9 ways to pay for IVF treatment

Couples who are finding it hard to get pregnant can often feel isolated while they’re going through this difficult experience. But struggling with fertility is actually quite common.

One of the most common and effective treatments for fertility problems is in vitro fertilization (IVF). This involves removing an egg from a woman’s ovaries, fertilizing it with sperm in a lab, and then implanting the embryo in her uterus.

How can people afford to pay for treatment? Here are a few ideas for IVF financing.

Your first step should probably be to check whether your health insurance will cover IVF.

Tapping into your health insurance

A health savings account (HSA) allows you to put away money for medical expenses. Typically, you get an HSA in tandem with a qualifying high-deductible health plan.

Using your health savings account or flexible spending account

You can start by tallying up your monthly expenses and take-home income. If you have enough financial leeway to save cash every month, you could set up an automatic paycheck withdrawal amount that could go directly into a savings account dedicated to your IVF fund.

Budgeting and saving

If you have a friend or relative who is financially comfortable, you might consider asking them for a loan. There may be people in your life who would be happy to support you in such an important and personal investment.

Borrowing from a loved one

Some IVF providers work with companies that offer financing for medical treatments. You can also search for IVF-specific loans and financing programs online. Take note of any origination fees or penalties for repaying the loan early.

Getting a medical or fertility loan

A number of nonprofit organizations offer grants and scholarships to those who cannot afford to pay for IVF. Bear in mind that there’s no guarantee that you’ll receive a grant.

Applying for a grant

If you own a home, you may be able to take out a revolving line of credit against the equity that you’ve built up. The advantage is that home equity lines of credit (HELOC) often have lower interest rates than credit cards or other types of loans.

Taking out a home equity line of credit

This is a path that financial advisors generally would not recommend. That’s because nest eggs usually stay untouched for decades in order to have enough time to grow for retirement.

Borrowing from your retirement account

Compared to using high-interest credit cards or money in your retirement accounts, a personal loan might be a better option for many people.

Taking out a personal loan

IVF might be one of the most meaningful investments you’ll ever make, but it’s undeniably expensive.

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