How to Finance Your IVF Treatment
The idea of starting or expanding your family through IVF treatment can be quite exciting, but IVF cost that come along with it can get overwhelming. Well, IVF is a great investment, and finding options to finance it is a good way to move ahead with your decision.
In this blog, we will be discussing a few ways through which you can finance your IVF treatment and get one step closer to your goal of becoming a parent.
Compare prices and services offered by different IVF centres:
The first step while researching the cost of the treatment is to compare the prices and services provided by different clinics. IVF cost varies from one clinic to another because of different treatment methods, medications, and added services such as embryo freezing or genetic testing.
Research what each clinic offers with their package: some will include services such as counselling and monitoring, and others may charge extra for these services. Once you know what is included and what is excluded, you can make your decision and manage your finances for the treatment.
Insurance:
Go through your insurance policy thoroughly and understand the insurance coverage provided. Some policies cover complete expense of the treatment, others provide partial insurance, while some plans don't cover IVF treatments in any form.
Payment Plans and Financing Options:
Many fertility clinics have developed payment plans that allow you to pay for the treatment over a period of months, even years. These payment plans can help ease the financial burden but also look into the interest rates for the plans.
A few companies even have trustees or financial institutions that lend money just for medical procedures like IVF. These loans may cover the treatment costs and, very often, allow some leeway in payments. But like any loan, it is important to know what rate of interest is liable and what the terms of repayment are.
Savings and Budgeting:
Whenever you can, it's good to create a dedicated savings plan in relation to your estimated IVF costs. You could try giving yourself an amount to set aside each month, or you could cut out discretionary expenses in order to help build up your savings.
Meeting your budgeting goals will be helpful in mitigating financial stress later on.
Employer Benefits:
Most employers provide fertility benefit packages under their employee health insurance package. Check with your HR department to see whether your employer offers potential benefits or contributes toward any type of assistance in case of infertility.
Availing a personal or medical loan:
A personal loan or medical loan is a decent way to fund your IVF treatments. Personal loans offered by banks and financial services have an easily manageable repayment option and thus can be used for a variety of expenses other than medical ones.
Medical loans, solely to meet health requirements, will usually have a much lower rate of interest and longer payback period. Certain options are available in some institutions for sudden medical emergencies, too.
Compare interest rates, loan periods and processing costs of different institutes to know which one suits your financial situation the best.
Conclusion
Financing IVF treatment is not as complex as it initially appears, a little research and planning can make the process much easier.
Remember that finding the perfect IVF centre goes a long way in helping sort out your financial burden during the IVF procedure. With the right approach, you’ll be one step closer to achieving your dream of starting or expanding your family.
