Starting a family is one of life’s greatest joys but it’s not always easy. There are a multitude of reasons why people turn to fertility treatments to help grow their families, and with treatment comes a plethora of emotions and a high price tag. For those thinking about fertility treatments, getting pregnant isn’t cheap. According to the American Society of Reproductive Medicine the average cost of one IVF cycle in the U.S. is $19,200¹. Infertility is not something you can predict, so trying to make a financial plan in these situations is more reactive than proactive. So, if you’ve found yourself in a position where fertility treatments are on the horizon what can you do to help afford it? That’s a complex question with more detail than can be covered in this blog post but having gone through the process I would like to share some tips and tricks to help you explore your options. Certainly, working with a financial planner to help balance your goals and resources can be hugely beneficial, but we understand that may not be accessible to everyone.
Optimize Your Health Insurance Benefits
Without question the most important part of the fertility finance journey is health insurance. For most, health insurance coverage can make or break the chance of growing a family. Meeting a deductible or out of pocket maximum for the year is a drop in the bucket compared to just one fertility cycle. There are several states that now require health insurance plans to cover fertility treatments, which is great if your employer is in one of the states AND your plan is robust enough to cover multiple cycles. Take Illinois for example, it is one of the states that requires infertility coverage, but there are a few caveats. For example, if your employer uses a PEO (professional employer organization), the health plans offered by the PEO may not be required to provide fertility coverage. Another important aspect of insurance coverage is the lifetime maximum of your plan. Many plans have an IVF cycle max or a dollar amount max meaning the insurance benefits can be used up very quickly.
If your health insurance plan doesn’t cover fertility treatments or if you max out your benefits, consider shopping for a supplemental marketplace plan. This does come with the added expense of monthly premiums and a deductible, but it could save you thousands of dollars in the long run. There are some tricky rules around having multiple health plans and eligibility, so this option takes some time to research, implement, and track.
It's also worth taking a hard look at all the benefits your employer offers. If your employer offers an HSA or FSA now is the time to use it. Take advantage of all the employer matching and tax benefits that you can. Check out supplemental benefits as well, for example, the PEO that we use (JustWorks) recently started offering a partnership with Kindbody. They may not pay for treatments but resources like this can offer different solutions at lower costs to you.
Keep in mind that fertility treatments often require multiple cycles so it’s important that you seek out the best care possible. Be sure to research what the success rates are for clinics in your area. These numbers don’t guarantee success for you, but they can speak volumes about the clinic’s processes. The cost of medication involved in an IVF cycle can be astronomical, so be sure you’re asking about specialty pharmacy rates and any manufacturer discounts that might be available.
Financing Options
The thought of financing a family may be off-putting to some, especially if you tend to be debt averse but if financing your fertility journey can make having a child a reality it’s worth considering. If your credit score is good, you may be eligible for a 0% credit card offer. Many clinics offer payment plans so be sure to ask the financial specialist at the clinics you are looking at for what offers they have.
Many financial institutions such as SoFi are starting to offer fertility specific personal loans, though any generic personal loan will do the trick. Nonetheless, watch out for high interest rates and unfavorable loan terms. A Fertility Specialist Loan program such as Future Family is also worth considering on the financing front. With this type of loan, the money goes directly to the clinic rather than to you. Rates and availability vary but specialization can have certain benefits here. I often hear the advisors I work with say “Nobody will give you a loan to retire, but they’ll loan you money for other things.” Keep this in mind as you are looking at your options. It might be tempting to borrow from your 401k or stop saving for retirement all together, but veering too far from your plan can be detrimental in the long run. Comparing interest rates vs. average market returns can be a helpful tool as you explore this path.
While much harder to come by, fertility grants can be a godsend. There are several organizations around the country offering grants to assist with treatments. The application process can be grueling and with so many vying for the same small pool of money chances are slim, but just like a college scholarship it’s worth putting yourself out there.
Don’t Forget the Extras
As if the treatment cycle itself isn’t enough to worry about, you’ll hear all kinds of tips and superstitions that helped so and so’s second cousin conceive. While the “just relax” tip will get infuriating quickly, there are some benefits to exploring a few “add-ons”. While you are navigating your health plan and benefits be sure to check out acupuncture and mental health therapy. This journey is not for the faint of heart and can be emotionally taxing. If you don’t already have a provider, consider looking for a therapist that specializes in infertility or parental issues. Our office neighbors at The Village CU do just that and there are many professionals all over the country doing the same. Most doctors will tell you that being healthy and maintaining a good “fertility diet” can also help in the process. If your benefits include access to a nutritionist or health club membership check them out too.
The journey to parenthood is unique, no two paths are the same and, unfortunately, there are no guarantees in the end. Be kind to yourself as you tackle the twists and turns, lean on your supports, and reach for the stars.
Author’s note: After suffering through years of infertility and trying many procedures and medication my husband and I turned to IVF to grow our family. My first pregnancy tragically ended in a stillbirth at 36 weeks, followed by a failed frozen embryo transfer. After years of struggles and heartache we welcomed our twins Annie and Owen to the world in 2021. To those on this journey, keep your head, keep going, stay strong, and be good to yourself.
Footnotes
¹ https://www.fertstert.org/article/S0015-0282(21)00137-0/fulltext