For couples, dealing with infertility is a roller coaster of
emotions and uncertainty. The well-being, health insurance, place of residence
and finances of the couple will determine the best form of infertility
treatment.
The cost of fertility treatment can range from $5 to to over
$100,000. There are oral medications, IVF, injectable hormones, embryo transfer
and many more treatments available to infertile couples. According to
babycenter.com, Gonadotropin injections cost about $1,000 to $5,000 a month, depending
on the dosage and length of treatment. Additional costs associated with
infertility treatments include doctor visits, blood tests, and ultrasounds for
the various forms of treatment, as well as genetic testing and the expenses
related to surrogacy. With that in mind, here are five financial planning tips
for couples considering infertility treatments.
Double-Check Insurance
Not all states have a mandated infertility clause in their
insurance plans, and you do not want any unpleasant surprises prior to
beginning treatment. Make sure to speak with your human resources department
about the health benefits in your plan. Talk with the insurance company to
determine which costs are covered, and confirm the cost of co-payments for a
fertility specialist.
Consider the
Affordable Care Act
According to Resolve.org, the Affordable Care Act (ACA) does
not require coverage for infertility treatments, though some states do mandate
coverage through their plans. "The ACA does require coverage of essential
health benefits and allows states to define essential health benefits by
selecting a benchmark plan from current employer offerings. Coverage of
infertility treatments are required only for plans sold in a state with a
mandate, provided that it includes infertility coverage in its benchmark
plan." Presently, there are in vitro fertilization (IVF) mandates in
Arkansas, Connecticut, Hawaii, Illinois, Massachusetts, Maryland, New Jersey
and Rhode Island.
Apply for
Grants, Loans
There are numerous programs that couples may apply for that
might help with the cost of treatments. Resolve.org has lists of such programs;
however, be wary of anything that seems too good to be true. Always research
companies and organizations to protect your heart and wallet.
Seek Out
Financial Planning
Consult with a financial advisor to develop a financial plan
and evaluate your options. An advisor can give a couple a financial forecast
and strategies to help make their dream a reality.