Financial Assistance

College Funds
This may be a good time to use it. Although most of us want our children to go to college, when the time comes and they are ready for that step, and you have exhausted your child's college fund, there are always grants and scholarships to a wide variety of colleges that your teen could apply for. Getting your teen or young adult the help they need to ensure they make it to college is what you are concerned with at this time.

Credit Cards
Although they usually have a high interest rate, this option may be able to provide you with the initial monies to enroll your child until you are able to access an Educational Loan, Credit Line, or other means of payment.

Many parents will use a Credit Card that accumulates Airline Miles or other beneficial services, and then pay the credit card off within the 28-30 days with their credit line or other financial means. This prevents you from being charged the finance charges. It can be a way to earn airline travel that can help when it comes time to visit your child when they are out of state.

Employer / Relatives
Many families will borrow from relatives or in some cases; employers have been known to contribute to the family. In some cases this could also be a tax deduction for a relative or employer.

Home Equity Credit Line
This can be beneficial to you in a few ways. Not only is it a convenient way to access money that is needed, it can also be a tax deduction in regard to the interest payments. Please keep in mind, in some cases the program you are sending your child to can also be a tax deduction in regards to medical expenses.

Usually the therapeutic and medical portion of the tuition can be deducted. Check with your Tax Preparer or C.P.A.for more information.

Insurance Plans
Although services vary among health insurance plans, some do cover mental health services.

When scrutinizing a insurance policy, contact the insurer prior to residential treatment for all of the necessary coverage details. Next, contact the insurance company's benefits administrator to request a written documentation of the coverage provided for mental health treatments. Lastly, ensure that the mental health care provider accepts the insurance policy or plan in question.

Loans
A simpler task for funding residential treatment that does not require governmental assistance is taking out a loan. Some loan services specifically cater to health care needs. Obtaining a regular bank loan can also be an option especially when the customer has a long-standing relationship with a specific bank or creditor.

Retirement Plan Loans
Some families have taken loans against their 401(k) or IRA assets to pay for treatment. One advantage to this is that the interest paid on the loan is paid to you instead of to somebody else. A disadvantage to this is that you have less money compounding at market rates over time to fund your retirement

(Always consult your tax adviser on what is best for your situation).

School Assistance
Unlike private schools, public schools are often required by law to make certain provisions available, in order for a student to obtain the appropriate educational tools. Different sources that derive from public school districts include counseling services and individual education plans (IEP), which serve as an educational plan for that individual student. This document also helps provide government financial assistance and funding for different treatment programs recommended by the IEP. The family member with the diagnosed disorder or addiction must be a current student within the public school system in order to submit an IEP.

For people struggling and in need of support