If you or your partner have decided to conceive through fertility treatments, financial planning is a crucial step in your family planning journey. In the United States, fertility treatments can cost an average of $12,000 per cycle, and insurance coverage for these treatments can be limited or nonexistent. With fertility treatments being expensive, it’s essential to start planning early to alleviate stress and financial strain if you are considering this as an option. Marin Fertility Center shares ten tips to help you create a sound financial plan in preparation for future fertility treatments.
1. Determine Your Desired Fertility Treatment Plan
Before starting your financial planning journey, it is essential to research and determine which fertility treatment option is best for you and your partner. Some popular fertility treatments include in vitro fertilization (IVF), intrauterine insemination (IUI), and intracytoplasmic sperm injection (ICSI). Research each treatment’s cost, success rates, and potential side effects to help you select the best that suits your needs.
2. Create A Budget Specifically For Fertility Treatments
Creating a budget specifically for fertility treatments will allow you to keep track of your expenses and plan accordingly. This budget should include costs associated with consultations, medication, and treatment fees.
3. Check Your Health Insurance
Check your health insurance to see what fertility treatments are covered. While some states require insurance companies to cover fertility treatments, coverage and costs vary significantly from one plan to another. If your insurance doesn’t cover fertility treatments or only covers a portion of it, then you may want to explore other options such as grants, fertility financing plans, and tax credits.
4. Begin Saving Money Early
Starting to save money for fertility treatments early will give you enough time to accrue the necessary funds. One budget-friendly way to save money is to create a separate savings account and contribute a portion of your monthly income.
5. Set Realistic Expectations
It’s essential to set realistic expectations when it comes to fertility treatments. Although it is possible to conceive through fertility treatments, a successful pregnancy is not guaranteed. Setting realistic expectations will help you avoid disappointments and financial strain.
6. Cut Back On Nonessential Expenses
Cutting back on nonessential expenses such as dining out, entertainment and luxury purchases can free up funds to save for fertility treatments. Tightening your budget by cutting out unnecessary expenses can help fast-track your savings and reduce financial stress.
7. Take Advantage Of Flexible Spending Accounts
Flexible spending accounts (FSAs) are pre-tax accounts that can be used for medical expenses. By contributing to FSA, you can reduce your taxable income and save money on various medical costs, including fertility treatments.
8. Research Affordable Fertility Clinics
Research helps to identify affordable options that meet your needs. It lets you compare pricing models to find the clinic that can meet your financial capability. Additionally, research helps you check each clinic’s success rates, analyze available amenities, and other essential information, such as consultation services and aftercare, to help you make an informed decision later.
9. Look For Discounts And Financial Assistance Programs
Many fertility clinics offer discounts and financial assistance programs to help alleviate fertility treatments’ financial burden. Research and inquire about these programs and discounts to make fertility treatments more affordable.
10. Consult A Financial Advisor
Consulting a financial advisor with experience in family planning and fertility treatments can help you create a financial plan that works for you. A financial advisor can guide you through creating a savings plan, seeking financing options, and managing your finances during fertility treatments.
Marin Fertility Center observes that financial planning for fertility treatments can be overwhelming, but it is possible to make it an easier task. Start by following the ten tips above. With these, you can increase your chances of conceiving and reduce the financial burden of fertility treatments. Remember to be realistic, set a budget, and explore all options for financial assistance to make your fertility treatment journey as stress-free as possible.