My 13 year old has the same exact diagnosis... she has been to the psych hospital twice. First time very similar to yours, second because the meds stopped working. If your stop working, be sure to let your psychiatrist know immediately... things can progress.
Also, know that it's most likely not a life sentence... being as young as you are, there are very good chances that it's just a road bump in life. Your parents might want to read this book... it was very informative for us: http://www.amazon.com/gp/product/0195182103