According to CDC.gov official statistics, roughly 7.5 million Americans deal with fertility issues. Evidently, there are several reasons that could cause that. But for families that consider fertility treatments for conception, the expenses are quite noteworthy. Therefore, you will most likely need to get a loan for that. The question that follows is: are there any alternatives to in vitro fertilization (IVF) loans? We will outline some IVF financing options in the forthcoming paragraphs.
Health Insurance for Fertility Treatments
Most of the time, your insurance policy will not cover the costs of fertility treatments. That is the norm, at the very least. Even so, there are some exceptions to the rule. In spite of that, even for the plans that actually cover some of the costs, note that you’ll still have to provide part of the financing.
That’s because most insurance plans come with a lifetime maximum ranging from $10,000 to $25,000, depending on your specific plan. In addition to that, according to the law, there are 15 states in the US that require insurance companies to supply infertility coverage, as following: Arkansas, Connecticut, Hawaii, California, Louisiana, Illinois, Massachusetts, Maryland, New Jersey, Montana, Ohio, New York, Texas, Rhode Island, and West Virginia. Regarding the type of coverage you get, this varies by the state – you should do some research in this respect.
Crowdsourcing
Furthermore, this is another option worth considering. Whether this implies simply borrowing money from family and friends as such, or creating a crowdfunding campaign, this could be a good starting point. This option is well worth considering especially if you know that your family and friends would be willing to chip in considering the significant costs associated with IVF.
At the end of the day, though, this will be entirely up to you, as some couples might not feel comfortable asking others for help. So, this may or may not work for you.
Grants or Scholarships
Moving on to another option, it’s worth outlining that you could get funding as well as other forms of assistance for the payment of the treatment. There are specific IVF assistance programs you could choose from – you should take the time to find out the requirements for each.
You should also do some research regarding the organization, as there are plenty of scammers in this industry. Concurrently, you should determine the steps you must follow in case your application gets approved.
A Health Spending Account
If you have a certain sum of money saved in a Health Spending Account, then you can use it in order to cover the costs of the infertility treatment. In this way, you can actually save some money, considering that the HSAs enable you to put money away pre-tax.
Even if you don’t choose to use the money in your HSA, you can still deduct the costs of the infertility treatment on your tax.
All in all, if you’re out of ideas, we hope that the options enumerated above have shed some light on the topic. Make sure you research more into the topic beforehand, to ensure that you’ve made the right decision for your specific scenario.
