What Are Your Financing Options for Fertility Treatment?

Making the decision to seek fertility treatment is an exciting one. You’ve taken the first step in expanding your family! The second step is deciding how to finance that treatment – and you may have more fertility aid options than you realize. From multiple credit options to grants to insurance coverage, there are many options available when funding your fertility treatment.

Check With Your Insurance Provider

This should be your first stop when exploring payment options and fertility financing, because if your insurance policy covers all of (or even a portion of) your fertility treatment, taking advantage of that will most likely be your best bet. Some states require that fertility treatments be covered by insurance plans so check to see if your state is one of them.

Doctor showing patient medical history form.

Explore Your Credit Options

If your family doesn’t have the lump sum available in cash to pay for your fertility treatment, utilizing credit is an option. A few of the most popular types of credit when it comes to fertility treatment and other medical expenses include:

  • Home Equity Line of Credit

Similar to a second mortgage, a home equity line of credit allows the borrower to use their home’s equity as collateral. Typically, the borrower and lender agree on a maximum amount and a set term. Only explore this option if you are absolutely positive that you can make the payments on time and in full.

  • Cash-Out Refinance

A cash-out refinance allows homeowners to access their home’s equity if their home has increased in price since the beginning of their current mortgage. If they qualify, homeowners are able to replace their current mortgage with a new mortgage that reflects the home’s current market value based on an appraisal. The difference between the home’s previous mortgage and the new mortgage is now available to the homeowners in cash. This can be a great option when funding fertility treatment since it’s typically a large enough amount to cover all costs.

  • Other credit options

Depending on the health of your credit, there may be other credit-based opportunities available to you. Check with your bank and keep an eye out for any low-interest rate offers that come your way. Do your research to make sure you are taking advantage of the best deal available to you.

Ask Your Clinic About Payment Programs

Many clinics offer installment payment plans where patients can prepay for their fertility treatment over time. Ask your clinic’s Financial Counselor about your options. Keep in mind that paying for fertility treatments is a common concern among patients, and clinics tend to have an abundance of information when it comes to internal and external payment options. You are not alone in your financing journey!

Apply for Fertility Grants

Many organizations offer grants designed to help families who can’t afford the fertility treatment they need. If you think you may have trouble financing your fertility treatment, do some research on the grants available to you. You may be surprised at how many are available.

Healthcare costs and fees concept.Hand of smart doctor used a calculator for medical costs in modern hospital.

Go Over Your Military Benefits

If you’re actively serving in the military, ask your clinic about any special rates that may apply to you. Many clinics offer service members and their families a lower rate to thank them for their service.

Check Out Your Available Savings Plans

From personal savings accounts to Flexible Spending Accounts to Health Savings Accounts, there are multiple options when it comes to saving for your fertility treatment.

  • FSA (Flexible Spending Account)

A Flexible Spending Account allows you to set aside a predetermined, tax-sheltered amount each year to be used for certain medical expenses, such as fertility treatments. This amount must be spent by the end of each year.

  • HSA (Health Savings Account)

Similar to a Flexible Spending Account, a Health Savings Account sets aside money to be used for medical expenses. However, in this case, the funds never expire. The funds can be used for any future or current medical expenses and are not taxed.

  • Personal Savings Account

If you have savings built up in your personal savings account, paying for fertility treatment would be a great way to use those funds. If you don’t have much saved yet and the above finance options aren’t a fit, you can always start saving now so you can fund any fertility treatments needed in the future.

Deciding to move forward with fertility treatment is an exciting step in the process of becoming a parent. The next step is deciding how to fund that fertility treatment. Exploring your insurance coverage, credit options, clinic programs, available grants, military benefits, and savings plans can help you determine how you will fund your family’s expansion.

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