If you’re looking to consult a fertility specialist, you’re already familiar with the frustration around trying to conceive. It is important to remember that you are not alone. About 10 percent of women struggle with infertility.
If your physician recommends In Vitro Fertilization (IVF), it may seem unattainable for you and your partner financially. The treatment process can be tough, scary, and stressful. Which is why financing IVF shouldn’t also be tough, scary, and stressful. However, with some research and budgeting, you can find ways to finance IVF or any fertility treatment you need.
Learn About Costs and Coverage
Your first fertility appointment will be gathering your medical history and getting preliminary testing done. Your second appointment will be reviewing the results and deciding on a course of treatment. Once you have a plan in hand, you’ll sit with a financial consultant who will go over the costs of different services. Each person’s needs are different, so costs can vary. One patient may need surgery before treatment can start, while another may opt for additional genetic testing to avoid passing down a serious inherited illness.
The cost of fertility treatments also vary depending on where you live. Some states are more expensive than others. But other states, like New York, have a fertility mandate in place to ease your financial burden. It is a good idea to figure out where your state stands when it comes to insurance coverage and IVF treatments. Since IVF is expensive, it’s recommended to review different health plans and choose your options wisely.
Figure Out Your Financial Resources
If you are still unsure about how to afford treatment, consider reevaluating your existing assets. Have you owned a home for a while? You may have the option to refinance your home mortgage for a lower expense each month. This option can also allow you to tap into the equity you’ve built in your home to cover a large sum of money as it quickly adds up. Plus if there’s extra, you can use the funds to pay for a nursery room. If you have additional money set aside in a 401K, you can borrow from that as well. Speak with a financial advisor to guide you in the right direction.
Another idea would be to cut back on unnecessary spending. This could be something as minor as making an adjustment on how many days out of the week you buy coffee or the number of times you go out to eat. If you like to shop, look for sales and discounts when purchasing items. These little changes can add up and help you save money for your treatments.
5 Options for Financing IVF
If you don’t have insurance or if it doesn’t cover everything, there are several financial solutions. These various options can help ease the financial stress and set you on the right path for your current life situation. It is key to do some research and figure out what works best for you.
- Fertility Financing: GENESIS Fertility can provide you with fertility financing through companies we work with directly. Although financing packages don’t automatically include medications, patients can request the prescription package to be added to their total. The lender would then cover both the pharmacy and the provider. With everything bundled for them, patients would then be placed on a payment plan.
- Utilize a Personal Line of Credit: A personal line of credit (PLOC) is another option when it comes to financing your IVF treatments. This gives you a flexible spending option giving you access to money as you need. You can either repay right away or over a certain period of time.
- IVF Grants: Many nonprofit organizations provide grants to women and couples undergoing infertility treatment. Do some research to see if you are eligible for certain programs. If you live in New York, you may be able to take advantage of the NY State grant.
- Discount Programs: Patients who are prescribed fertility drugs can also be offered discounts by several pharmaceutical companies.
- Crowdfunding: Share social campaigns with friends, family, and co-workers on social media. Crowdfunding can cover a significant amount of the expenses if you get the word out often and share your story with other communities. MedGift is a great place to start.
Fertility treatments can be a very expensive cost if you’re self-paying the entire treatment. Thankfully, most patients have insurance that covers all or part of treatment, so be sure you understand the benefits your health plan offers. In fact, GENESIS offers a list of specific questions you should ask your health insurance plan about. With many fertility treatment financing options available, you can decide which direction is worth pursuing.
Plan for Life After Birth
Even before the baby arrives, it is a smart idea to plan for life after you give birth to your child. From purchasing nursery room furniture, toys, baby food and formula, diapers, and so on, the costs of having a baby can add up quickly and will continue to grow throughout their life.
Consider tracking your spending either through a budgeting app or excel spreadsheet to keep your expenses organized. Set a maximum spending limit and develop an ongoing financial plan to help you and your partner stay on track.
Make sure you are realistic about what you can afford and how long it will take to pay back the funds. By setting money goals and limits you’ll be able to set your family up for success. No matter where your journey takes you, it will be worth it!