Financing fertility treatment costs |
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Beyond the lack of insurance coverage, fertility procedures can be tough to finance because most couples experiencing problems can't wait until they've set enough money aside. Where starting a family is concerned, the sooner they seek treatment the better their odds of success.
That's little comfort to those stuck with the bill.
The CDC reports 37 percent of the assisted reproductive technology cycles (including IVF) started in 2004 resulted in live births for women younger than 35. That percentage dropped to 29 percent among women ages 35-37; 20 percent among women ages 38-40, and 11 percent among women 41-42.
"If the female partner is older than 35 we recommend that they not wait to seek treatment," says ASRM spokeswoman Eleanor Nicoll.
Fortunately, there are numerous ways to cut infertility treatment costs down to size and help get patients the care they need when they need it.
| Frustrated couples can take one of several avenues to arrive at a solution |
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| 6 ways to finance fertility treatments |
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1. Maximize your insurance
The first step for prospective parents is to contact their health insurance provider to determine what coverage they have available. Many plans cover diagnostic tests, for example, but few cover assisted reproductive technology, such as IVF and gamete intrafallopian transfer (GIFT). Those seeking treatment should specifically inquire whether drug costs are covered, since drug costs amount to nearly 30 percent of the total treatment expense.
At present, 14 states have laws requiring insurers to either cover or offer to cover some form of infertility diagnosis and treatment, according to ASRM. They are: Arkansas, California, Connecticut, Hawaii, Illinois, Maryland, Massachusetts, Montana, New Jersey, New York, Ohio, Rhode Island, Texas and West Virginia.
Those looking for more information on the coverage required in their state can contact their state insurance commissioner's office.
"More states and many more union plans are adding fertility coverage," says Madsen. "Unions for teachers, firefighters and city and state employees oftentimes offer coverage these days even if it's not mandated by their state."
2. Tap savings, home equity or refinance
After maximizing insurance coverage, couples should look to their own resources, including savings and gifts from relatives. "Parents are often willing to help fund these procedures because they're invested in the notion of having grandchildren and in their own children's happiness," says Madsen.
For homeowners, tapping into home equity is an option. Bryan Beatty, a certified financial planner in Vienna, Va., cautions that couples who take out a home equity loan or line of credit (HELOC) are putting their house on the line. Should they default on their loan, the bank gets the keys to their house.
Since rates on some home equity products are variable, there's also the added risk of higher payments down the road. "Refinancing your house, and pulling out some of the equity that way, may be a better option because you can often get a lower rate and the rate is fixed," says Beatty.
You can compare home equity loan and line of credit rates on Bankrate.
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