You desperately want a baby, and are considering In Vitro Fertilization (IVF), but your insurance does not cover the treatments, and you don't have $20,000 in spare cash. There are banks who may loan you the money. Should you consider financing to pay for your IVF treatments? Not without hedging your bets. If your IVF treatments work, repaying that loan may be much harder than you think.
In Vitro Fertilization (IVF) can cost anywhere from $10,000 to $15,000 per treatment cycle. Many couples have major medical insurance, but most plans do not cover IVF at all. Fifteen states mandate some level of infertility treatment coverage, but some state exclude IVF, and each law has plenty of loopholes. Then there are those couples who work for employers headquartered in one of the thirty five states with no mandate at all.
With IVF insurance coverage so hard to find, most couples must pay IVF expenses completely out of their own pocket. The majority of U.S. households are living check to check. They spend all or most of what they make, and have little in savings. This is even more common with couples looking to start a family. They may have recently entered the workforce, have yet to hit their peak earning years, and have had little time to accumulate assets. Then they are faced with a huge bill for IVF.
Should you take out a loan to pay for your In Vitro Fertilization treatments? You are playing with fire if you do, but there are ways to mitigate the risks with supplemental insurance. If your IVF treatments fail, you repay the loan over time. The bank qualified you for a certain amount based upon your credit score and income, and you handle the payments comfortably. No sweat.
Suppose you conceive and deliver a healthy baby! Mom missed twelve weeks of work for her pregnancy and maternity leave, and now you have the extra expenses of feeding, clothing, and raising your child. When the loan payments come due, where does the money come from?
What if you conceive, but experience pregnancy complications, and your baby is born premature? Mom may be hospitalized and/or miss significant time from work before her delivery. Your baby may spend time in the neonatal intensive care unit (NICU), leaving you with lots of left over medical bills. Then you have the extra expenses of feeding, clothing, and raising your child. Now you are in real trouble when the loan payments come due.
Supplemental IVF Insurance pays cash directly to you when your infertility treatments work, and provides extra benefits in case of complications.
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