If you are planning to be treated for addiction, there are many questions you’re asking yourself. One of them is how you’re going to pay for it. There is no doubt that this won’t be cheap.
However, there are plenty of options that are worth considering. We’ll take a look at each one in this guide. Please remember that Infinite Recovery will be a place that is open to whichever payment plan you prefer.
Our Austin treatment center accepts insurance plans and can also work out any payment method you wish. We know that your finances may not be in the best shape. However, we’ll make sure you get the treatment you need without having to worry about the costs.
You have your health and recovery goals to focus on. This guide will walk you through the process of the financial aspect of that. Keep reading and we’ll give you the expert answers.
Covering your costs for rehab
The cost of rehab will vary from one treatment center to another. Regardless, it is important to know what can be covered. We’ll be taking a look at the following payment methods so you can determine which one is best.
It’s important to take your time and decide which one may be the best option. Here are some common payment methods to consider:
Insurance plans
As mentioned before, your costs will likely be covered by your insurance. One thing to make sure is that your policy can cover so much. Therefore, it is important to make sure you are saving enough money to pay for the remainder of the costs.
Before choosing a treatment plan, you’ll want to check your insurance plan. To be specific, you are looking for how much your policy can cover substance abuse treatment. Another thing to look out for is whether or not the treatment center of interest is within your insurance network.
If the facility is in your insurer’s network, that’s a good sign that your policy will be accepted. Otherwise, you may need to consider other options for payment. If your insurance company is part of these four insurance companies (Aetna, Blue Cross, Blue Shield, Cigna, or United Healthcare), there’s a good chance that your treatment center of choice will be in their network.
These four insurance companies do have robust insurance plans that include addiction treatment.
Affordable Health Care Act (ACA)
If you have an insurance plan covered under the ACA, you won’t be penalized for having a pre-existing condition. If you have developed an addiction before being insured, this is good news. You will be able to apply for insurance under the ACA without issue.
This can be a major gamechanger compared to limited coverage or being outright denied due to pre-existing conditions. You’ll be able to choose a plan that will give you plenty of expense coverage. For example, the bronze plan will give you 60 percent coverage while the platinum plan will have 90 percent coverage.
There is catastrophic insurance which covers 60 percent of the average cost. That will be available to those under the age of 30 or for anyone with extending circumstances.
Medicare and Medicaid
Both of these programs are federal and state-funded. They can cover rehab costs for a certain percentage of people. If you want treatment covered under any of these programs, you’ll want to follow the requirements.
For Medicaid, you’ll want to meet the following requirements:
- Under the age of 19 (or over the age of 65)
- A parent or pregnant
- Meet income range requirements
Medicare’s requirements include being over the age of 65 or disabled.
Self-funding or financing
Your other best option would be for your treatment to be self-funded partially (if combined with insurance) or completely. You can save money for your treatment or have someone else pay for you. There may also be other financial options worth considering as well.
For example, some treatment centers may offer something of a scholarship offer. You can speak to an admissions counselor for more information about it (should an option be available). Otherwise, consider ideas of making regular payments after your treatment has been completed.
One source of funding can be through your 401(k) or IRA. You can borrow money out of it and use it to fund your treatment. Another would be your home equity so you can take out a loan.
You also might have the option to crowdfund your treatment payments as well. You can raise funds on sites like GoFundMe and people will donate towards your expenses. While this may draw some skepticism.
With the self-funding or private financing options, you have more ways to do it than ever. Just know that you might not meet the qualifications for state and federal assistance. Also, insurance can only cover so much.
So there’s a good chance that you’ll fall into the category where your insurance will cover a majority of the cost. The rest of it will be paid for by you. It will either be in installments or in full.
Making arrangements for payment as soon as possible is your best option. That way, you are better prepared to make them as you are getting your life back in order. If you need any additional assistance, your treatment facility will be glad to help.
Final Thoughts
If you are looking for a treatment center, there are so many factors that will come into play. Don’t forget that there’s a financial aspect to it as well. For this reason, you’ll want to decide how you are going to pay for it.
You have plenty of options to consider, so take a moment to go over them and determine what the best course of action is. Granted, some options may be out of the question since you may not meet the requirements (i.e – State or federal assistance). Don’t feel discouraged as there will be the best option for payment out there.
