Although several insurance companies offer some form of infertility insurance, many do not cover IVF because the costs of in vitro fertilization are very high and the success rates of IVF are not very high. Because of this, many couples need to find alternative financing methods to finance their infertility treatment. Here are 10 smart and doable ways to finance IVF costs without breaking the bank in the process.
Mortgage Refinancing or Second Mortgage
Both are an option if you own your home. You can decide on an amount to refinance or borrow after researching with your fertility doctors what the full price of IVF will be for you. You would get the full amount at closing.
Get a Home Equity Line of Credit
If you own your home and have built up some equity in it, this is another option. A HELOC differs from previous HELOCs in that you choose a maximum amount that May use it for a line of credit and the lender will advance you up to that amount when you choose. You can use the HELOC to finance your fertility costs in certain ways, such as writing a check or using a credit card on the account.
Borrow against your 401K
Some 401K companies allow you to borrow money from your 401K. Talk to your employer to see if this is an option. When you borrow against your 401K, you don’t have to pay taxes on the loan.
Financing of infertility clinics
Many infertility clinics have financing available, usually with a fixed interest rate where you make monthly payments. Clinics generally allow you to plan your payments based on the procedures you use.
Third Party Loans
Loans from third-party lenders are also an option. In fact, there are even financial centers that specifically offer IVF financing programs. You can research online or ask your fertility doctor if they can refer you to such a center.
Find a credit card with a low interest rate
If you have good credit and can get a card with a high revolving credit limit and a low interest rate, you can use this option.
Find a fertility clinic with a risk sharing program
With a risk-sharing program, you would pay up front for a certain number of IVF cycles. If you do not achieve a pregnancy at the end of the cycles, you will get a partial or full refund, depending on your agreement with the fertility center.
Loan from relatives or friends
If you have family or friends who would be willing to give you a loan to help pay for IVF, decide on an interest rate and have a written agreement with a set payment plan. Borrowing from family or friends would mean you would have a much lower interest rate than using other financing methods, or even no interest rate at all, meaning you would spend less on your IVF treatment.
Use the money from your tax return
You can start preparing for IVF treatment by having more money withheld from your taxes. Then, when you file your taxes, you’ll have a bigger refund on your tax return, which you can use to pay for a portion of your infertility treatment.
get a second job
If you have a marketable skill or talent that you could turn into a side job, you can supplement your regular income and start saving with the extra income to use for IVF costs. There are many free resources online on how to start a side business for relatively little cost. Or you could do something as simple as posting your skills on Craigslist. Get a little creative and brainstorm. You may be surprised at what comes to mind. When there’s a will there’s a way!
One thing to keep in mind with financing options is that you must be able to manage the debt incurred with the added costs of having a child. If this will cause a problem with any of the above options, then that particular option is not for you. You don’t want to find yourself in financial ruin or ruin your credit rating.
I hope that these options, used alone or in combination with another option, have given you an idea of the ways you could pay for your IVF costs.
