Getting help for an addiction illness is an important consideration. Among the things one has to consider is what type of treatment to get and where to get that treatment. Unfortunately, addiction treatment has a price tag. Thanks to the Affordable Care Act of 2009, healthcare insurance plans are required to cover addiction treatment costs much the same as they would any other illness. But what about people who don't have insurance?
Types of Treatment
First and foremost, the depth of the addict's addiction will often dictate which type of treatment is needed. In a financial pinch, outpatient treatment might be the best option, due to its superior affordability. Still, inpatient treatment is usually preferred because this option offers a more thorough solution. Of course, other treatment options might be necessary, including Suboxone, dual diagnosis treatment, or family therapy. Before selecting the appropriate treatment option, a prospective patient should consult with their healthcare insurance provider to determine what's covered and to what extent.
Financing Addiction Treatment Costs
When health care insurance is not available, patients might need to consider other financing options. Here are some alternative ways to finance your addiction treatment costs.
Health Savings Account
An HSA is a newer concept in finance, but it is quickly becoming the preferred method for financing out-of-pocket healthcare costs. HSAs are basically savings accounts, but they can only be used for healthcare expenses. The advantage of an HSA is that your contributions to the account go in pre-tax, which effectively means that Uncle Sam is matching approximately 20% of your contribution. HSAs are especially helpful when combined with high-deductible health insurance plans, which typically have far lower premium rates and out-of-pocket maximums.
However, if you're already looking for tips on how to pay for treatment, chances are you need a more immediate source of funds. The thought of using your savings account might sound unappealing because you might feel like you are sacrificing a portion of your future. But frankly, you might not have much of a future without immediate treatment. Sacrificing savings might put a dent in your plans, but you'll get through treatment without incurring new debt, and you can always recover your savings by saving more aggressively in the future.
If you have something of value to offer as collateral, you should be able to get a personal loan to cover some or all of your addiction treatment costs. You'll want to shop for the best possible rates. It's new debt, but it could be life-saving debt, and will probably come at lower rates than credit card debt or provider financing.
Rehab Facility Financing
Provider financing could be an excellent alternative because an addiction treatment facility is more likely to understand how debt might interrupt recovery. For this reason, they can usually create a custom financing package that's manageable for each patient.
Let me say this very clearly: if you’re struggling with addiction, please get help now. However you pay for it, your well being, your future, and your very life are in jeopardy until you get clean. Don’t delay. Contact a mental health professional or a doctor and get a referral to a treatment center or program near you and start to reclaim your life. It’s worth it.