Do talk to the doc., there are other meds that might help.
Any chance of night school? An evening shift job? (I know that helped me when I was young and in a place of panic & insomnia...--but later could sleep in the day)
Moving out? It is scary, but if you can begin to depend more on yourself, less on your parents, it will be very difficult but worth it...
I tend to agree re: the hospitalization, at least from what you have said.