Addiction can impact all aspects of life. From relationships with friends and family to finances, substance abuse can be hugely impactful. The financial situations for those recovering from addiction is an important aspect of finding long-term sobriety, but it can sometimes be overlooked. In order to fully recover from substance abuse, finances must be considered. Finding financial help for recovering addicts should be considered in treatment programs.
AspenRidge is one of Colorado’s leading provider of dual diagnosis treatment for mental health and substance abuse. We provide outpatient programs for those suffering from addiction and ongoing support for families. This may also include financial help. For more information contact our addiction helpline directly at 855-281-5588.
Financial Issues Stemming From Addiction
What do we mean by finances? This can include personal payments such as mortgages, rent, living expenses, loans, and childcare. Addiction can have a severe impact on all of these. And, in many circumstances, there is a higher likelihood of losing a job.
It’s not just those who are suffering from addiction that are affected. Family members of those battling addiction are often caught up in the issues surrounding such abuse. This is why financial help, as well as treatment for addiction, is critical in the well being of a recovering addict.
Read on to find out more about how addiction can financially harm an individual and resources on how to help someone who has experienced financial issues due to the disease of addiction.
How Addiction Affects Finances
Although substance abuse can cause life-changing health issues and put detrimental strains on relationships with loved ones, it’s the financial costs of addiction that can sometimes have just as severe an effect.
A study undertaken by a team of researchers at the Office of National Drug Control Policy found that the economic hardship of addiction is over twice as much as other neurological diseases. This stems from a variety of reasons such as purchasing the drugs in the first place to social costs and, eventually, treatment. Unfortunately, those who suffer from addiction are more likely to end up with a loss of income too.
There are three main reasons why addiction could cause financial burdens. These are:
- Cost of buying drugs
- Loss of income through unproductivity
- Insurance, healthcare, and legal fees
Cost Of Buying Drugs
Those with an addiction to substances often fork out more than they can afford. Before long, this can become an extremely expensive habit. Even a cheaper substance, such as alcohol, can soon start to drain your bank account if addiction becomes a problem.
Substance abuse may start off small with a few hundred dollars spent each month. But, as time goes on, this can easily transform into $1,000 or more a month, even in less than 6 months.
For more expensive substances such as cocaine and heroin, these monthly costs can swell bigger and become out of control. As an individual’s money is spent on their addiction, other facets of life are left behind such as childcare and living expenses.
Loss Of Income
As the abuse of substances continues, an individual can become less and less productive. This can start at home but it becomes a real problem when it begins to affect the workplace. Many addicts will start to call in sick to work more often but when they do turn up, their quality of work becomes poorer. This can cause a chain reaction where certain opportunities are missed such as bonuses and promotions.
Eventually, this can lead to the individual losing their job.One consequence of addiction is that many addicts remain unemployed. The more time that goes on, the harder it will be to get back into the workforce.
This can also affect retirement benefits and social security. This is why the effects of addiction can have a significant impact on finances, even after recovery.
Addiction can cost money. It can cost family. It can cost a life.
Insurance, Healthcare & Legal Fees
Substance abuse can lead to serious health complications. This comes with increased healthcare costs and insurance premiums. Furthermore, the cost of car insurance can be impacted. If you get arrested while under the influence of drugs or alcohol, car insurance premiums could go up by 300%. And, this is before we take the legal fees into consideration.
This may also require fees for attorneys, possible drug-related fines, and courses that may be needed to complete a rehabilitation program. At AspenRidge, we are dedicated to helping those who suffer from the effects of addiction. Whether that’s struggles with mental health or financial difficulties, we have programs to suit each individual’s specific and unique needs.
Find out more about our aftercare programs here. To find out more about financial assistance for those recovering from addiction, click here. Visit the links below to find out more about health insurance coverage levels and how your insurance company can pay for alcohol and drug rehabilitation:
Relapse: Finding Financial Help For Recovering Addicts
Many factors can trigger a relapse. One of the main contributors to relapse into substance abuse is stress. Many people who experience addiction turn to a substance to cope with issues in their lives. Research found that stressful situations can cause an increase in the “want” for drugs and alcohol. This is especially true if the person has already battled addiction with that substance in the past.
With financial hardship comes stress. It’s a vicious circle. The more money that is spent on substances, the deeper an addict falls into financial woes. Even once someone is in recovery, their finances can still be severely impacted by earlier actions. This can lead to a feeling of hopelessness, especially if the individual is finding it difficult to find work. Therefore, they turn to the one thing that they think “helps” them cope in such situations. In other words, they relapse.
By changing certain factors in a lifestyle or focusing on other priorities and relationships, such stress can be reduced. This also reduces the chance of a potential relapse. This is when a therapist or counselor can make a positive difference in a recovering addict’s life.
With AspenRidge, we have dedicated and fully qualified professionals who will help identify your financial difficulties and the reasons why you may be stressed. Through our programs, we will help guide you so you can develop healthy coping mechanisms going forward and receive the financial help you require. Contact us directly at 855-281-5588.