If you are considering whether or not you should enroll in an addiction rehabilitation program, your mind is already overwhelmed with the huge transition you are about to make. With all the drastic changes taking place in your life, you may not have stopped to consider the monetary aspect of overcoming your addiction. RehabReviews has done the legwork for you. Keep reading to learn more about rehab financing.
The Real Cost of Addiction Treatment
Addiction treatment can be extremely costly. Throughout the course of treatment, an individual may enroll in several different programs and come under the care of various medical providers and/or addiction specialists. According to one addiction healthcare provider, Gosnold in Massachusetts, the cost of services can vary tremendously depending on the type of and length of treatment. 5-day detox and medical stabilization can cost about $2,875. 30-day minimum full rehabilitation treatment can range from $15,500-$18,500.
While these amounts may seem lofty, they are marginal when compared to the cost of not getting addiction treatment at all. Based on data from the National Institute on Drug Abuse, illegal drug use on its own can set the economy back approximately $181 billion through health care, productivity loss, crime, incarceration and drug enforcement. Put simply, not getting the treatment you need to overcome addiction could result in even greater health implications and even prison, not to mention the emotional and psychological damage it causes the addict and their loved ones.
Despite the costs, addiction treatment can benefit you in numerous ways:
- enrolling in a qualified program with trained providers offers you a greater chance of quitting than doing so on your own; plus, with after-care programs, relapse is preventable as long as you stay in some kind of treatment such as a support group
- saving money by not spending it on drugs or covering up your drug use
- saving yourself money from other healthcare costs driven by chronic substance use
- saving yourself money by preventing jail or other legal fees as a result of addiction
- being more productive at work
- becoming a better version of yourself: a better parent, spouse, sibling, and friend
Do Rehabs Offer Financing?
The cost of substance abuse detoxification and rehabilitation in addition to other addiction treatment services (i.e. food, sex, gambling, etc.) varies depending on the type of treatment, the length of treatment and whether treatment is performed on an outpatient versus inpatient/residential basis. Many qualified rehabilitation programs accept Medicaid or private insurance to help cover the cost of treatment. However, most insurance companies will only cover a portion of the full program and the remaining costs are left up to the addict and his or her family members to pay out-of-pocket.
If you are debating enrolling in a treatment program and not sure of how you will cover these remaining costs, you may want to consider rehab financing. Many treatment programs allow patients to select from a group of financing packages if they do not have the financial resources to pay for their own treatment . These packages will vary from center to center, but they typically allow the person to get the treatment they need and pay back the loan after treatment has concluded and their lives are more stable.
Rehab financing may be covered by the actual treatment facility or a third-party lending agency. Either way, rehab financing, is designed to lighten the load of the addict and his or her loved ones during such a tumultuous time. If a person has made the difficult choice to seek professional help for an addiction, the last thing they need to be worried about is how they will pay for it.
How to Choose the Right Rehab Financing Option?
Are you wondering how to choose the right financing option? There are many options you can choose from when considering how you will pay for rehab services. Your ultimate choice will probably be based on a number of variables such as the current financial standing of you and your family, your credit, and whether or not you have insurance that will cover a portion of the cost.
If the cost of treatment is worrying you, then you probably don’t have the immediate resources to pay for your treatment out-of-pocket. The right option for you is the one that allows you to get the best level of addiction treatment care with the least financial obligation. This means that you may have to tap various sources to get the treatment you need. Here are some possible options below:
- Research rehabs that offer financing. There are numerous centers around the country that provide rehab financing packages. These facilities typically work with third-party lenders that can offer you a loan to cover all or part of your treatment costs and ease the financial stress of getting addiction treatment. If you are wondering what are the terms of a loan for rehab, you must understand that this will depend on a range of variables such as credit history, the specific facility your choose, and the type/cost of treatment you are getting. With rehab financing, you have the liberty to pay the loan back in installments (usually after the completion of the program) and select the treatment facility in which you are most comfortable enrolling.
- Check with your insurance company. If you have insurance, it may cover a portion of your treatment. Unfortunately, there are restrictions. Your insurance company has pre-existing relationships with specific providers that offer particular services. They may not pay for out-of-network treatment or some alternative therapies.
- Get a loan from a loved one. Hopefully, if you have made the tough choice to battle your addiction, your loved ones are standing by to support you. See if someone you know can help you fund your treatment. Knowing someone you care about is paying for it may give you the motivation and accountability you need to persevere.
You may not have any loved ones who have cash available to fund your treatment , or you may have severed most of your close relationships as a result of your addiction. Furthermore, you may not have the surplus money to pay for what Medicaid or a private insurer does not cover. Or, you may not choose to go with a provider or facility that is within your network because you are sold on a particular facility or treatment approach. In these cases, rehab financing may be the best option for you. Most rehab financing lenders will negotiate with you regardless of your credit or assets to provide you with a loan that you can pay back over time, according to your budget.
RehabReviews is the #1 trusted source for getting unbiased information about the best rehab financing programs around the country. Find out if you can get your addiction treatment covered through rehab financing services and place your focus on getting better, not how you will pay for treatment.