Getting Credit to Finance Rehab
Even if you have comprehensive private health insurance, you may find that your insurance carrier will only finance a percentage of your care, leaving you with a substantial payment obligation…generally due upfront.
If you do not have private health insurance but feel you can’t afford to wait months for subsidized care, you may also find yourself in a situation where you need access to a substantial sum of money in a hurry.
You may want to explore your credit options as a means of financing your stay. No one enjoys monthly debt repayments, and the price of rehab could easily leave you with payments that might otherwise buy you a fairly new car, but if it's the difference between sobriety and continuing abuse, it may be worth it.
Financially, getting sober always makes sense. Think about how many thousands you've squandered in drinking in drugging. Think about how your abuse behaviors affect your work performance and your likelihood of upward financial mobility, and even if your health remains good, think about the future of high health care bills you can expect if you don't change your destructive ways. You don’t want to get in over your head with debt, but if you think that you can manage a loan to finance your care, getting sober always pays off over time.
A lot of addicts and alcoholics entering into a rehab situation have already exhausted credit options through financial mismanagement and the high costs of abuse, but here are some alternatives to traditional financing that may still offer you needed credit.
Where to Get Credit for Rehab
1) Friends and Family
If you’re like a lot of addicts you've burned a few bridges along the way with unpaid personal loans, but although your family may have sworn that they would never again give you money, they may feel differently learning that you need money for treatment. They love you, they want you to get better, and if they can help you they probably will.
Have the rehab arrange for payment directly from the family member or friend to give them the peace of mind of knowing that their contribution will actually get spent on treatment, and not on further drinking or drugging.
2) Credit Cards
Although very high interest bearing, credit cards may give you the immediate and short term cash you need to bridge the difference between what you have, and what you need.
3) Health Care Credit Cards
A number of credit institutions exist solely to finance medically related expenses. These credit companies may offer you credit even if your credit history has been poor; and if you have a good credit history you can access an immediate $20 000 or more to finance your rehab stay.
The short term interest rate on this debt can be quite high, although many offer promotional low interest periods and also offer lower rates for longer term repayments.
4) Your Bank
You may qualify for a substantial personal loan, at interest rates far below what credit cards or health care cards will offer. You may need to secure this home with a substantial asset. If you own your own home, even in part, you are very likely eligible for a home equity loan. Home equity loans are relatively low risk loans from a bank's perspective, as you guarantee the loan amount with your home. Because their risk is low they may offer you a loan even if your credit history has been poor, and to reward you for this risk reduction you will be offered lower interest rates.
5) Sell Your Car, Your Boat, Your Jewelry…
Your possessions do not rival your health in importance. If you have a substantial and saleable asset and you need money to get medical treatment, you may want to consider whether your car is as necessary or important as your future heath and happiness.
6) Be Prepared to Invest in Your Own Sobriety
Nothing about addiction is free from pain, and this includes financing the treatment you need to get better. Be prepared to make a substantial monetary contribution to your treatment, be prepared to suffer reasonable financial hardship to get the care you need, and remember that once you’re sober you will definitely recoup any short term financial losses with long term financial gains.
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