How to Pay For IVF- List of Options You Must Consider
Apr 12, 2019 17:42
Fertility treatments such as in vitro fertilization is a great solution and give hope for those who are finding it difficult to start or grow their families. However, the procedure and further payments can get quite expensive, and unfortunately, health insurances are unable to cover all the costs.
But fortunately, there are ways on how you can pay for IVF without having to shell out your entire savings in one go. From grants to medical loans for IVF, you're able to pay off the high costs and undergo the treatment. So read on as I show you how to pay for IV: the list of options you must consider!
While IVF is costly, there are ways you can get the necessary funds for it. Here are options to consider when paying for IVF:
1.Grants and Scholarships
There's a chance that you can receive funds, donated cycles, as well as various types of assistance to help pay for treatment. BUT, free money isn't easy to receive, but it's still worth a shot.
There are IVF assistance programs, though you need to do a lot of research, finding authentic organizations and the details for these grants or scholarships. Take note that there may be application fees as well, so look into your budget, too!
2.Borrowing or Crowdsourcing
One of the ways many couples gather funds is by borrowing money from close family and friends. You're also able to go the extra mile and crowdsource, receiving funds from extended networks (friends, families, acquaintances, or even strangers) though this is a personal decision that shouldn't hold shame if you choose to do so.
Be aware that people will need to know about your condition and story when crowdsourcing, though. You might also need to update them and open up to ensure that their donations go to your cause. You're able to crowdsource in your local area, or there are now websites where you can post your story and ask for donations online.
3.Health Savings Account
For those who are fortunate to have the funds readily available for IVF, then you'll want to pay in cash. So if you're saving money in a Health Savings Account without spending any from it, then it's time to use it for your fertility treatments.
This can ease up the burden, as using HSA has some tax benefits, though minor. Just make sure that you're eligible and that a CPA reviews your taxes before doing so.
Your chosen fertility clinic may have payment schemes or plans to make the costs less of a burden, especially up front! They may allow you to pay over a certain period without breaking your savings too much.
With payment schemes like these, it'll help you plan out your budget for other expenses outside IVF. Furthermore, it helps make you more qualified for loans, though you have to think about these payments in the long run, too.
Consider getting a personal loan for IVF, as these loans allow you to use it for whatever you want or need. As long as you have a good credit score and the sufficient income, you're able to secure loans for your medication and treatment.
You can avail personal loans from your local bank or credit unions, though look into the repayment options, penalties, and fees. Online lenders are available, though they have higher interest rates.
6.IVF Clinic Financing
You can ask your fertility clinic if they're able to finance your situation first (to pay back over time). Look into the offers they have available, though there are some factors to consider here. Your healthcare provider will get paid from the loan proceeds so you're a paying customer, and they may receive additional compensation from the lenders, as the provider promotes their loans.
For those who have a good amount of equity in their house, you might be able to use it as a source of payment. However, this is also a huge decision to make and think about. While second mortgages allow you to get lower interest rates, you have the risk of losing the house to foreclosure if you're unable to make the payments on time.
Credit cards are another option, though best for small charges and expenses from the fertility clinic you're able to pay off fast. Take note that interest rates are high though, especially for this who have below-average credit scores. Because of that, it would be more difficult to pay on time and remove the debt, having you pay even more for your treatment.
9."Refund" IVF Programs
This isn't exactly a way to pay for IVF, though something you can consider in case of a failed IVF cycle. Ask your fertility clinic for these programs, as they offer several IVF cycles in one (lower) payment. If ever the treatment was unsuccessful, you're able to get a full or partial refund from the said fee. You'll also need to check if you're eligible for it!
Health insurance is tricky, though some companies would allow and fund it. You need to check your state's laws if fertility treatments are mandated to cover it or speak with your employer if your insurance comes from your employment. Talk to your insurance company to see if they have any plans or offers available for you as well.
Wrapping It Up
With many types of payment options for IVF, you don't have to worry about the huge upfront payment. There are programs, grants, loved ones, even personal loans for IVF to look into! As long as you do your research right and have all the requirements, you're able to get the money you need to begin tests and IVF treatment.
Hopefully, this article on how to pay for IVF helped you out. So don't wait any longer and look into the list of options you must consider now!
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