Financing Fertility: Tips on Getting Started
Seeking infertility treatment is a notoriously costly process, and couples who have decided to undergo fertility testing should be aware that the financial aspect of fertility should be a major factor to consider when trying to conceive. Getting a sense of the costs of fertility treatment and doing research in order to understand fertility testing fees can help avoid any unexpected burdens while undergoing infertility treatment. The following guide can provide a glimpse into what financial planning and fertility financing might involve, as well as tips on the first step to financing fertility.
Budgeting for Infertility
Couples who are having difficulties getting pregnant and who have decided to undergo fertility testing should think of infertility treatment and fertility financing in the same way as they would financing education, retirement or a home. In other words, just as couples need to engage in major financial planning in order to finance these other major expenses, they should be saving for infertility treatment in much the same way.
Of course, the cost of infertility treatment will largely depend on the type of treatment and fertility testing that will be involved. For instance, the cost of fertility hormones can add up to £2,540, while the cost of a single IVF cycle can total £6,300.
Understanding Fertility Fees
One of the first steps to understanding the cost of infertility treatment will involve seeing a fertility specialist or a reproductive endocrinologist. Seeing a fertility specialist will allow couples to get a better sense of the infertility treatment options that will be available to them based on their particular concerns. In addition, a fertility specialist will often be able to refer individuals to an appropriate financial counselor. The fertility specialist herself may be seen once receiving a referral from a primary care physician or an obstetrician-gynaecologist.
Some of the fees that are typically involved in the process of infertility treatment can include the following:
- Fertility test fees
- Diagnostic (advanced) procedures
- Fertility medications
- Fertility procedures for male-factor infertility
- Assisted reproductive procedures
In addition, there may be some additional fees along the way, such as hospital fees, consultation costs, and screening fees prior to infertility treatment.
Financial Planning, Assistance and Insurance
It is important to perform research and look into any financial coverage or assistance that may be available to couples trying to conceive. By looking into insurance options, or creating a financial plan ahead of time, the stress of a financial burden can be avoided.
Your fertility specialist will likely recommend that you research your health insurance policy to see what types of fertility procedures costs may be covered. For instance, many health insurance plans will help finance fertility test costs and diagnostic procedures, but only about one quarter of all insurance plans will cover ART.
It is also important to look into companies that may offer more affordable treatment packages, financial plans and guaranteed refunding. If your insurance company does not offer coverage for infertility treatment, it may be possible to participate in clinical trials at a reputable fertility clinic that offers close monitoring.
Talking to Others about Financing Fertility
Financing fertility takes a lot of research, from finding a suitable fertility clinic to researching fertility procedures and costs. Talking to others who have undergone infertility treatment can be a great source of research, and this applies to financial planning as well. Speak to your friends, neighbor, or family members who may be able to provide a better sense of the fertility test costs and treatment. You can also learn from their experiencing and gain some valuable knowledge from the methods they used to finance fertility.