What Are My IVF Financing Options?
If you've struggled to start a family of your own, there are many different fertility treatment options that can help you have a child. One of the most popular and well-known fertility treatment options is in vitro fertilization (IVF), where eggs are fertilized in a lab setting to achieve a successful pregnancy. While this can be a life-changing option, some struggle to pay for the associated costs as many insurers don't offer fertility coverage. This is what you should know about your IVF financing options, including insurance coverage, monthly financing, and more.
Is IVF covered by insurance?
There's a complicated answer to this question, which is why we dedicated an entire post to answering it here. The short answer is, it depends. Where you live, where your employer is headquartered, your current insurance plan, and more will dictate your coverage.
Currently, only 16 states have laws that require insurance companies to fully or partially cover fertility treatments. Unfortunately, in the state of Louisiana, the law does not mandate insurance companies to cover assisted reproduction treatments like IVF.
However, it’s important to check with your insurance provider just in case. They may not provide full coverage, but they could offer some degree of assistance or rebates on fertility tests or medications. Insurance policies vary as does eligibility for coverage, so check directly with them to be sure.
What are my other options?
Before exploring full IVF financing, which we'll cover next, we encourage you to find ways to reduce costs as much as possible. For example, our earlier IVF savings post gives suggestions on how to reduce your costs for fertility tests, medications, and treatments. You may be eligible for grants or even tax deductions.
Speaking of taxes, many patients also use health savings accounts (or HSAs) to set aside tax-exempt money as they prepare for IVF. This may be an option for you as well. Note that most have annual contribution limits, so you probably can't save enough to pay for all of your treatments in one of these.
Once you've reduced costs as much as possible, set aside HSA funds, and worked with your insurer, it's time to consider the remaining costs of fertility treatments. One of the most flexible solutions is IVF financing.
What is IVF financing?
IVF financing refers to a loan set up specifically for IVF and other assisted reproduction treatments.
Think of IVF financing options like a credit card as they operate in a similar manner. Financing plans divide the total cost of your IVF treatment into a series of monthly payments. This is all done through a trusted third-party lending institution, sometimes one that has partnered with your fertility clinic. A reasonable interest rate will apply to the total cost of your loan.
Monthly financing allows you to budget every month as you pay for your fertility treatment. It’s a helpful means of undergoing various therapies if money isn't available immediately at the time of your treatment.
Also, since many of these providers partner with fertility clinics, you can ensure a smoother transaction and pay schedule. Some, like The Fertility Institute, even offer discount programs to their patients.
How to set up IVF financing
We encourage you to shop around when it comes to IVF loans. Ask your fertility clinic for recommendations as well as any trusted financial advisors for input.
Each company will have different interest rates and terms. You can often ask for a soft quote from these providers, without them pulling a hard credit inquiry. If you have time, work on improving your credit score beforehand so you get access to lower interest rates.
Always make sure you fully understand all costs and fees. Beyond interest rates, ask the loan provider about processing fees, any prepayment penalties, and other repayment rules. A good vendor will be open and forthright about these different costs.
Once you've set it up correctly, IVF financing may be just what you need to start the family you have always wanted.
Find IVF financing in Louisiana
The Fertility Institute of New Orleans is proud to offer our patients a variety of IVF financing options.
We are part of Advanced Reproductive Care (ARC), a nationwide network of fertility centers. Thanks to our association with ARC, we can offer our patients a number of IVF financing options and payment plans that can help them save money while undergoing fertility treatments. Learn more about this program here.
We also offer access to CapexMD financing. They specialize in fertility funding, with competitive rates, no prepayment penalties, and no annual fees. They can also provide pre-approvals in 24 hours or less.
The Fertility Clinic also offers repeat cycle discounts to eligible patients and discounts for military families.
During your consultation, our team will fully discuss your financial options in greater detail. We're committed to helping you make the most empowered and well-informed decisions possible when it comes to your fertility journey.
If you would like to learn more about in vitro fertilization, potential costs, or other fertility treatments, contact our team today. Our fertility clinic welcomes patients from all over Louisiana or our neighboring states. We look forward to meeting you in person and helping you create the family you've always dreamed of.
Call or message us today to book your consultation!
Originally posted on April 20, 2014