IVF costs a huge sum of money. Despite the cost of the treatment itself, there are a number of additional procedures like initial fertility workup, blood tests & ultrasounds which dramatically increases the final cost of IVF.
\n\nStudies state that the out of pocket expenses spent on IVF by couples estimated that it was INR 125,000 on average. Even though the costs are high, there are a variety of options available which help us in tackling these expenses.
\n\nHealth Insurance
\n\nGenerally, IVF treatments are not covered under insurance & even fertility centers don’t accept the same. But still there are few insurance companies which will accept when infertility is proven. There are other companies that take care of diagnostic tests like USG which can reserve a few thousands.
\n\nHence if you are planning for IVF, it will be of great advantage to get a thorough glimpse of the insurance policy. Always read your policy carefully looking for all related information. Get to know & understand the terms well and have a further discussion with the provider. Keep pushing if insurance providers don’t give information with clarity when fertility treatments are covered as per the policy. Also, few states provide insurance for fertility treatment. All updated information about state policies are found in – National Infertility Association’s website, Resolve.org. Check out if your state is on the list & make use of the website’s information on getting affordable treatment being as economical as possible. \n\n
Spending Accounts and Health Savings Plans \n\n
Flexible spending accounts use pretax rupees for these expenses which reduces one third of the cost. It is a savings account that is used to handle out of pocket costs. Employees have a health insurance benefit where the employer annually funds a portion of it. By adding the maximum allowed annual amount users can utilize this savings for IVF through FSA spending. If both partners contribute, this doubles their FSA savings. \n\n
Like FSA, a health savings plan (HSA) can be established by you or your employer where healthcare costs are done with pretax rupees. In HSA one contributes the maximum amount annually and the funds grow over time and helps us in advance planning for future high healthcare expenses. But in FSA the funds if not used will be lost. \n\n
Shared Risk IVF Refund Programs \n\n
These shared risk IVF treatment refund policies include a flat payment done up front for several treatments. On successful treatment full fee is paid but if it is unsuccessful it is reimbursed. So, there would be a guarantee of a successful pregnancy and delivery for the money paid. But if the first treatment itself is successful, this method will be highly expensive compared to others. \n\n
Borrowing Money for Treatment \n\n
Money borrowed from any relative or family member by using a credit card or getting a bank loan is another alternative to tackle high costs of IVF. Borrowing money from a family member can be complicated. The circumstances like missing a payment against the agreement will give rise to tensions or conflict. However, if the relationship with the lender is quite strong the offered loan can be paid overtime, which is a good option. \n\n
Payments can be done without any delay using a credit card but as the costs add up the outstanding balance will result in higher interest fees quickly. If one plans to use a credit card, clear all outstanding bills and pay off the incurred expenses on time & also ask the company to negotiate for a lower APR for a period. Always be aware of any hidden charges & compound interest. Reaching out for a bank loan is an option if one has an own house as this could be a home equity loan. Or else with a good credit score one can go with a medical or personal loan. These loans generally have a higher APR, but short-term closure will have very little or 0% rate of interest thereby allowing us to pay back before the interest rate goes up.