Everyone knows that babies are expensive. Between the nursery furniture, the clothes, the toys, childcare, and more, the costs of giving babies what they need are famously high.
Yet, what so few parents talk about are the costs of making a baby in the first place. Couples struggling with infertility incur all sorts of expenses, from copays to fertility doctors to a range of fertility drugs and treatments. One study found that the cost of a successful IVF treatment — one that leads to a delivery — can exceed $60,000. Few would-be parents have such significant sums sitting in their savings accounts.
Fortunately, it is possible to get started on your infertility treatment journey even if you do not have tens of thousands of dollars in cash on hand. Here are a few ways you might gain access to the funds you need to have the baby you so deserve.
Understand Fertility Treatment Costs
No two fertility journeys are the same. Some people might get pregnant after intrauterine insemination (IUI), while others might need IVF using donor eggs. Different treatments come with different costs, so it is a good idea to get a sense of what type of treatments you will likely need at the start of your journey. Then, you can begin budgeting effectively.
Though it might feel uncomfortable, you should ask your doctor directly about their prices for the treatments you are likely to need. Fertility treatment costs vary widely based on provider, location, and severity, so the figures you find online might not be accurate to your unique situation. If possible, you might shop around, exploring the costs of different fertility clinics in your area to find the most affordable provider. Many fertility clinics offer discounts and assistance to financially needy patients, and you can inquire about such programs as you explore your options.
Consider Your Insurance Coverage
The Affordable Care Act does not mandate coverage for infertility conditions, so not many insurance plans across the U.S. cover fertility treatments. Fortunately, New York does require some insurance plans to cover some common or medically necessary fertility treatments.
As you start your fertility journey, you should review your insurance documents to understand limits or exclusions related to fertility treatments. If you are struggling to understand your coverage, you might contact your insurance provider directly. Fertility clinics are also helpful resources for explaining insurance, and some might point you toward better insurance plans to support you on your journey.
Look Into Financing
While budgeting and saving are good policies for creating financial stability, they are not always the best options for patients struggling with infertility. It takes time to save your money, and you might not be willing or able to wait to have a baby. Instead, you might consider financing your fertility treatment to gain access to the funds you need right away.
Here are some of the more popular financing options for those dealing with infertility:
Personal Loans
Banks, credit unions, and various online lenders offer personal loans, which allow individuals to borrow money to cover personal expenses. Personal loans tend to have fixed interest rates and repayment terms between one and seven years; some loans come with additional fees.
Depending on your financial situation, your lender might require you to secure your personal loan. Secured loans are backed by collateral, which is something valuable the lender can keep if you cannot pay off your debt. If you have a lot of money in stocks, you might take advantage of your investments by pursuing stock loans. If you qualify for stock loans, your investments work as your collateral, which can help you keep your other assets, like your home, safe as you pursue fertility treatment.
Personal Line of Credit
A personal line of credit (PLOC) works like a credit card, allowing you to draw from a pre-approved limit. However, PLOCs tend to have lower interest rates than credit cards, which makes them more practical for major expenses like healthcare costs.
You might consider the pros and cons of a PLOC versus a personal loan. PLOCs are unsecured, so you will need much better credit to qualify for one. Yet, they also tend to have variable interest rates, meaning you might not know how much you will need to pay from month to month. If you need flexibility to pay for an unpredictable infertility journey, you might opt for a PLOC over a personal loan.
Fertility-Specific Financing
Some lenders — and some fertility clinics — can provide financing packages designed specifically for costs associated with fertility treatment. Such loans can offer enviable terms like lower interest rates and flexible repayment schedules. Unfortunately, these financing packages are not always available to all patients, so you must explore your eligibility.
Grants
States and non-profit organizations offer grant programs to support those experiencing infertility. Though individual grants might not be enough to cover all of your financial needs, they can put a serious dent in your fertility costs, especially if you are able to secure multiple grants as well as other financing options.
The less you spend on your fertility journey, the more you will have to spoil your baby once they arrive. By planning your fertility treatment, you can take control of your finances and become the parent you were always meant to be.
A penny for your thoughts?