The prime directive of humankind, and indeed, any species, is to procreate. And for many people this is more than just a biological imperative designed to ensure the survival of mankind; there are also mental, emotional, and social ramifications tied up in the act of having children and raising a family. For those that cannot do so for one reason or another, there may also be a certain amount of stigma, not to mention a very real sense of loss for a future that might never materialize. Luckily, though, we live in an era of unparalleled advancement in the fields of science, technology, and medicine. So whereas couples may have had to suffer the misfortunes of infertility in generations past with no real recourse or hope, men and women can now undergo a variety of treatments meant to cure their fertility woes and get them in the family way. But for many, the steep cost of such therapies can be a major detractor to the whole process.
So here are just a few ways you might try to finance your infertility treatments:
Anyone who wants to be a parent is no doubt willing to go to extreme lengths to make it happen, and you may have to if fertility roadblocks spring up. There are a few different options to consider, including medical procedures like hormone therapies and the use of donor eggs, sperm, or embryos. And there are also programs that could assist a couple that absolutely cannot have their own kids, such as surrogacy or adoption. But none are cheap and many are not covered by insurance, meaning that the couple choosing to follow such pathways to parenthood will likely have to pay out-of-pocket, and the ultimate price tag could number in the thousands or even tens of thousands, all told. In addition, it could take years for these options to be effective in delivering a baby.
So, you could find yourself seeking out ways to finance these costly procedures, and your regular income simply may not cut it. But if having a family is your highest goal in life, you’ll find a way to make it happen regardless of the money required. You should probably start by finding yourself a forward-thinking insurance provider (and policy) that provides coverage for infertility treatments. In case you didn’t know, a handful of states also have laws that require insurance carriers to offer coverage for diagnosis and/or medical treatments related to infertility, so you might want to look into it. This could certainly reduce your burden of cost for medical procedures. That said, most people will wind up footing the bill themselves.
As for financing options, there are several available. You should start by creating a financial plan that helps you to save for treatments. But you can also get going a little more quickly by seeking out institutions that offer fertility financing – in essence, a loan to help you get the treatments you need to get pregnant. Many fertility clinics also offer financing options for would-be parents on a budget. And there are also fertility grant and scholarship programs out there that can help to offer needy couples the fertile future they seek. But they can be hard for the average person to find. So check out Resolve.org, the National Infertility Association website, to find a listing of resources that can help you to solve your fertility woes and get the financing options you need to put the stork on speed dial.
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Paying for your IVF treatments requires some creative thinking. Here are some options: Double check the insurance plans with both employers – yours and your husband’s. The plan you are not on just might cover IVF. Is there is coverage, switch plans. Most don’t but you never know. Find a new job with an employer that offers IVF coverage. Some states mandate this coverage. If the employer is headquartered in a state with mandated coverage you win. Understand the tax laws. IVF expenses are tax deductible along with travel costs for treatments and many other expenses. Use your flexible spending account at both employers to get the biggest tax savings. Look into rebate programs. If you qualify a portion of your costs will be reimbursed if you don’t conceive. If you do qualify consider supplemental insurance. It pays out when you deliver. Use the benefit to offset treatment costs.
When health insurance stops covering treatment, limits the number of IVF attempts, or restricts a couple to a specific dollar amount, most stop treatment because they can’t afford the out of pocket expenses. But often IVF isn’t successful the first time. “With appropriate treatment, approximately 75 to 80 percent of couples would conceive if they were able to pursue multiple treatments, as the success rate is cumulative,.” says Dr. Michael Levy , Founder and IVF Director at Shady Grove Fertility Centers in Rockville, Maryland.