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No Insurance? Need Help Paying for Treatment?

Are you worried about how to pay for rehab?

If you didn’t have health insurance coverage before or during active addiction, you may have tried to buy an insurance policy before entering rehab, you may have run into some difficulty. We don’t want a lack of health insurance to be a barrier to treatment, so Gracious Care Recovery Solutions has partnered with My Treatment Lender to provide an option to pay for rehab.

My Treatment Lender is a recovery-based healthcare lending company that provides loans for substance abuse treatment. It can help cover the cost of high co-pays or deductibles if you have insurance that partially pays for rehab, or it can help you cover the cost of your entire stay with Gracious Care Recovery Solutions, for qualifying applicants.

How Much Does Rehab Cost

The cost of rehab can feel overwhelming, but consider the cost of addiction. The cost of heroin and cocaine on a regular basis, for instance, can result in expenditures of $10,000 – $20,000 or more each year. Your addiction may also make it hard for you to work or cause you to miss out on opportunities for promotions. This is income lost.

How to Pay for Rehab

You may be wondering why you need a loan. Maybe you’ve paid into your 401k for years. Cashing it out is quick and a short-term answer to your problem. You may have a house or business property as well, which could easily be remortgaged so you can get quick access to some cash. People do it every day.

It’s probably not a good idea.

According to a study by business consultant Hewitt Associates, cashing out your 401k means up to 30 percent in taxes and penalties- upfront. This means if you have $5,000 in the account, you’re probably only going to get a $3,500 check. The check will also be considered income for the year, so the IRS will want additional tax money for it.

Taking loans out against your home or your place of business isn’t the best option either. This extends the time you have to pay on your home, but also means paying additional fees and often higher interest rates. The costs could put your home or business in jeopardy.

My Treatment Lender offers another solution. They provide loans up to $100,000, depending on your credit.

  • If you have good credit, or a minimum FICO Score of 680, as well as a low debt to income ration, you can apply for a loan up to  $100,000.
  • If you have any type of credit, you can generally borrow $1,000 to $35,000. My Treatment Lender will shop your loan to many different lenders to help get you the money you need.
  • Even if you have poor credit, you can borrow $500 to $5,000.
  • You can also borrow against your vehicle’s title in some instances.

To apply, you simply click the link associated with Gracious Care Recovery Solutions. Filling out the application takes only a few minutes. The application for the loan will walk you through the amount you can borrow and your monthly payment. The site will offer you the option of using a co-signer and give you the choice of auto-payment each month from your bank account, which reduces the cost of the loan.

One you’ve finished filling out the personal information on the application, submit it. My Treatment Lender will wire the money into your bank account, sometimes the same day.

Most loans from My Treatment Lender feature no loan origination fees, and you won’t be penalized for paying the loan off early.

How Do I Get Insurance for Rehab?

If you already have insurance, talk to your insurance company about the coverage they offer for addiction recovery services. There is a toll free number on the back of your insurance card that you can call to inquire about addiction treatment.

If you’d like to check whether Gracious Care Recovery Solutions takes your particular insurance, simply call our office and one of our intake coordinators will have an answer for you, generally within a few minutes.

Are you worried about how much rehab costs and how you’re going to pay for it? Don’t be. With help from My Treatment Lender, you can get the help you need to break from addiction now.

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