With the high cost of fertility procedures, financing part of your treatment may make the difference between being able to move forward with treatment or putting it off until you have the cash reserves needed to pay out-of-pocket. Infertility loans, home equity loans or lines of credit, and credit cards are all viable options.
Understanding each of your financing options will ensure you choose the one that’s best for you.
Infertility loans
Infertility loans are an increasingly popular option as a way to pay for the cost of treatment. Fertility loans are unsecured lines of credit. Lenders will use your credit history to determine your eligibility, how much you can borrow and at what terms.
When comparing fertility loan companies, be sure to ask what the loan will cover. For example, some may not cover medications or procedures that are considered experimental.
Most fertility clinics will be able to provide recommendations for companies that offer fertility loans. Attain FertilityTM clinics, for example, provide access to Springstone Patient Financing.
Home equity loans and lines of credit
For homeowners, using a home equity loan or line of credit is an alternative to taking out an infertility loan. Something to consider when evaluating an equity option is whether or not you think you may need your home equity loan or line of credit in the future for another use, such as a home renovation or repair.
Credit Cards
And of course, there’s always the option to use your personal credit card as a means to finance infertility treatments. You may want to contact your credit card issuer to ask about other loan options. If you have a good payment history and credit rating, they may be willing to lower your interest rates, as well.
IVF treatment programs
It’s no secret that IVF treatment is expensive – and chances are good that you’ll need more than one treatment cycle to have a baby. The unknown of how many treatment cycles you should go through is stressful and many patients who pay on a cycle-by-cycle basis drop out of treatment too early.
Some fertility centers offer a programs that helps make the cost of IVF treatment more manageable. With these programs, you pay a single, discounted fee for multiple IVF cycles in advance of treatment. Then, if you don’t have a baby, you receive a refund.
These programs ease your mind about the costs associated with IVF treatment and lets you commit to a course of treatment plan that significantly increases your chance of success.
The Attain® Refund Program is offered exclusively at Attain Fertility clinics, which perform 25% of all IVF treatments in the U.S. Their program includes six tries (three IVF and three FET) that’s about 30% less than a comparable pay-as-you go treatment plan. There is medical criteria to take part in the program. Seventy-five percent of Attain IVF Refund patients have a baby and twenty-five percent get a refund.
There are other programs avaible that offer a one-time, discounted fee for multiple IVF cycles, but do not provide a refund offer. The Attain IVF Multi-Cycle Program, for example, is available to all patients who plan to go through IVF using their own eggs.
And remember: You can use a fertility loan, equity loan or line of credit, or credit card to pay for your IVF program, making treatment even more manageable.
What’s the real cost of your fertility loan?
From taking out an infertility loan, to securing an equity loan or line or credit, to using your credit card, there are many financing options available. When you are evaluating which is right for you, make sure you take into consideration the lifetime cost of your loan by factoring in the loan term and interest rate. By knowing the bottom line, you’ll be in a better position to plan for your family’s future.
