How to finance fertility
The road to parenthood is thrilling, exciting and complex, especially if you’re struggling with infertility. Ensuring that you have the right support emotionally is critical, as fertility journeys can be bumpy and long. Once you have your support system in place, another way to make the process a little less daunting is to be financially prepared. While it’s no secret that fertility treatments are expensive, there are various options out there to help you achieve your family-building goals and we’re here to help walk you through them all.
It’s important to recognize there is no “one-size-fits-all” when it comes to fertility, which means treatments and costs will vary greatly from person to person. What you can expect to pay will depend on your situation and what works best for you and your partner. After all, every fertility journey is unique, including the costs involved. At this point, we’d suggest you try our financial planning tool which helps you calculate the exact costs specific to your family-building needs, but we’ll get to that later!
Health Insurance
When thinking about how to pay for fertility treatments, health insurance is a no-brainer. Make sure to look into your plan to see if it includes infertility treatment and what you can expect to get covered. Additionally, take a look to see if you can tap into your FSA or HSA as they can often be used in conjunction with qualified insurance plans to help save money on eligible healthcare expenses.
There are nineteen states with infertility insurance laws; ten of them mandate that employers provide coverage for in-vitro fertilization (IVF) treatments. If you reside in one of the following states you may be entitled to employer-provided insurance coverage: Arkansas, Connecticut, Delaware, Hawaii, Illinois, Maryland, Massachusetts, New Jersey and Rhode Island. Eligibility and the scope of coverage will depend on several factors such as the size of your company or what kind of treatment you require, so make sure to clarify with your employer and insurance provider on what you can expect to pay for. If you’re not eligible, you may want to take out an additional insurance plan or find an alternative provider to fit your fertility needs.
While health insurance can help cover some of the expenses, it’s usually limited to certain treatments like IVF. What’s more, plans typically have a $25,000 lifetime maximum, which only covers one or two IVF cycles. So if you end up needing two or three cycles to have a child, or if you want to have more than one child through IVF, expect to pay for additional treatment.
If your employer does not cover infertility treatment, it’s worth enquiring for further support. Like the saying goes,you miss 100% of the shots you don’t take. Get the conversation going in your workplace and talk to your employer about offering insurance coverage. Make your case, use statistics as leverage and shoot your shot! In more extreme cases, you may want to consider finding a new job that does offer fertility coverage and better parental benefits.
Fertility Loans
Loans for IVF and other fertility treatments are relatively common. These can be provided via fertility financing companies or come from a traditional personal loan. They normally come in the form of a lump sum, and can be used for a single IVF or intrauterine insemination (IUI) cycle. With this option, you’re able to shop around for the most favorable interest rates and choose a payment plan that best suits you.
Loans also come with some disadvantages. If you require additional or more complex treatments, then additional loans may be required, leaving you with multiple loans. And like any other loan, it can hurt your credit in the long-term if not paid on the agreed-upon payment schedule.
Fertility Grants
Grants for fertility treatments is another way to fund family building. They are provided by fertility clinics or nonprofit organizations. Grants can be applied to a specific treatment or clinic in the form of a free or discounted treatment. They can cover a significant, if not entire, portion of your treatment costs. There are grants on a national, regional and local level, so it’s worth doing your research to see which one best suits you.
The biggest downside to this option is how limited the number of grants are available. To receive a grant you must put forward an application and meet a specific criteria. There may be age, marital, residence, or diagnosis restrictions. Some grants are only for very specific fertility problems. This process can also involve a lot of paperwork and often requires an application fee.
Clinic options
Many fertility clinics offer payment programs to help make treatments more affordable. Some offer discounts if you’re eligible, so make sure to speak to clinics about what options might be available to you. Treatment prices range widely from clinic to clinic, and while it’s tempting to go for the the most affordable option or the best sounding deal, it’s wise to check the success rates of each clinic and do your due diligence.
Some clinics offer refund programs, where you pay a set fee, usually between $20,000 and $30,000. If the treatment fails or you do not get pregnant after a certain number of IVF cycles, the clinic will refund part or even the full sum you pay for. Not all couples qualify, and the terms vary from clinic to clinic.
Final words
With any financial decision it’s best to take your time and do your research. Be realistic when deciding if fertility treatment is something you can afford and consider all your payment options. When it comes to building a family, it’s tempting to just jump in and "figure out" how you'll pay later, but this can lead to serious financial trouble. Make a plan of how you'll save, cut back, or repay any funds you borrow.
To help you figure out your family building expenses, we’ve built a financial planning tool to help you on your way. We help source childcare and fertility costs, account for leave from work and provide a comprehensive report you can use to plan your next steps. You can try the beta version and sign up for free here.
