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    IVF Financing Guide

    Fertility treatment is an essential medical service that gives many would-be parents a chance to experience the joy of raising children. Unfortunately, this therapy is often not covered by standard health insurance policies - and that’s what makes IVF financing so important. 

    Read on to take a walk through the typical costs involved in fertility treatment and explore a few medical financing options you can consider to cover treatment expenses. 

    The Costs

    If you’ve been exploring your fertility treatment options you probably know that this type of therapy isn’t cheap. Costs can vary greatly between different providers and the length of therapy that you’ll require can’t always be predicted at the outset. 

    • One cycle of IVF treatment can cost $12,000 or more. You may require multiple cycles if you don’t become pregnant successfully after the first or second cycle. This can cause costs to multiply - and you don’t want to cancel your treatment just because of financial concerns. 
    • In addition to the treatment costs, you’ll also need regular lab tests throughout the process and your doctor will also prescribe specific medications that you’ll need to take. This can add hundreds or even thousands of dollars to your total expenses. 
    • If your treatment works effectively and you manage to conceive, you’ll need to budget for the added costs of pregnancy and childbirth. Even if you have health insurance, this can add an average of $4500 to the final cost of fertility therapy. 

    The total cost of treating infertility can easily exceed $20,000 or even double that amount. Since these expenses aren’t covered by most health insurers, you’ll need to explore your financing options before you start the journey to parenthood. Let’s take a deeper look at some of your options. 

    First Choice - A Medical Loan

    IVF loans are one of the best ways to pay for your fertility treatment. Lenders that specialize in this type of financing product are often willing to provide loan amounts in excess of $30,000 to qualifying borrowers. 

    • Fertility loans are a type of medical loan. They’re unsecured which means that you won’t need to provide any collateral. 
    • The amount you’re able to borrow as well as the interest rate and other fees will depend on your income and credit score. In general, a higher credit score will help you secure the best possible APR on your loan. 
    • One of the important things to know about a medical loan is that you can only use it to pay for healthcare-related expenses. 

    Other Options

    If you’re having trouble applying for a fertility loan due to your credit score or other reasons, you may want to explore some alternative options to pay for your treatment. The following financing types are ideal for prospective patients. 

    Credit Card

    This is a good option if your IVF cost isn’t too high or you need to cover your health insurance copayments. 

    • You’ll want to first try and apply for a dedicated medical card that is designed to be used for healthcare related costs.
    • Many of these products come with an interest-free introductory period of between 6 and 24 months. You can use this time to pay down your debt without incurring interest charges.
    • If you choose to keep a balance on your card by only paying the minimum installment each month, you’ll need to check the APR and interest rate on your card carefully. After the interest-free period ends, you may end up with substantial monthly debt repayments. 

    Home Equity Loan And HELOCs

    If you own a home and have equity in your mortgage - meaning that the market value of your home is worth more than your outstanding mortgage amount - you may want to apply for one of these two loan types.

    • A home equity loan is a lump sum that you borrow against the value of your home and repay in fixed installments. It gives you the certainty of knowing that your debt will be paid down for good.
    • A home equity line of credit (HELOC) lets you use your credit limit as you need the funds - and this may be suitable for fertility therapy given that the final costs will likely be unclear at the beginning of your treatment cycle.  
    • These options may help you secure a lower APR than you’d usually be charged for unsecured loans. The reason is that the loan is secured by the value of your home - but if you don’t make your payments on time you run the risk of foreclosure. 

    Bottom Line

    It’s true that your IVF treatment cost can be a serious financial commitment - especially since many health insurers don’t cover these costs. Still, if you do your research and plan your fertility treatment expenses well, you should be in a better position to pay for them.

    Medical loans are by far the best lending product to consider when it comes to financing your IVF therapy. You’ll need a good credit score to qualify and secure a good APR -  but there are also options like credit cards and home equity loans for borrowers with weaker credit scores.