Financing Addiction Treatment
Depending on your or your loved one’s situation, the cost of drug rehab can potentially be significant. Thankfully, there are options for financing addiction treatment if you or your loved one does not have private health insurance or the ability to pay for treatment up front. Finding quality substance abuse treatment shouldn’t be impossible for anyone, regardless of their specific situation and financing is one of the options that many people don’t consider when they are searching for treatment options. For those who do not have private health insurance, financing addiction treatment offers many the ability to get the treatment that they need immediately while allowing them to pay back the cost of that treatment over time. This lessens the financial burden of treatment considerably.
While there are a few state-funded and free options for substance abuse treatment, it is typically best to explore every option available before deciding on one. For some individuals state-funded or free treatment might be appropriate, or perhaps the only realistic option, but for those who have the ability to finance their treatment it is typically recommended that they do so because the quality of care available at private substance abuse treatment centers is usually considerably higher than at free or state-funded programs.
Financing the cost of drug rehab gives individuals and families much more flexibility in terms of the type of care they get, as well as the place that they get it from. Free and state-funded programs can have lengthy waiting lists and not offer all of the types of treatment and amenities which you may want to require, however there are an almost endless amount of options when it comes to private treatment facilities which typically have no waiting list and can offer many different forms of treatment and therapy, as well as have a number of different amenity levels depending on what you are comfortable with.
If you or your loved one is in need to treatment for drug and/or alcohol abuse and thinking about financing the cost of addiction treatment, then there are a few things that you will want to consider before making a final decision. Of course, here at Sober Times we are always available to answer any questions you may have or assess your specific situation and help to advise you on the best possible treatment and financing options available to you.
How does financing addiction treatment work?
Financing addiction treatment works by allowing someone to get the quality substance abuse treatment they need right away, even if they don’t necessarily have the ability to pay for it all at once. While many people are able to cover some or all of the costs of their drug rehab by utilizing private health insurance, some may not have any form of private healthcare coverage. For substance abuse treatment, this typically means that they must look into self-pay options if they want to receive quality treatment. While these costs can range quite a bit depending on the level of care and the type of treatment provided, many families do not have thousands of dollars on hand to cover these costs.
This is where financing addiction treatment comes in. Instead of paying for the entire amount of treatment up front, various medical financing companies will allow you to get yourself or your loved one into treatment right away and pay off the total amount over a period of time, making the financial aspect of treatment much more manageable for many.
The options for financing are extremely flexible and most medical lending companies can work with just about any situation. Whether you plan on paying back the amount of the loan within a few months or a few years, they can create a payment plan that works for your specific situation. They are also typically able to process your information quite quickly, within one or two business days so there is little to no delay involved when you are looking to get yourself or your loved one into treatment.
It is important to remember that while most medical lending companies are extremely flexible with their ability to help in just about any situation, there are some qualifications that you must meet in order to qualify. Mainly this is in the form of credit or your credit score. While financing addiction treatment does not require a perfect credit score by any means, typically some credit history is necessary in order to qualify for financing. A credit score of around 600 or higher is typically necessary, however there may be some situations where a lower score would be acceptable.
There are also options other than medical lending companies. Some individuals choose to take out a personal loan through their bank, or borrow against existing equity in their home. These are all options which are possible. No two situations are similar when it comes to treatment needs, and the same can be said for a person’s financial situation. This is why it is important to have expert help in the process of choosing a treatment facility and a financing option to cover the cost of treatment.
For those who have low or no credit and are looking at financing addiction treatment, usually the best option is to reach out to family or friends and see if anyone in the support network would qualify and be willing to take the loan out in their name. This has worked for many families in the past and sometimes is the best option available.
The benefits of financing addiction treatment
There are a multitude of benefits to financing addiction treatment. Perhaps the most important benefit is the ability to make the financial cost of treatment much more manageable for many individuals and or families. Effective treatment for drug and alcohol abuse shouldn’t be out of reach for average families. However, for many who are looking for good treatment options but do not have health insurance this may be how it seems. Luckily this is not the reality of the situation as the option for financing addiction treatment removes much of the financial stress that comes along with substance abuse treatment.
Some of the benefits of financing include:
- Quick approval processes
- Get options with no obligation to accept
- Flexible payment schedules and amounts
- Reasonable interest rates
- No collateral required
- No early repayment penalties
- Completely confidential
Financing, as opposed to going with free or very low-cost treatment options, allows an individual to get the highest quality of care without needing thousands of dollars in the bank right now. Instead, a medical lending company will allow you and your loved ones to pay it back a little at a time. This makes things much easier to handle, and it has a benefit to the effectiveness of treatment as well. Financing the cost of treatment can sometimes be an effective way of adding some extra motivation to an individual’s commitment to their lifelong recovery. If a person knows that they have to continue to make small payments for the cost of their treatment, it gives them a real tangible monetary value to the care that they received. This often times makes them more willing and likely to follow through with things like aftercare and outside support group meetings once they finish their formal treatment because it allows them to take care of their financial investment.
Of course, the most important thing about treatment is not the financial cost but the drastic change it can make in someone’s quality of life. However, the additional motivation that long-term financing offers is something to keep in mind. Remember, the lifelong sobriety of you or your loved one is the main goal here, everything else is secondary.
The main benefit of financing addiction treatment is the flexibility it provides, coupled with the number of different options that it makes available. Everyone has a different situation and therefore different needs. This is why “cookie-cutter” treatment programs are typically considered much less successful that individualized programs offer. Don’t let something like cost prohibit you or your loved one from getting the best possible treatment.
What types of treatment centers accept financing?
If you have decided to finance the cost of private substance abuse treatment, the next question to answer is what program to go to. The good news is that most private drug rehab programs work with at least one medical lending company to help their patients with the financial cost of treatment. This allows the facility or program to accept you or your loved one right away as opposed to waiting for the funding amount to be transferred from one party to another, which can be crucial as substance abuse is a serious situation and every day spent waiting for treatment is one too many.
There are a few different types of treatment programs and facilities which will accept financing. Some levels of care may be more appropriate for your specific needs and it is important to know the differences between them before making a final decision:
- Medical Detox: Medical detox is typically the first step in anyone’s substance abuse treatment. These facilities offer medically supervised detoxification from substances like alcohol, opiates and benzodiazepines. Typically, a medical detox program will last anywhere from 3 days to 2 weeks, depending on the individual’s medical situation.
- Inpatient Treatment: Inpatient treatment programs offer very structured and supervised substance abuse treatment which involves an individual living under the care of staff members for a specific period of time, typically 1 to 3 months. During this time patients typically receive individual and group therapy, as well as become involved in support groups and other various activities.
- Outpatient Treatment: Outpatient treatment programs offer a less structured treatment program which usually involves a patient attending group and individual therapy sessions anywhere from 1 to 5 days a week. During this time a patient will live at home or in a sober living environment as opposed to at the facility.
If you are going to be financing addiction treatment, all of these levels of care are available. It is important to make sure that the type of program you choose is appropriate for your specific needs. It is also important to make sure that the program you choose is able to work with your financing situation. Here at Sober Times we have a full-time staff of addiction professionals who are able to help you every step of the way. Our team can assess both your treatment needs as well as your financial situation and suggest a medical lending company and a specific treatment center which is going to put you or your loved one in the best possible situation to succeed and overcome drug and alcohol abuse. Getting help for substance abuse can be a scary and overwhelming process, which is why we are here to help make it as stress-free as possible.