When successful, fertility treatment like IVF is nothing short of miraculous for couples who can’t conceive on their own. However, the financial cost of such treatment is high and may be overwhelming to a lot of those couples. “Sticker shock” is a common reaction and often adds to the despair and anxiety already felt by those seeking treatment for infertility.
But fear not! There are ways to afford your IVF and realize your goal for growing your family without becoming destitute. When you follow these 5 financial planning tips for IVF, you’ll find it’s not so far out of your grasp. In fact, with some detailed planning IVF is affordable.
How Much is IVF, Really?
IVF is not inexpensive, as most people know. According to research by Forbes Magazine IVF cycles in the US start at $12,000 to $14,000, and most people go through more than one cycle. That price tag usually includes the basics such as monitoring your appointments, your basic bloodwork, egg retrieval and after care.
Clinics don’t always include the cost of injectable hormones necessary to facilitate the cycle. Considered pharmaceuticals, you’ll pay the pharmacy directly for the cost of these medications. Depending on your diagnosis you may require specialized treatment such as intracytoplasmic sperm injection (injecting sperm directly into the egg), preimplantation genetic testing (PGT) and dry-storage fees for any frozen embryos. These options drive up your overall costs for IVF as do third-party egg or sperm donors or a gestational carrier.
5 Tips to Help You Plan Financially for IVF
As you see IVF costs vary according to treatment and unless you have unlimited wealth, such costs require financial planning. Before you end up depleting all of your savings and still going into extreme debt let us offer some advice. Here are our 5 financial planning tips for IVF.
- Determine How Much Your IVF Cycle Costs
Talk to your physician and get an idea of how many cycles of IVF your unique treatment may require. Ask about any additional factors you should expect. Then speak with someone in the financial department of your clinic and obtain an estimate for overall expenses.
Now, working backwards from that estimate come up with a realistic monthly cost between now and the time you begin your cycle. Using that figure create an achievable budget to cover your costs. Keep in mind there are ways to offset the cost. In some states your insurance may cover some portion.
- Find Out How Much Your Insurer Covers
Contact your insurer directly to go over your plan and determine what, if any, costs they cover. In some states it’s required by law that your insurer covers at least a portion of the testing, bloodwork, doctor appointments and some other treatment components. Check here to find out more about what your state mandates insurers to cover and speak with your HR department to ask about expanding coverage to include fertility treatment.
- Review Your Finances
Take a look at your personal finances; check your savings, investments, and review how much income you can expect in your immediate future. Think about selling any property you may own that’s worth a good chunk of money. Do you have family members from whom you could ask for gifts or loans? Many couples and individuals don’t have a clear picture of their finances. That picture might surprise you.
- Save, Save, Save
Open an automated savings account for your baby fund. Earmark as much as you can to go directly into that account while making some additional adjustments to your budget. Review things like monthly subscriptions and frivolous spending. Reduce impulse purchases like online shopping beyond the basic necessary items. Put any extra income into your baby fund. Stop and consider just what it is you’re saving for, and budgeting will be much easier.
- Look For Additional Help
There are some benefits and even grants available through infertility non-profits. Here is more information on these scholarships and grants including qualifications and the application process.
Some pharmaceutical companies also offer discounts for prospective IVF candidates. Be sure to check with your pharmacy or clinic for more information.
Finally, you may qualify for a loan. There are special loans for IVF patients as well as standard loans. Speak with your bank or financial services expert. If you have a time, you may be eligible for a home equity loan. Be aware a loan will impact your monthly budget so try to exhaust all other options first. You may find you need to borrow far less than you originally anticipated.
Find Out More
If you’re concerned about your fertility or want to investigate treatment options such as IVF, contact LA IVF today. Don’t wait! Start realizing your goal of growing your family today with LA IVF.
