Tips for Affording IVF Costs
Fertility treatments can become costly. IVF treatment can cost on average $12,000 per cycle and most couples need at least three to four cycles to conceive. Many couples feel defeated knowing that the financial burden of conception could cost up to $36,000 or more before an IVF treatment is successful. So how can anyone afford to pay this much, or even more than this, to conceive a child?
Your Insurance Company
Couples wishing to conceive with IVF treatments should check their insurance policies closely and thoroughly. Most couples assume that since IVF treatments are considered an elective procedure, their insurance companies won’t cover the costs of these treatments. Most major insurance companies will cover partial costs of these treatments although this is not clearly stated in the policy itself. Most endocrinologists will not accept insurance for these extensive forms of fertility treatment although couples can submit their bills to their insurance company if they are willing to pay for some of the costs and the couple can be reimbursed for those costs.
Some employers offer flexible-spending accounts that allow their employees to set aside a percentage of their pre-tax income for specific purposes outlined by the company that manages these accounts. Often times flexible-spending accounts will cover medical expenses that insurance companies won’t. The list of medical expenses is limited, however, but more often than not infertility treatments are included on the list of approved medical expenses that a flexible-spending account covers.
Other Options for Affording IVF
Some couples will choose to dip into their retirement plans. Many people do this for many different reasons: buying a car, down payment on a house, or even home renovations. So why not use it for fertility treatments to begin your pursuit of starting a family? Again there are certain restrictions depending on the plan a couple or an individual has and the company in which their retirement plans are being managed by. Some couples have gone so far as to take out loans to pay for these treatments. While this seems like an excellent option, be careful not to get sucked into high interest rates or payday loans that require you to pay them back over the course of one to two paychecks. Credit unions and large bank branches are typically the way to go.
Some clinics offer refund IVF programs. Couples will pay up front for treatments for three IVF cycles and the clinic promises to pay you a refund if treatments are unsuccessful within the number of cycles you paid for. It is important that a couple or individual finds out the clinic’s definition of “successful” as many have different ideas on what “successful” means with this type of costly treatment.