An increasing number of couples are currently struggling with infertility and have to rely upon a number of assisted reproductive technologies (ART) such as IVF for fulfilling their dream of parenthood. These techniques are not only time consuming, emotionally draining, but also very expensive. The average job holding person simply cannot afford it.
IVF is a complicated procedure, which involves the collection of sperms and eggs, combining them in a laboratory under controlled conditions, incubating the embryo, and the transfer of the embryo into the uterus of the woman. This intensive process is coupled with various drugs and other costly equipment and requires expert management. IVF cost is a big investment, which requires prior planning for most couples.
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 infertility treatment 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 jewellery 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 ORGANIZATIONS: 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: 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 make the best decision for you and your family.