One of the first hurdles after determining that IVF is your best option at becoming pregnant is figuring out how to pay for IVF. IVF is very expensive (anywhere from $8-15K without meds.) but there are various ways you can come up with the cash you need in order to pay for an IVF cycle(s).
Does Your Insurance Cover IVF & Infertility?
Before you look into paying for IVF, you should check your insurance policy to see if it covers IVF and infertility. If so, see what your plan includes and talk with the finance person at the IVF clinic you choose. Some employer plans pay for the entire IVF process, some pay for a little and some pay none. It can’t hurt to check before you begin the entire IVF process.
Just Swipe Your Debit Card
If you have no insurance, another option would be paying for IVF with your checking account. This might be the most far fetched because not many of us have $10-$20 thousand dollars sitting in our checking account. But if you do, this might be your best option. You will pay it up front and then you can put the cost behind you and worry about the important thing at hand…becoming pregnant and having a baby.
Borrow From Family or Friends
Family and friends can be a great source of money. Set up arrangements for borrowing from them and a payment plan that is in writing. Borrowing from family and friends usually has a much lower interest rate, or no interest rate, meaning you will spend less overall.
Get a Gift From A Family Member
Family members or friends can also “gift” you money. This would be money given to you from friends or family and is not expected to be paid back hence the term “gift”.
Do you have a credit card with a high enough limit to pay for IVF? If so, this might be one of your options of financing IVF. Make sure your interest rate is not out of hand or you will be paying MUCH more than you should for the IVF treatment.
Use your hard earned savings. If you’ve been good at tucking away money for the past few years, this might be a great way to pay for your IVF and fertility treatment. Once again, you can pay up front and forget about the money part of infertility.
Some 401K loans allow you to borrow for medical reasons. Check with your 401K provider for more information. Borrowing from your 401K is not the best option but can help if your options are limited.
Shared Risk Programs
Shared risk plans can be a great way to finance IVF while giving you multiple attempts. For example, my wife and I did a shared risk program and it allowed 3 fresh IVF cycles and 3 frozen embryo transfers for one price. If you do not bring a baby home from the hospital, you are guaranteed a large portion of your money back. Not everyone will be approved for a shared risk program. There are age restrictions as well as fertility tests that the woman might have to go through before being approved. The cost of a shared risk program can be up to $30,000 or more but it does offer multiple tries. Our shared risk program did not include the IVF drugs which can cost upwards of $4,000 to $5,000 for a fresh IVF cycle. Ask your IVF clinic if the participate in a shared risk program.
IntegraMed Specialty Healthcare Services has a popular shared risk program you can look into.
Get Second Jobs
This obviously is not the ideal situation since you will already have added stress from infertility but getting a second job might be a good option to save up that extra money for the IVF treatments. If you have a skill, you can also use that to consult and do some side projects for extra money.
Home Equity Loan
You can use some of your home equity if you have some built up. Obviously the housing situation is not at it’s best right now so this might be a tough option but it is none the less, an option.
Some IVF clinics have trials of IVF treatments. Look around to see if an IVF clinic near you is having a trial. You must still do your due diligence and research the IVF facility to make sure they have a good reputation but an IVF trial can often be free or very inexpensive if you are chosen.
Tax Return Check
See, an you never thought the IRS would help you out. You can use your tax return to pay for IVF or a portion of IVF. You can even plan accordingly have have extra money taken out of your paycheck so you know you will have a larger tax return come next March.
Decrease Your Standard of living
Lower your standard of living can help save the money you need over time. Make coffee at home. Pack your lunch. Don’t eat out so much. Skip vacation this year. Don’t buy the new car. All of these things add up over time and can help you put a nice chunk of money away to pay for your IVF treatment(s).
I’m sure there are more options to pay for IVF and fertility treatments but this list will get you started. Make sure you check with your insurance administrator to see if you have benefits that cover IVF and fertility treatments first. This will be your best option for paying for IVF if it’s available to you. Always speak with the finance specialist at the IVF clinic to weigh out all of your possibilities.