It can be expensive to send your son or daughter to a residential treatment center for teens. If you are concerned about how you will afford treatment for your troubled teen, we wanted to review some of the common methods of payment that other parents utilize.
Loans Help Pay For Residential Treatment Centers
One of the most common ways parents pay for their troubled teen’s specialized therapeutic treatment is through a loan. Some of the loans used are:
- Home equity loan – Utilizing a home equity loan is a relatively secure way to pay for your teen’s residential treatment. You can also potentially deduct your home equity loan payments from your taxes.
- Educational loan – There are educational loans available to pay for children’s education specifically to pay for kids in grades k-12. Many parents prefer educational loans since this type of loan often has the lowest interest. Some residential treatment centers have financing available, which acts similar to an educational loan.
- Personal loan – Some parents choose to utilize personal loans from a bank, credit union, or foundation to cover their troubled teens’ residential treatment center stay.
Parents Use Health Insurance To Pay For Teen’s Treatment
Some health insurance providers offer coverage for mental health treatment. As residential treatment centers have licensed therapists and a robust therapeutic program, health insurance providers may cover your teen’s stay at the treatment center.
Be sure to contact your insurance provider to see if you may have coverage. If they need further information on the residential treatment center you are considering, most residential treatment centers can provide you with the necessary information.
Credit Cards Often Used To Pay Residential Treatment Fees
While it is not recommended to cover your teen’s entire stay with credit card usage, some parents utilize credit cards to pay for initial residential treatment center fees until other monetary sources are available.
Using cards that earn you mileage points can also help you pay for your teen’s travel to their residential treatment center. So, if you need to pay with a credit card, choose your card wisely.
Communities Come Together To Help Troubled Teens Receive Help
There are likely many people who care about you and your family. These people may be able to help you pay for your teen’s residential treatment stay. Some of the people who can come together to help you cover residential treatment center expenses are:
- Grandparents and extended family
- Faith community
Here at Help Your Teen Now, we help parents find the right therapeutic program for their troubled children. We can help you identify what resources you have to help you afford to send your teen to a residential treatment center. Contact us so that we can help you today.