Have you ever needed something essential, but were not sure if you could afford to pay for it? For example, maybe your car needs a new transmission. Since it’s the only reliable way you can get to work, you need to fix it. The only problem is it’s not cheap. In your mind, you start going back and forth about what to do next.
You think about finding a way to put it off until you’re better prepared. But even if you find a short-term solution, you still need a way to get to work. This is the same situation that many people struggling with drug or alcohol addiction find themselves in.
The cost of addiction rehab is one of the most common reasons why people don’t seek treatment. But the good news is you can find resources and assistance to pay for addiction treatment. You just have to know where to look.
Using Insurance to Pay for Addiction Treatment
Insurance is one of the most common ways to get help paying for addiction treatment. Most private insurance policies cover a portion of addiction treatment and in some cases, pay for all of it. Your first step should be calling your insurance provider.
When it comes to insurance, every policy is different. You’ll want to find out the details of your coverage. Your insurance company can explain their addiction treatment policy and tell you what types of treatment are covered under your plan.
Addiction treatment centers, like Silver Maple Recovery, work with insurance providers to make treatment more accessible. Rehab facilities can even help you verify your insurance to help remove some of the stress and frustration of this process.
Private Pay and Financing
The cost of addiction treatment varies based one the services you need and your length of stay. Some people choose to pay out of pocket for addiction treatment. The main benefit of private pay is that your length of stay won’t be limited by your insurance.
Some addiction rehab centers offer payment plans or financing to help cover the cost. To learn about any financing options, it’s best to reach out to the admissions staff of any treatment center you’re considering.
If you have an IRA or 401(k) plan, you might have the option to take money out of those accounts to help pay for treatment. Before you make that decision, be sure to speak with a financial advisor. They will be able to help you understand the full impact using an IRA or 401(k) will have on your retirement goals.
Loans for Addiction Treatment
It’s common for people to think that using a credit card to pay for treatment can act as a loan. The problem is solely counting on a credit card are high interest rates and not having a high enough limit to pay for treatment.
Luckily, there are private loan options that you can explore. Private loans usually offer lower interest rates than credit cards. This can help you save money over time and make it more affordable to pay back the loan.
Here’s a loan example that is worth looking at:
- Prosper: Prosper is a company that offers healthcare loans through their online platform. You could receive up to $35,000 for rehab. Prosper has experience setting up loans for addiction treatment and is known for their customer service.
Grants for Addiction Rehab
You may be able to apply for a grant that applies to addiction treatment. The difference between a grant and a loan is that with grants, you don’t have to pay back the money that was given to you.
The Substance Abuse Prevention and Treatment Block Grant is offered by SAMHSA for people struggling with addiction. While there are certain requirements, getting a grant could help you make treatment more affordable.
Recovery Is Within Your Reach
Silver Maple Recovery is a premier addiction treatment center in Cleveland, Ohio. We believe that everyone deserves access to comprehensive and affordable treatment. Finances should not stand in your way of reaching lasting recovery.
Our addiction treatment center is proud to accept and work with a variety of private insurance options. We’re committed to helping you find the support and treatment you need. That’s why we have professional caregivers ready to hear your story and offer support.
Don’t let your addiction hold you back from the life you want anymore. Contact our expert team today.
