Budgeting Tips for the Fertility Treatment Process
Budgeting is an important task in any family, and saving up for fertility treatments is a smart way to plan ahead for your future when considering growing your family. Though unquestionably worth it in the end, fertility treatments can unfortunately be quite costly. Find information such as how much fertility treatments cost, budgeting tips, and other financial planning ideas that can help set you up for parenthood!
Fertility Treatment Cost
While fertility treatment cost varies state-to-state and is based on your personal information, there are prices formed from a national average that can give you a ballpark estimate of what you may be spending when the time comes. Here are some general numbers to consider as you plan your next steps and schedule a consultation at a fertility clinic.
In Vitro Fertilization (IVF)
IVF is a complex fertility treatment that requires quite a few procedures to be done correctly (blood work, ultrasounds, medications), which is why it’s one of the most expensive options. Total costs can fall between $10,000-12,000 per cycle. Keep in mind that multiple cycles may be necessary in order to conceive.
Donor Eggs and Sperm
Artificial insemination with an IUI costs between $300 and $1,000 for just the procedure, while a vial of sperm can add on around $500. IVF alone is very costly, but adding on the need for donor eggs nearly triples the price. If you choose to go through with an IVF cycle that includes a donor egg, you can expect to pay close to $30,000, which includes agency, donor, and legal fees.
Hormone treatments increase your fertility odds because they help to stimulate egg growth. Normally, these hormones are injected into the body and cost around $1,000 to $3,500, the average being $1,600. Even though this fertility treatment cost is relatively low compared to others, it can stack up as you go through more and more cycles of hormone injections.
Yet another option for fertility treatment is ovulation medications. If you’re just starting your fertility journey, this may be the first step for you. Clomid or Femara are common prescriptions that range in cost from $10 to $100 per month.
Budgeting Tips for Families
Are fertility treatment costs overwhelming and, for the most part, costly? Yes. However, once you absorb the information and learn more about what you need to start your family, it’s time to take a deep breath and make a plan.
If having a baby is your dream and you are determined to do everything in your power to make it happen, planning and budgeting are the two biggest factors that will help you along the way. Follow these simple but effective budgeting tips for families as you start your journey to parenthood.
Check Your Health Insurance Options
Perhaps one of the first steps you should take to plan ahead for your baby is checking your health insurance options. Get financial assistance wherever you are eligible to ease your stress and make the process more affordable. Some health insurance policies cover fertility testing and treatment with/without certain restrictions on the clinic you attend.
Break Down Fertility Treatment Cost
Once you have gotten a consultation and know your fertility treatment cost, break it down into months. Rather than looking at a scarily big number, write down how many months until the start of your treatment and calculate the monthly cost instead of looking at the total. Taking this step will help you create a budget and give you more confidence to start saving.
Avoid Impulse Spending
Whether you normally find yourself shopping quite a bit or have the urge to do so because of the stress of trying to get pregnant, try your best to practice self discipline. If growing your family is your number one priority, the impulse spending has got to stop or at least slow down significantly. When you see something you want to buy, take at least two days to think about it and consider the pros and cons. Do you really need that item or experience? Or can it wait?
Automate Savings into a Fertility Fund
Budgeting for the new baby takes a lot of willpower and restraint. For some, putting away money each month is too difficult to do. If you find yourself struggling, you may want to try automated savings that go straight into a baby or fertility fund that you create. Set up a recurring payment each month and your bank will automatically place your money in this fund, so that you don’t have to.
Streamline Your Expenses
Similar to decreasing your impulse purchases, streamlining your expenses is a straightforward way to save for your little miracle. Go through your monthly banking statements and expenses and figure out how much money you are spending on food, housing, phone, and extracurricular activities. Unnecessary spending on fast food during the week or TV subscriptions can add up to a large chunk of cash that can just as easily be saved. Streamline your expenses as much as possible and you will be surprised just how much you put back in your pocket!
Going through the process of fertility treatment is taxing in itself, but planning ahead and budgeting can make it less stressful. Take the time and effort to try these budgeting tips for families and stay strong throughout your fertility journey – the little miracle at the end will make it all worth it! To learn more about your fertility options, schedule an appointment with a fertility specialist at Red Rock Fertility Center to start your journey.