Blog post written by Circle+Bloom.
For women, pregnancy is often deemed a beautiful and natural part of life, but the journey to motherhood is not always smooth sailing. According to Fertility Answers, one in eight couples, amounting to 6.7 million people, are affected by infertility. In turn, couples that undertake IVF will typically spend an average of $15,000 to $30,000 during the course of their treatments. If you find yourself seeking alternate routes to parenthood, ensure that, on top of the mental and physical toll, you’re prepared to deal with the staggering cost of infertility.
Read on for our best tips on how to navigate the finances of IVF.
Review Your Current Financial Situation
It’s always good practice to regularly review your budget and finances, but it’s even more important when you’re saving for a lofty expense like IVF treatments. In your case, the typical baby funds you’re putting in your savings account will have to begin far earlier and will be much more extensive.
Beginning with a general idea about the costs of each round of IVF, medications, and appointments will give you a great starting point to budget. Opening up a separate savings account for your treatments while deciding on an amount of your income to be directly deposited each month, may be the best way to stay accountable. You can also begin to identify where to cut costs, work towards promotions at your current company or take up another job for extra income. Having a child is often a lifelong dream for many people, so sticking to the daily commitment of saving for this goal will pay off in the long run.
Do Your Research
Before jumping into the IVF process, make sure you research even the smallest of costs that may come up. There are many more costs than simply each round of treatment. Some clinics are more affordable than others, so getting an idea of rates from different locations may be a worthwhile undertaking, even if it means you’re driving a little bit farther for appointments. Talk to your fertility clinic to get a better understanding of the cost of initial testing, consultations, each individual round of treatment, and medications. You may also want to take this time to ask any and all questions and discuss outcomes or success rates at each stage.
You’ll soon find that many states require insurance companies to offer coverage for in vitro fertilization once you’ve been medically diagnosed with infertility. Doing a little digging to see if your employer has included infertility treatment coverage within their health insurance plan will at least chip away at some expenses. Making calls to your insurance company and asking specific questions about coverage will give you and your spouse a better understanding of what you’ll be paying out of pocket. There may be someone within your fertility clinic’s financial department who can meet with you to go over the ins and outs of your insurance policy in a more comprehensive way.
Find Grants and Financial Assistance
In addition to coverage from health insurance, there are many other IVF grants and financial assistance programs to provide some monetary relief during this costly process. There are several organizations that provide support for a number of fertility issues in addition to IVF treatment, such as egg freezing and embryo donation.
These organizations are leading the way for reproductive health and do their best to help couples achieve their dreams of parenthood despite the hardship of infertility. Each program has its own set of requirements during the application process, usually having to provide proof of residency, income, health insurance, etc. Keep in mind, that some of the grants are location-based or geared towards specific communities.
Formulate a Rough Budget
If you’re going on this journey with a spouse, it’s crucial to have conversations ahead of time about how much money you’re willing to put towards these expenses. Figuring out your limits regarding how many rounds of treatment you’ll want to attempt is a good boundary to establish. Aside from the financial strain, the process is physically and emotionally draining as well. You’ll want to discuss how this process is going to affect your career and personal life, and how you’ll bring it up to your family members.
There isn’t a specific timeline or a guarantee that the process will work at all. It may depend on your age and the health of your eggs. Sometimes, professionals will recommend trying up to six cycles for an optimal chance of conception. One IVF round can cost anywhere between $10,000 to $15,000, so it’s best to allocate a certain amount of money toward treatments and budget for every expense possible. It’s also important to account for each outcome in your budget. Keep in mind other options, like adoption, if your treatment isn’t a success in the end. On the flip side, if you do end up getting pregnant, you’ll want to be able to account for the cost of a child and future expenses.
Plan Ahead for a Future With Children
Looking on the bright side, if your treatments end up leading to pregnancy then you can begin planning to raise a child. This will be yet another exciting challenge that comes with its ups and downs. You may want to start looking for a home with more space, which means you should begin to save for a down payment and calculate how much house you can afford. This major life event may also warrant putting some funds aside for emergencies, making home improvements, or starting college savings accounts. Updating accounts and making a few small, yet strategic, money plans before your baby is born will alleviate some stress before bringing your child home for the first time.
Final Thoughts
Once your finances are in order and you’re in a comfortable place to start treatments, make sure to stay optimistic and continue finding things to look forward to. Having a child is one of the most joyous occasions experienced in life, and is worth all of the time and commitment you may have to endure. If you’re having trouble conceiving and don’t know what to do next, start with some of your own research and speak to a fertility professional about your options. If the road to pregnancy hasn’t been easy, remember you’re not alone and there are still routes to parenthood, given a little patience and careful planning.
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