Our nation’s ongoing opioid epidemic has a far-reaching impact on those that are addicted, their loved ones, and the country as a whole. When a person is addicted to these powerful drugs, there are not only emotional and physical consequences but financial ones as well. The Federal Reserve just released one of its annual reports that now includes information pertaining to the opioid epidemic.
Fed’s Latest Report Addresses the Opioid Epidemic
The Federal Reserve Board has been issuing an annual report on the Economic Well-Being of U.S. Households since 2013. This year, the Fed addressed this nation’s opioid epidemic for the first time, since it is having an increased economic impact on families.
The 2018 report is a result of the Fed’s 2017 Survey of Household Economics & Decisionmaking (SHED). Of survey respondents, roughly one-fifth personally know someone with an opioid use disorder. Those who have been exposed to opioid addiction had a less favorable impression of the local and national economy than those who had not been exposed.
The fact that people who have been exposed to opioid addiction see the economy less favorably supports the “deaths of despair” theory tied to opioid addiction. According to this hypothesis, one of the catalysts of this growing epidemic is a decline in economic opportunity. While this might ring true in some instances, it is certainly not the case with everyone who becomes addicted.
What is the Financial Cost of Addiction?
Many people mistakenly believe that the money tied to addiction is limited to what they spend on drugs or alcohol. It is much more than that. The personal cost of addiction can be staggering. This includes the financial figures tied to car crashes, arrests, custody battles, and damaged or stolen property. It also includes mounting healthcare costs for substance-related illnesses, accidents, and overdoses.
The opioid epidemic is also costing society billions. Our prisons are filling up with drug offenders and the social services system is overwhelmed with child foster care cases, many related to opioids. Businesses have less productive employees, and the healthcare system is stretched thin with the rise in opioid emergency room visits.
Invest in Life Through Substance Abuse Treatment
Addiction treatment might cost money and require a time commitment, but the return on your investment will be more than positive. If you are struggling with alcohol or drug addiction, you already know that the costs associated with substance abuse can be crippling. Fortunately, getting help is a gift that you can give yourself and your loved ones, and it is one that has the potential to last for the rest of your life.
You may be most worried about saving your life or your family when you go into treatment, but you can save money as well. Studies show that there is a cost-benefit ratio of 12:1 for substance abuse treatment, meaning that every $1 you spend on rehab will save you $12 in healthcare costs. This does not even include the benefits to your career and other cost savings.
If you are ready to give up this expensive day-to day-fight, The Recovery Village can help. Contact us now to discuss admissions to one of our comprehensive addiction treatment programs.