4 Ways To Finance Residential Treatment For Your Troubled Teen

Making sure your troubled teen receives the help they need at a residential treatment center can be financially difficult. Below are some ways you can possibly defray the costs of the therapeutic treatment your teenager needs.

Contact Your Health Insurance Provider

Some health insurance plans have coverage for mental health needs. Be sure to contact your health insurance provider to see if your plan can cover some of the cost of a residential treatment center.

Tap Into Family Resources

There are several levels of family-related resources you may not have considered when looking into ways to afford the help your teen needs.

  • Family members - Many times, family members from grandparents to adult cousins are willing to help you obtain the treatment for your teen.
  • IEP utilization - If your child has an individualized education program which is not being completely met by your teen’s school, you could potentially have the state fund your teen’s residential treatment.
  • Equity loan - If you own your home, it may be possible to take out a loan. We recommend you look for a low-interest loan, to keep the repayment costs manageable.
  • Educational savings - Should you have college savings for your troubled teen, this would be a good time to put them to use.
  • Assets - Examine your other financial assets, such as your 401k, stocks, and bonds. If the monetary resources outweigh the financial penalty for cashing these assets out, we recommend you look into it.
  • Yard sale - A yard sale combined with several other financing methods can help you afford the costs of your teen’s residential treatment.

Post-Adoption Assistance For Mental Health Needs

Many adopted children face mental health struggles due to the circumstances leading up to their adoption. To help preserve adoptive families, there are resources specifically earmarked to help adopted children in need of residential treatment.

  • State adoption assistance - Every state has varying levels of post-adoption assistance available. However, many do have funding available for residential treatment programs. Check the eligibility requirements of your state before you apply for assistance.
  • Funding sponsorship support - The Adoptive Families Coalition has helped many families receive the support they need. They have a sponsorship program, which will provide your family with a mentor who knows how to find the right resources, so you can obtain the help your teen needs.

Mental Health Financing Is Available

There is financing specifically available for mental health. Liahona Academy often works with Prosper Healthcare Lending, which can offer financing for mental health needs up to $35,000.

While you may need to utilize several of these financing options, it is possible to afford the help your troubled teen needs to lead a happy and successful life.

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