How to Finance a Therapy Program For Your Teen

A troubled teen program can come in many forms. There are online programs for teens, troubled teen residential programs, wilderness camps, military camps and even teen Christian programs. Some of these options are going to be more expensive than others but may be necessary for getting your teen the help that he/she needs.

So what are some financing options for these programs? See below for some tips on how you can afford to send your troubled teen to any of these programs.

The first step: contacting your health insurance. The easiest way to get funding if it’s available is through your health insurance company. Many policies cover mental health facilities, and most insurers are willing to work with policyholders to find any way they can be covered. Research your policy first (most can be found within your insurer’s website if you have misplaced the actual papers) and then call the customer service line to be put in touch with a representative that can open a case file before you ever start looking at programs.

Look into borrowing against a retirement fund. If you have established a healthy retirement fund through your work, you may have the option to borrow against it for financial hardships. These terms usually mean funeral expenses, medical expenses or housing expenses. Because mental health is recognized as a serious medical concern, you may qualify. Talk to your human resources representative about who the record keeping company for your retirement plan is, and how you can contact them to acquire a loan.

Tap into an education fund. It may seem painful to have to take money from a child’s college fund, but if you are needing treatment for your troubled teen quickly, then there are other financing options for higher education. Mental health is a good reason to dip into an education fund in order to help your teen to get to a place where they may want to pursue college with confidence and a healthy mind.

Look into the IEP program. IEP, or Individualized Education Program, was set up to help individual children with special needs to reach their educational goals. If your teen qualifies for this funding, and it is not being used by your teen’s school to help them, then you may be able to have the fund cover the expenses of one of these services through the state.

Consider taking out private loans. Many financial institutions are willing to work with parents for whatever their needs. Talk to a bank or find a social worker who can help you do the paperwork to secure funding for a program through a private lender. Be wary that these loans often come with a heavy interest rate, so it’s best to leave this option as a last resort.