Many couples face paying for their in vitro fertilization treatments out-of-pocket. Health insurance plans that cover in vitro fertilization procedures are uncommon and hard to find. So many couples look hard at various financing options: loans, savings, and cutting costs. Supplemental insurance offers the safest alternative and provides the best return.
When looking at ways to pay your IVF costs you can dip into savings, take a loan, and begin cutting costs. Supplemental insurance complements each alternative.
IVF Depletes Savings
An average in vitro fertilization cycle costs between $10,000 and $15,000. Couples who have built up a nest egg and have enough cash readily available are on the safest ground. But IVF does not work every time. A couple can quickly exhaust savings just trying to get pregnant.
Loans are Hard to Repay
Most families are living check to check and have little in savings, but they may have equity in their home, or they may qualify for financing. A loan allows a couple to have the upfront cash needed to begin their treatments. But IVF often does work, which means increased expenses for feeding, clothing and raising a newborn coupled with lost income from mom during her maternity leave. Repaying a loan under these conditions is very hard - especially for a couple finding it hard to save already.
Saving Money Takes Time
Other couples look to save money over time rather than take on debt just before losing income and increasing costs. Many of these couples may have married later in life and are rapidly approaching an age where child bearing in no longer realistic or safe. They may not have the luxury of time to save up, and today's interest rates are very small.
Supplemental insurance provides a safety net that helps in all three scenarios. It pays cash benefits directly to the insured when they deliver their baby. Plus, it may pay additional benefits in case of pregnancy complications, and multiple births that are born premature.
Couples with savings can be more aggressive with their nest eggs, those taking out loans can solve their income dilemma, and older couples can start more quickly with financing knowing that their downside it now covered. Rather than getting a measly 5% return on your money, supplemental insurance can return 300% for normal delivery - when the timing is right.