Many couples that are in infertility treatments are paying for them out of pocket, particularly when they are having in vitro fertilization (IVF). Most insurance carriers do not reimburse for IVF costs. Because of this, many couples are faced with the task of financing infertility.
Emotionally, many couples would argue that no price tag is too high for the family they want. When you are speaking from your heart, this is true. But the facts are, couples from all walks of life face infertility for one reason or another, and not all of them have the resources at hand to pay for treatment out of pocket.
Financing infertility is a good way to make your dreams of family more attainable then your current resources might allow. In order to have a good strategy, it is important that you and your partner take a few important steps before you proceed.
- Have a financial meeting with your partner. Get a good idea of your long- and short-term goals for your finances before taking on additional debt. From retirement to emergency funds to adequate insurance coverage, communicate freely about what you want from your finances for the future.
- Organize your personal finances by assets and debts. Having a clear picture of where you are right now in terms of assets and personal debts (like credit card debt) will help you decide the best way to finance the amount you need for your treatments.
- Weigh the options available for funding. Whether it’s borrowing against your home using a home-equity loan or taking a loan against retirement accounts, figure out what you can put toward your treatment upfront so you know how much you have left to finance.
- Discuss if you or your partner have a spending limit. This is an important step for a couple about to finance treatments. If either you or your partner has a spending limit, you must speak up before treatment starts. This way, there will be less of a chance for miscommunication later when you reach the limit and one person wants to keep going.
Many fertility clinics offer resources with financial counselors who can help them through this process. In addition, many times the clinic has the knowledge and expertise to help patients find coverage from their insurance that they may not have known about before their diagnosis. Check with your clinic to see what’s available to you.
Once you know what you have to invest and what you still need to finance, it’s time to look for a lender to help them finance you treatments. CapexMD is a reliable resource that has been helping couples to make their treatments more affordable. You can learn more about their programs on our website or by clicking here.
Couples that are starting infertility treatments are often faced with the task of financing their IVF costs, but financing fertility doesn’t need to be overwhelming. By taking the necessary steps to communicate with your partner and considering all of the possible resources, you’ll be able to proceed with confidence, knowing that you have the funding available to go after the family you always wanted.
Sources:
Howard, Gary A. “Creating a Financial Plan.” www. resolve.org. Web. 6 March 2014. <http://www.resolve.org/family-building-options/insurance_coverage/creating-a-financial-plan.html>
“Why Capex MD?” www.capexmd.com. Web. 6 March 2014. <http://www.capexmd.com >