Health

IVF Financing for Fertility? What You Need to Know

By: Joseph Akintaju on March 3, 2013 @ 11:03 pm

Food cravings, weight gain, back pain, swollen ankles and doctor’s bills. These are all normal parts of pregnancy. With a traditional doctor’s visit costing $100 to $200 before insurance, those doctors’ bills can quickly add up. If couples are not able to conceive a baby the traditional way, they may decide to turn to IVF to get pregnant.

IVF Is Not Guaranteed

The national average cost of a cycle of IVF is $12,400. A cycle lasts between 2 to 6 months and success is not guaranteed. In fact, IVF is successful about half of the time. The high cost and risk of failure is one reason people may not decide on IVF to conceive a child. Using money from savings or borrowing against the equity of a house are common ways to get the funds needed for IVF.

Obtaining Financing for IVF Procedures

Another method of affording IVF is by getting a loan from a company that specializes in IVF financing. Since IV is expensive, potential parents should consider the pros and cons before going through IVF financing.

What to Look For In an IVF Loan

Choosing a company that has a reasonable interest rate is essential for any loan, including IVF financing. The rate should be comparable to other loans that you may have, usually based on your credit score. The repayment plan is also another consideration. It is important for a person to make sure the loan payments are affordable in his or her budget. Unexpected costs sometimes come up, especially during pregnancy or after the child is born. Knowing that unexpected costs may arise is important when getting financing for IVF. The payment plan for the IVF loan should be realistic enough to allow a budget extra room for unexpected expenses.

Drawbacks to Taking out A Loan for IVF

If the IVF cycle does not initially work and more cycles need to be completed, you still have to pay for the failed cycles. A couple could potentially get in debt for two or three cycles of IVF, which works out to almost $30,000. When deciding if IVF financing is the right decision, determine what the maximum you can comfortably afford to finance for IVF cycles.

Additional Things to Considering With an IVF Loan

After a person has an IVF loan, they may want to think about financial counseling. Working with a certified financial counselor can help them to determine a new budget that will allow for repayment of the loan in addition to the increased costs of their new household. Having a set budget is a valuable tool for everyone, but for new parents it is an especially good idea.

IVF is an expensive option for becoming pregnant, but one that some people choose for various reasons. While adoption is an option, a person may have the desire to be pregnant with their own child that has the same genetic makeup as themselves. Adoption is also expensive, but is more likely to result in having a child than IVF. Deciding what option is best for each person’s situation is important when considering IVF.

Jessica Bosari writes about money issues for the money-saving blog, SavingTools.com.

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