Top Five Methods for Financing IVF
How You Can Pay For Fertility Treatment
Consulting a fertility specialist may help you save time and money when you’re having fertility issues, because a reproductive endocrinologist is an expert and will focus on procedures most likely to help you get pregnant and have a healthy baby, like IVF. If you’re thinking about IVF treatment, you may be concerned about the cost and how to pay for IVF.
Here are some methods to investigate. You may end up using a combination of these in order to pay for fertility treatment and manage your cash flow and credit, if needed. But they are all worth considering in your quest to start a family or add to your family.
Your Health Insurance Coverage
The first place you should look for help in covering the cost is your health insurance. Fifteen states mandate some level of fertility coverage. Arkansas, California, Connecticut, Hawaii, Illinois, Louisiana, Maryland, Massachusetts, Montana, New Jersey, New York, Ohio, Rhode Island, Texas and West Virginia require some coverage, but they do not all require the same coverage.
Read your benefits booklet closely and dig out the details of your coverage. Even if your insurance does not cover IVF treatment or fertility drugs, it may cover some of the diagnostic testing your need. And that’s out-of-pocket money you won’t have to spend. Make sure your fertility clinic sends you to an in-network laboratory if that is required for coverage. That way you can avoid going out-of-network and not being covered or having to pay a higher co-pay than at in-network facilities.
Savings Accounts, Both Pre-Tax and Regular
Your employer may offer Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs.) These allow you to put pre-tax money in a savings account for healthcare expenses. If you have one of these, you may use the savings in it to pay for fertility treatment. Saving money in one of these accounts helps you lower your income tax bill.
Regular savings accounts at your bank or savings and loan association are another good source of money for your IVF treatment. Good for you if you’ve been socking some money away for a rainy day!
“Other People’s Money”
Your parents or other family members or even friends may be willing to come through with a gift or a loan to help you get the baby you want. They may be anxious to see you start a family and able to help you pay for treatment. It may be hard to ask, and try not to put your feelings on the line, but you may be surprised by the support your family and friends will give.
Credit cards, your home equity line of credit and secured or unsecured loans from your bank are all sources of payment for IVF, including medical loans. Read the fine print before you commit, and make sure you understand the interest rate. Think of your IVF cycles as the equivalent of a car loan. Would you pay that rate of interest for a Chevy? How about a BMW? What will the payment terms be?
Fertility Financing Plans
There are many types of fertility financing plans available through fertility centers, from discounted plans which require up-front payment for multiple cycles you may not need, to medical loans, and other types of discount plans which may or may not cover the cost of fertility drugs. These drugs can run from $3,000 to $10,000 per cycle, depending on what is prescribed. Read the fine print before you sign anything, and understand what you are committing to.