing could benefit your family because you can get your loved one into rehab right away and not have to worry about long-term debt arrangements until you have the time and energy to do so.
Credit Card Financing
A popular option for those who can’t afford the upfront payments of drug abuse treatment is credit card financing. The nice thing about financing care through credit cards is that you can get your loved one into treatment almost immediately. But, it’s important to be aware of the future implications of using credit cards for such a large expense.
If your family is not in a position to pay the monthly payments, using credit cards is not recommended. It will only place more strain on your family over time. Also consider the interest rates that can make your payments much higher. However, if you have good credit, are in a position to make the monthly payments and can qualify for 0% interest, going this route may be a good option.
The reason why you may choose to take out a personal loan versus a credit card is to get a lower interest rate. If you have good credit and a steady income, a personal loan is within reach. You will need to visit your bank and provide them with your assets, income and expenses. Based on this information, the bank will offer you a loan that they feel you can pay back comfortably. Personal loans vary based on the amount, interest rates and repayment terms, so make sure you understand the fine print. It’s often recommended to opt for a fixed payment loan so that you know what your payments will be each month.
Not only can you turn to the banks for a loan, but also your family members. Don’t be disappointed if no one can help you out; the cost of treatment is expensive and people need their money. That said, addiction affects the entire family, so it’s possible that a grandparent or aunt/uncle may be willing to loan you the money. They can send the payment directly to the rehab facility so that they know where the money is going.
Most families don’t have tens of thousands of dollars lying around, and if they did, their addicted loved one probably would have stolen it by now. But, some families have more liquid assets than they realize, and these assets could be a saving grace in a time of need. A sports car, a boat, a vacation home, etc. are things that could be sold for cash. The parents of a child with a drug addiction may have trouble selling the things they love, and this is understandable. However, if it’s your husband’s vacation home that he loves and he’s the one struggling with the addiction, it makes sense to get him sober first.