Most couples find it very difficult to get pregnant in a conventional way to the point where it takes an emotional toll on them. Some couples try to find a solution and often turn to In vitro fertilisation (IVF). The cost of IVF treatment can pile up quickly depending on the IVF technologies being used, for example, you might be undergoing IVF sex selection. It also depends on the number of treatments you'll need to get pregnant. Bear in mind, your first go at IVF may not be successful the first go; therefore, it can be financially exhausting. It's essential that before undergoing IVF, you create a plan to be able to afford the costs. Here are tips on how to save money before choosing to undergo IVF, or even to help you save while you are going through it:
There is so much stigma about IVF and choosing the gender of your baby and most people who need it tend to hide their situation. They, therefore, prefer to bear the burden alone, no matter how crippling the costs are. It is so vital that you share the case with your friends and family and ask them to help where they can. There are also online crowdfunding platforms which you can leverage to get funds. You will be amazed at how much you can money you can get from crowdfunding.
2. Apply for grants
There are very many reproductive health organisations that would be willing to fund your IVF treatments. The processes of getting a grant are competitive, especially for more significant organisations with a broader network reach. It is advisable to focus on local organisations as you may have a smaller pool of applicants to compete against. Always take due caution to verify the authenticity of the organisation before giving them your personal information.
3. Get funding from your insurance
Find out from your health insurer if there's a cover for IVF treatment. Whether they cover the full costs of IVF or only pay partially, it will still go a long way in making the burden lighter. If there is no coverage for infertility, you can always look at your current cover to see if it can cater to the other expenses or medication.
4. Get a flexible spending account and a health savings plan
Very few people know about Flexible Spending Accounts (FSA) and Health Savings Plans (HSP). As a result, they are often underutilised, yet they can save you money if you are spending on a qualified medical expense such as IVF. Since FSA does not roll over at the end of each year, it is essential to align your FSA payment plan to your IVF treatments. This is so that you don't end up losing the money. HSP, on the other hand, roll over to the next year but require you to be on a qualified, high-deductible health plan. Do your research and see which programs you are eligible for before making any serious decisions.
If you need to, it is possible to take a loan to meet your IVF costs. However, there a lot of considerations, such as a repayment plan. A repayment plan is something you have to factor in before going for a loan. Always pay attention to the terms of the loan agreement. It is advisable to go for loans that attract low interests and have more extended repayment periods so that you can have a flexible repayment plan. Even if you have no intention of defaulting on the repayment, be clear on the penalties for late payments or non-payment. Ensure that this decision is doable and that you will not end up in a financial crisis after or during the IVF procedure, after all, you may be having a baby on the way.