Being a parent is an amazing gift and experience, yet for some individuals, getting pregnant is a very difficult process. Options such as adoption and foster parenting exist, but many couples may be interested in trying in vitro fertilization as a means of having a child of their own.

What is IVF?

In Vitro Fertilization, or IVF, is the process of harvesting both sperm and egg from biological parents for the purposes of implantation in the mother’s uterus. It is a complicated and expensive procedure, and implantation is not guaranteed to work, even with optimal conditions. Couples may find themselves undergoing several implantation procedures before experiencing success, and this can come at quite a cost to both insurance companies and to parents.

Does insurance cover IVF procedures?

Some states now offer mandated service coverage, while others give offers of coverage. This reduces your out-of-pocket expenses significantly, though you may still be liable to cover a portion yourself. Speaking with an insurance benefits specialist will be an essential piece of figuring out how to finance your fertility treatments. Rest assured, if your insurance doesn’t foot the bill, there are other options you have for financing.

1. Fertility specialist loans

These types of loans work directly with your fertility specialist, taking much of the guesswork out of financing. There is typically an application fee, and your loan will depend on factors such as your credit score and the term you request. Funds received will go directly to the clinic for payment, yet you will be responsible for repaying the loan in full, regardless of whether treatments are successful or not.

2. 0% Interest Credit Card

Opening up a credit card to finance fertility treatments is an option if you have a well-established credit history and want to take your time making payments. In general, it is not advised to procure a line of credit with a higher interest rate, as you’ll be paying more over the life of the loan than you originally took out. Pay off your balance before the initial interest-free period ends to avoid incurring additional charges.

3. Home Equity Line Of Credit

If you own a home with sufficient equity, consider taking out a home equity line of credit. With it, you could borrow up to 85 percent of your home’s total value and put it toward fertility treatments. Please understand, a home equity line of credit uses your home as collateral against what you borrow, so make sure that you can make payments to avoid the loss of your most important asset.

4. IVF grants and fundraising

Several institutions now exist that help parents raise funds and receive grants for fertility treatments. These gifts of money take some effort to set up and promote, but they are free to you and never have to be repaid. Quite often, friends and family members can assist with setting up promotions and fundraising campaigns, allowing you and your partner to focus on the treatment process.

Greater Washington Maternal Fetal Medicine and Genetics

Greater Washington Maternal Fetal Medicine and Genetics wishes you success with every step of your fertility journey. We’re happy to collaborate with your fertility center to review if your pre-implantation screening and testing is the right fit for your family’s needs and to see patients during pregnancy established through IVF treatment. If your family has found financing IVF to be a barrier to pursuing your parenting dreams, you may consider exploring the above options in addition to meeting with a financial advisor.