Fertility Financing

What is a Fertility Loan?

In most cases, medical insurance will not cover the cost of fertility treatments. When this happens, we may need to turn to specific fertility financing to cover the expenses. A fertility loan is specifically intended to fund fertility-related treatments. A fertility loan may be required for a variety of fertility issues and interventions, and should not be thought of as merely for IVF financing. It may be needed to cover the cost of investigative surgery, pharmaceutical drug therapy, or egg donation, as well as IVF cycles.

Fertility Loan Process

There are many options out there to consider when looking for a fertility loan. Before we start to look, however, we need to understand how much we are hoping to borrow. We all know that IVF treatment is not cheap. We should discuss all procedures and costs in detail with our medical service provider before we start applying for financing. Often the loan process can be fast, so we must also ensure we are ready to move forward when our loan is approved.

What You Need to Know about Fertility Loans

Fertility loans are a simple way to cover the cost of in vitro fertilization (IVF) and other associated treatment. They are explicitly offered for this purpose, and this will be written into the loan agreement. Many lenders will offer up to $100,000 depending on credit scores and the ability to make the monthly repayments.

Should You Get an IVF Loan?

Taking on a loan for IVF treatment can seem daunting, especially when we consider the ongoing costs of pregnancy and childbirth. We should only get IVF financing if we feel we can take on the loan repayments, without adding too much additional pressure. It is worth noting, however, that in the US, the IRS recognizes many fertility associated procedures. As such, IVF cycles may be written off against annual taxes. If in doubt, it is worth discussing this with a Certified Public Accountant (CPA).

Where to Get IVF Treatment Loans

Several options are available to us when looking for an IVF payment plan. It is worth looking around to find the best lender with the most appropriate deal to suit our circumstances.

At Your Medical Provider’s Office

This is often the most convenient option. Our medical provider already has the information needed for the loan. They know what treatment is required and how much it will cost. We need to understand, however, that they may have a conflict of interest and may not offer the most competitive financing deal.

Online Fertility and Personal Loans

Many online loan companies offer specific financing for fertility procedures. Their online applications are easy to use, and most offer a quick approval turnaround. It is worth researching several different sites as their fees and interest rates vary.

Your Bank or Credit Union

It is always worth applying for a personal loan from your local bank as you have a credit history with them. Smaller lenders and credit unions can often offer more affordable loans and may be more willing to lend to those with a bad credit score. As with other lenders, it pays to shop around for the best deal.

HSA / FSAs

We may already have a Health or Flexible Savings Account set up, and this can be a great way to pay cash for fertility treatments. Before withdrawing savings, it is a good idea to evaluate the possible impact on retirement and future health needs. It may be less problematic to use a different finance plan at this stage in life and retain our savings for later.

Credit Cards

Typically, credit cards carry one of the highest interest rates. It is a good idea, therefore, to only use them for small expenses linked to fertility treatments. Before using a credit card for a higher cost, make sure it can be paid off quickly and, if not, then consider a fertility loan instead.

Alternatives to IVF Loans

In some circumstances, borrowing any money at all may not be the best thing for our families. If this is the case, then we might consider alternative sources of financing. Finding repayment free funding is never easy, but often the search can be worth it.

Grants and Scholarships

Although the applications can sometimes be long and tedious, some non-profit funds are willing to give money for fertility treatments. A little internet searching can find several results. Some grants are limited to people living in a specific area or other criteria, so it’s worth making sure you qualify before spending time on the application. Practically free money sounds great, but there are drawbacks to this route. There is often an application fee that needs to be paid, and many grant providers will expect the recipient to appear in promotional material. These grants rarely cover all expenses, but can certainly help if you have some other financing available.

Crowdsourcing

Whether we want to ask others for money and how public we want to make the request is a personal decision. If this is something we are comfortable with, then setting up a crowdsourcing account can be a great way to finance fertility treatments. With a little publicity, this can allow family, friends, family, and even strangers to contribute towards the costs.

Infertility & IVF Financing with Bad Credit

Facing the costs of infertility treatments can be difficult. But this is even harder for those of us without a good credit score. It is not, however, impossible to find a fertility loan for IVF financing.

When searching for a loan, we should take our time and find the best lender possible. Several online loan companies specialize in such loans. These lenders tend to offer financing at a higher rate of interest, so it is worth looking around for the best deal before accepting any offer. 

It is also worth considering peer-to-peer lending. These lenders are usually individuals who are willing to offer loans. They set their interest rates, which are generally lower than the mainstream finance companies. While our credit history will be taken into consideration, a peer-to-peer lender can use their discretion rather than a three-digit score to make a decision. 

Some lenders specialize in helping those in need of fertility procedures and offer a more favorable interest rate on a loan for that purpose. As always, it will take a little time and research to find the right lender, but the effort may well pay off in the longer term.

My Conclusion

When faced with the need to undergo IVF cycles or other fertility treatment, the associated costs can be overwhelming at first. It is important to take time and consider all the options before taking on a financial burden that will be with us long after the procedures are over. If we are undergoing IVF cycles, it is worth remembering that it could take more than one cycle to be successful. At an average cost of $12,500 per cycle that can quickly add up to a large fertility loan repayment. Research is our friend here. We must take the time to look around for the best fertility financing option or loan available. Entering a fertility treatment plan can be stressful enough. By making the right financial decision, we can concentrate on becoming pregnant and enjoying our future family as soon as possible.