There’s a lot of ways you could describe your loved one’s alcohol or drug addiction: heartbreaking, painful, toxic, abusive. But as if all that wasn’t enough, addiction is also financially draining.
Your loved one has needed more and more money to maintain their substance abuse, leading to stacks of unpaid bills, maxed-out credit cards, depleted savings accounts and perhaps even a loss of your own money in what you thought was an attempt to help your loved one. And even now, you might feel the financial strain pushing down on you as you try to find an addiction treatment center for your loved one.
There’s no doubt that addiction can leave individuals and families in financial ruins. Fortunately, there are ways to help your loved one pay for treatment and heal the financial damage over time.
The Financial Effects of Addiction
Did you know that cost is often one of the greatest barriers to seeking addiction treatment? But your loved one’s ongoing substance abuse can, in many cases, be more expensive than going to rehab. Consider the following annual estimates for funding a substance abuse disorder:
- If your loved one is struggling with alcohol addiction, they’re spending an estimated $4,500 or more a year on drinking.
- This cost increases for cocaine use. If your loved one is suffering from cocaine addiction, they’re spending an estimated $8,000 or more a year on the drug.
- For prescription opioids, the cost only continues to rise. Depending on the severity of your loved one’s addiction and how many pills they take a day, they could be spending up to $70,000 a year on their addiction.
- And if your loved one is suffering from heroin addiction, their estimated spending is more than $54,000 a year on the illicit drug.
Beyond just the costs of the drugs themselves, your loved one may also face legal expenses or struggle with healthcare costs for medical conditions triggered by their substance abuse.
While addiction treatment can be costly, it’s ultimately a wiser investment that can save your loved one and your family money in the long-run. If your loved one overcomes their addiction in treatment, that’s money they’re no longer spending on drug use, legal fees or additional healthcare issues.
4 Ways to Pay for Addiction Treatment
Unlike retirement or purchasing a house, most people aren’t saving money to use for addiction treatment. After all, addiction isn’t something you or your loved one could have predicted. So, how is your family supposed to pay for addiction treatment?
Luckily, there are options to help you and your loved one financially plan for addiction rehab, no matter what your monetary situation looks like:
- Insurance Coverage – Insurance can help alleviate at least some of the costs of addiction treatment if your loved one has insurance or if they’re covered under your insurance plan. An insurance representative can help you determine your loved one’s addiction treatment coverage, or we can help you determine next steps in verifying your insurance.
- Loans – Loans are a great way to get access to additional funds for treatment quickly. Loans tend to have lower interest rates than credit cards and you’ll be able to pay the loan back in regular monthly installments that work for you and your loved one.
- Private Pay – There’s always the option of paying for addiction treatment out of pocket. This is a good option because it helps your loved one maintain an even greater level of privacy while in treatment and prevents insurance providers from dictating what types of treatment programs your loved one can and cannot go to.
- Government Programs – If your loved one is underinsured or does not have any insurance, there are public-assistance and state-funded options that can help them get the treatment and support they need.
Financial Preparation for Addiction Recovery
Unfortunately, financial trouble doesn’t just disappear once your loved one is in addiction treatment. But that doesn’t mean your loved one and your family will struggle with finances forever, either. Here are some ways to help rebuild your family’s finances after your loved one’s addiction and time in rehab:
- Get Back to Spending on a Budget. The best way to recover from financial trouble is to determine a healthy budget and stick to it. Use your income to pay for fixed expenses like your rent or mortgage, insurance, transportation and food. Cut down on unnecessary purchases and make sure you’re saving money each month, especially if you’re considering options like private pay rehab for continued treatment.
- Obtain/Maintain Full-Time Employment. Once your loved one is out of rehab, encourage them to go back to work or find new employment if they currently don’t have a job. Full-time employment means health insurance and a steady income for fixed expenses, debt repayment and savings.
- Start Saving Money Again. It’s not uncommon for individuals struggling with addiction to dip into their savings to maintain their substance abuse. When your loved one is out of treatment, make sure they start putting money back into their savings account. You’ll also want to get back to regularly adding money to your own savings account if it took a hit during your loved one’s addiction, too.
- Reduce Debt to Increase Credit Scores. You and your loved one need healthy credit scores to take out loans and make large, life-changing purchases. Paying off debts and making monthly payments on time can help improve your credit scores and get your life and your loved one’s life back on track.
Get Your Loved One Addiction Treatment at The Raleigh House
Are you looking for a treatment center that can help your loved one successfully recover from addiction? At The Raleigh House, we have over 10 years of experience helping people like your loved one detox from their substance abuse, get to the bottom of their addiction in residential treatment and rebuild their lives in outpatient treatment. Our mission is to help your loved one find lasting recovery and regain a fulfilling life they can be proud of.
To get started, fill out our form or contact us now to get in touch with one of our friendly admissions team members.
