How Do I Budget for Drug Rehab Expenses?
02 August, 2022
Looking at the costs of drug rehab on top of your other expenses can be very overwhelming. Luckily, there are many ways to combat the fears associated with the costs of rehab. All rehab centers charge different prices depending on location, services offered, amenities, average length of stay, and more.
This is why it is important to have a budget in place when looking for a rehab center for you, especially if you have children or other family members depending on you for income.
According to the 2018 National Financial Capability Study, throughout the U.S., about “46% of individuals lack a rainy-day fund to cover expenses for three months.” This rainy-day fund could be used for a drug rehab program, and if it does not exist then it can make attending rehab that much harder.
Factoring in drug rehab expenses in your budget can be crucial.
Creating an Effective Budget for Drug Rehab
There are many different ways you can personalize your budget to cater to the needs of your individual household. Start with the following steps:
Assess your monthly income. Look at how much money is coming into your bank account every month through your paycheck or any other means of making income. This is how much you can spend in a given month.
Write down your “wants.” This includes things that, as of now, you pay for because you want them but can live without. Some examples of wants are cable, coffee trips, and going out for dinner.
Write down your non-negotiable bills. These are the bills that come out every single month that you cannot live without. Such expenses could include your rent or mortgage, water bills, heat bills, groceries, etc.
Set your personal goals. This includes goals for yourself and your household. This can include how much you would like to save for that rainy-day fund, investing your money, or paying off debt. The goals will look different for each individual. You should be saving some money every month, especially if you plan to enter rehab.
When creating a long-term budget, it is important to understand your reasons for creating this budget in the first place. Once you understand your “why,” it will help you stick to your budget. Right now, your why is most likely to be able to pay for yourself or a loved one to get treatment.
By following the steps above, you can see how much you can afford on your own for rehab expenses. If — and, likely, when — this isn't enough, look toward other resources to help offset costs.
Health Insurance & Drug Rehab
If you are fortunate enough to have health insurance available to you, this is a great place to start. Most rehab centers accept many forms of insurance. Start by speaking to a professional from the centers you're interested in and to your insurance provider. This way you can see exactly how much would be covered and if there will be a copay or deductible to meet.
If you do not have private health insurance, see if you qualify for Medicare or Medicaid. If you do qualify for one of these programs, detox and substance abuse treatment may be available to you for free.
How to Qualify for Medicare
You may qualify for Medicare if:
You are currently receiving retirement benefits from Social Security or Railroad Retirement Board
You or your spouse have Medicare-covered employment
You are eligible for the benefits above but have not yet filed for them
In general, Medicare is usually available to adults ages 65 and up, younger adults with disabilities, or individuals with permanent kidney failure.
How to Qualify for Medicaid
For Medicaid, there are a few different qualifications you must meet because it covers a lot more Americans than Medicare does. The Affordable Care Act (ACA) created a methodology to check for income eligibility called the Modified Adjusted Gross Income (MAGI). This program explores each person's taxable income and tax filing relationships to understand if they are eligible or not.
There are also a few non-income-based requirements such as when you apply for Medicaid, you must be a resident of that state. You must also be a citizen of the U.S or a lawful permanent resident.
Other Resources Available to You
Outside of health insurance, there may be other options you can access to help cover the costs of rehab. For example, if you are part of a church or other close-knit community group, you may reach out for donations. Some churches may have resources specifically set aside for these situations, so, if you're comfortable, it can't hurt to ask.
One other resource could be to research local non-profit organizations that might have resources available for individuals looking to attend treatment. You might even reach out to people within your family or friend group for help. There is no shame in asking for assistance for something that will change your life for the better.
In these situations, it is even more beneficial if you have a budget in place first. If someone is going to help you with the costs, you should have something to show them that you're prepared.
The Edge Treatment Center Works with You to Meet Your Budget
One way to mitigate a common concern of rehab is to plan for the financial strain this can cause. Finances can be confusing and hard to prepare for before entering treatment.
On the bright side, there are many ways to make sure you and your family have the resources to cover rehab expenses. You are not alone; The Edge Treatment Center is here to assist you throughout this process. We understand that not everyone has the means readily available to cover life-saving services, so our staff is available to discuss other options with you.
If you or a loved one is ready for this journey, contact The Edge Treatment Center today.