Deepti and her partner were planning for a baby since so many years but were unable to conceive even after a year of regular unprotected intercourse.
When they consulted with a doctor and went through some tests, deepti was diagnosed with PCOS (polycystic ovarian syndrome) . Doctors suggested them some infertility treatments but they didn’t worked out well so, their doctor recommended them IVF treatment for having their own baby.
When they searched for further details and contacted to a fertility clinic they got to know that IVF is an expensive treatment and it is out of their budget.
The fertility clinics offered them a package of more than 4 lakhs for In Vitro Fertilisation (IVF).
Their insurance did not cover this procedure and they had to rely on spending their personal savings and fall back on borrowing from relatives in small and big amount.
Deepti’s struggle to conceive is not uncommon.
According to the DailyO, 45% of the couples in India face infertility problems. This is attributed to problems in both men and women alike and it is only predicted to rise in the coming years.
Like Deepti, many people in India fulfil their dreams to have a complete family through the means of IVF.
It has indeed become quite a sought-after option in the country and the reasonable rates have made India a favourable destination for couples even from outside the country.
Unfortunately, unlike a lot of operations that are covered by medical insurance, there are not many Health Insurance companies that cover IVF and it’s surgery procedures under their schemes.
So, many like Deepti have to fall back on their personal savings or taking high-interest personal loans and even taking credit on their credit cards.
Here we are providing some ways that you can go to pay for fertility treatment.
Who Needs IVF Treatment?
IVF is a relatively expensive procedure and is opted for when no other infertility treatment like surgeries, fertility drugs, IUI, ZIFT, GIFT etc. worked.
IVF is generally recommended for individuals with these conditions:
Blocked fallopian tubes
PCOS (Polycystic ovarian syndrome)
Irregular menstrual cycle
Low sperm count
Low sperm mobility
Inability of sperm to penetrate egg
What is an IVF procedure?
IVF is a medical procedure in which, egg and sperm are collected from the couple and are then placed in a laboratory dish and then given the chance to fertilize.
If the sperm is successful in fertilizing the egg then it becomes an embryo which can be later placed in an incubator. It is thoroughly monitored and then it is finally transferred to the uterus to develop within the womb.
Two weeks after this a blood test is done to confirm if the pregnancy is positive. While most are lucky in getting the good news with the first cycle itself, for some it becomes pretty expensive as they have to go through multiple cycles before they can conceive.
What to do when your medical bills seem to be rising and your dreams of conceiving a baby seem to be dashing before them due to lack of resources? In such cases medical loan can act as a saviour.
What Is A Medical Loan ?
Sometimes we have to borrow a little which helps us to move forward in life, especially in these sort of situations. That is when a medical loan is a good solution.
Medical loans proves to be a good choice in case of IVF funding.
It requires no security, collateral, simple and minimum documentation, quick approval, flexible tenure, flexible interest rate etc.
A medical loan is a type of loan that involves borrowing a set amount that is used specifically for medical purposes.
How Does Medical Loan Work?
Medical loans are “unsecured” loans because you don’t have to put up a collateral (like your house, bond, car etc) to get the loan. Instead, a loan offer is given out to you on the basis of personal credit history and other factors are used to determine your eligibility.
The concept is very simple. You borrow for a specific medical purpose and the money gets disbursed to the hospital for your medical needs and in time you pay that money back in installments.
The added benefit here is that you get it at 0% interest rate. Money is directly given to the hospitals when you apply for medical loan.
The main benefit of such financing is that your loan gets converted into EMI, which lightens the burden of repaying the sum.
Also, it is at 0% interest rate, hence no extra costs are borne while repaying the loan.
Why To Choose Medical Loan?
Medical loan have many advantages over personal loans or credit cards. Some of the characteristics of medical loan are as follows:
With the help of medical loan you can get treatment at your favorite hospital.
This loan is available at very affordable interest rates as compared to other resources.
The amount given under this loan is sent directly to the hospital account and later you have to pay it in installments.
The paperwork for getting a medical loan is completed in less time.
The benefits of a medical loan can be taken by your family as well.
You can repay the loan as easy monthly installments.
How Medical Loan is Better than Personal Loan Or Credit Card for Your IVF Treatment?
Medical loans are fast processing as comparative to personal loans. Most of the loan providing companies approve medical loan in minimum 30 minutes and maximum 1 day. While personal loan approval might take days.
When you apply for a medical loan, it directly gets transferred to the hospital so that you do not need to wander from hospital to bank or the loan provider. You can get the treatment started immediately after loan approval. While in personal loan amount is transferred to your personal account and in such case you need to pay hospital bill on your own.
Medical loan requires minimum documentation while in personal loan approval and applying for credit card you need to fulfill many requirements.
For personal loan you must have a good cibil score/ credit score. While in case of medical loan it is not mandatory to have such a good credit score.
Personal loan from a bank or agency can have very high interest rate i.e. upto 20%. While you can get a medical loan at 0% interest rate.
Medical loan is exactly the amount of your treatment bill which is directly paid to the hospital and you can repay the amount in easy EMIs to the loan provider.
Credit card can be used for a limited amount and that too, you need to pay within a certain time period and if this time period exceeds, a very high interest rate is applied on the credited amount. While in medical loan there is no limit and interest rate is not that high.
After using the limited amount of credit card, you can’t use it again until you pay the debts. While you can again apply for medical loan if you ever need even before repaying the earlier amount.
Paying via credit card can include additional charges while this is not the case with medical loan.
How Can I Get Medical Loan For My IVF Treatment?
There are a few financing companies which provide loan for different medical conditions. Some of them offer loan for only infertility treatments while some like us cover most of the medical treatments.
The biggest advantage is that LetsMD provide the IVF loan at 0% interest rate with minimum documentation and supportive assistance.
Application process is very simple and you can also opt for online application to save your time and you can pay EMIs from home.
You do not have to run to company from hospital. Our executive will assist you for the procedure and will get the required documents and signature from your home or hospital itself.
We also have recently introduced our new facility ‘Medical Card’, which has the following features:
The total cost of this card is Rs 1999.
This card is valid for 1 year, which is to be renewed every year.
This card covers 3 family members along with the card holder.
You can pay upto 5 lakhs for medical treatment.
You can repay the amount in 18 easy EMIs.
This card provide accidental coverage of upto 2 lakhs for the card holder.
Any person aged 21 to 55 years can apply for medical card.
If you have a medical card you do not need any documentation when you need money for medical treatment.
There is no processing fees and no advance EMI required for the medical card.
This company relieves its customers from long-term bills and converts that price into affordable installments.
How Medical Loan is Useful ?
Instead of having various creditors for one single medical surgery, you have to make one single monthly payment. This makes you stay on point with your payment plan and lets you get more organised with your finances. So, no more debt consolidations.
Another great benefit of applying for a medical loan to take care of your medical expenses is credit card payoff. Even if you do not have various sources of debt, having even one credit card debt may be pretty hefty in your pocket.
Credit cards usually carry high-interest rates. So why take the unnecessary burden when you can easily make your dream come true with a simple no hassle medical loan.
Not only that but no interest medical loans will eliminate any need to pay anything except that the principal money you borrowed. It gets distributed evenly throughout the time-period that you choose according to your payment comfort.
With fast and hassle-free medical loans, realise your dream for a complete family.
Other Financing Options For IVF Treatment
Here are a few methods that can help you in your IVF financing and help you reduce the financial burden.
Health Insurance: Many people are unaware that certain health insurance policies do cover fertility treatments either partially or totally. However, the amount covered does vary from company to company.
The most important step is to find out whether your health insurance covers infertility treatment. This could be your first step to financing your IVF treatment.
IVF Programs: Some clinics offer IVF programs that offer reasonable discounts on fees and treatment.
IVF Loans: Many clinics have tie-ups with certain companies that offer loans for infertility treatments. They are similar to medical loans and come with their risks and benefits.
Personal Loan: This is also known as an unsecured loan, which is usually given without any attached collateral. The only guarantee here is your signature.
Assets And Investments: You could also take a loan against your house or any other of your assets such as jewelry or an insurance policy, which will be used as collateral.
Another good option would be to opt for a home equity loan for helping in treatment. This also helps to reduce tax on interest costs. It should be noted that if you delay or are unable to repay the loan, you may lose your collateral.
Charitable Organisation: Some charitable organizations offer grants which can help you with the IVF costs. They mostly cover only a part of the entire cost, but can help reduce the stress of increasing bills.
Credit Card: Paying using your credit card can be a great idea. If you have a good account standing, you can also request an increase in credit limit that can be repaid in instalments.
Family Members: You can ask your family members to offer you a loan, which you can pay back over a period, upon mutual consent. This loan may also be interest free, and the flexibility of repayment can be discussed with your family members.
Military And Armed Forces: Certain clinics offer reduced and special fees for men and women who are active in the army and even ex-army personnel. Inquire regarding the same before opting for the program.
Fertility Drug Programs: Pharmaceutical companies have drug trials and programs that offer drugs at cheaper rates, which help in managing your costs. These help reduce prescription costs by almost 20-30%.
Savings Money: If you start planning in advance and save accordingly, you can accumulate enough resources to use for infertility treatments.
Once you have decided to undergo IVF, the most important thing is to have an overall understanding of the costs and expenses associated with this process. Understand all the available financing options so that you can take the best decision for you and your family