Table of Contents

    Infertility Treatment: Financing Options

    Infertility Treatment Financing Options

    Unfortunately, the cost of the treatment is typically not covered by insurance. If you’ve been advised to seek fertilization treatment, it’s time you start considering some available solutions for fertility financing.

    One of the easiest methods to finance IVF is taking out a medical loan. There are certain financial companies whose loan services are specifically designed to cater for infertility treatments.

    • When securing a medical loan, you must keep in mind certain parameters and compare these between loan services offered by different companies
    • These parameters include the annual percentage rate (APR), miscellaneous fees, and repayment policies
    • Many loan servicing companies specialize in offering convenient repayment options, low-interest rates, and reduced prepayment fees
    • Most of these loans can be approved online. This makes the process quick and convenient
    • Approval depends on your past credit score but many companies also tailor the loans to the borrower’s credit history

    Medical Credit Cards

    A medical credit card is another alternative to financing an IVF treatment.

    • A 0% APR credit card allows borrowers complete repayment without accumulating any interest as long as the payment is made within the promotional period that usually lasts one to two years
    • With a 0% APR purchase, you can cover a substantial amount of induced costs with easy repayment of the balance interest-fee
    • Make all repayments within the specified intro period or else a regular purchase APR will be imposed on the remaining balance
    • When opting for a medical credit card, it’s best to look around and compare the interest rates, duration of the 0% APR tenure, and other parameters 

    HELOCs

    This refers to the home equity line of credit, or simply put, home equity loans that you can secure for financing fertility.

    The equity that you build on your home can help you secure a loan that acts as a second mortgage. The solution comes with its own set of pros and cons that you must weigh carefully.

    Pros

    • Since the collateral against which these loans are secured comprise of your home’s value, they typically come with lower interest rates
    • The loan comprises of a lump sum with a fixed or variable interest offered for a specified period called a term
    • Once you’re approved a home equity line of credit, you can draw money from the sum at a later date instead of applying for another loan

    Cons

    • With the collateral being your home, don’t get carried away because of the low interests charged. Make sure you borrow these loans only when the end is in sight
    • With the available funds at hand, it’s easy to expend them on other necessities. You must stay on track when spending your home equity loans

    HSAs And FSAs

    HSAs (health savings account) and FSAs (flexible spending account) are ways to help you scoop out a non-taxable amount for your fertility treatment.

    • As a financing solution, HSAs and FSAs can cover different kinds of medical expenses associated with IVF treatments
    • On the downside, members of a family can only make limited annual contributions to these accounts
    • In 2020, a high deductible HAS plan allows a single family member to contribute up to $3,500-$7,000 as family coverage
    • FSA offered a limit of around $2,500 last year
    • Although these limitations allow individual contributions to family coverage, you may have noticed that the limitations are far lower than the cost involved in a single IVF treatment
    • Just like medical credit cards, these can be used to cover part of the expense while the remaining amount may be sustained through some alternative financing means

    Why Is IVF So Expensive?

    Couples that postpone starting a family to later stages risk dire financial consequences. For many, the delay results in ‘unexplained infertility’ which leaves in vitro fertilization as a final resort. In vitro fertilization involves a set of complex procedures to aid fertility and reduce risks of genetic malfunction.

    Unfortunately, IVF is also an extremely costly procedure. The treatment costs up to $50,000 on average and few insurance providers are ready to cover it.

    There’s been a steady rise in late marriage conceptions that lead to complications due to reduced female fertility as they cross the 30-year mark.

    The increasing rates of birth complications amongst late conceptions have popularized IVF as an alternative solution. However, only a few states have mandated IVF insurance. As of yet, the enormous cost associated with the treatment makes it prohibitive for most couples.

    According to a report from the digital database FertilityIQ on fertility benefits, 80% of couples undergoing IVF last year had either all or none of the costs covered. This has generated the need to look for alternative fertility financing solutions.

    Conclusion

    For most people, the extreme cost of IVF treatment is the sole prohibitive factor in starting a family. With various available financing solutions, you must not let a formidable price tag ruin your chances of unprecedented happiness. However, get thoroughly acquainted with the pros and cons associated with each financing option. Take both your partner and a financial expert on board before you opt-in for securing a hefty financial aid.