An Expensive Solution To Infertility
When deciding on reproductive help, in vitro fertilization (IVF) often becomes the go-to fertility treatment. With over 280,000 ART cycles yearly and climbing, IVF continues to grow in popularity. But IVF brings a high financial cost. In fact, the financial impact of IVF can be more than expected. Despite clinics working on ways to reduce the cost, fertility treatment requires strong financial planning.
The cost of IVF
On average, a cycle of IVF can cost as high as $15,000. Research shows IVF requires 2-3 cycles on average for a successful, full-term pregnancy. The entire process can rack up tens of thousands of dollars. Some persons come into IVF financially prepared. But many hopeful patients end up using savings, borrowing against 401(k)s and even homes. If IVF is in the near future, having a budget or financial plan is essential. Here are 5 helpful tips to ease the financial stress with IVF.
1. Reverse engineer your IVF costs
The best place to start with budgeting is with the end in mind. Long before starting the first IVF cycle, get an estimate for the cost of the procedure. From there, calculate how much the cost will be per month, leading up to the time to start. With a monthly figure, hopeful parents will know exactly what’s needed to cover IVF treatment. With that figure, create an achievable budget with income and expenses in mind.
2. Automate savings into a baby fund
A 2016 poll revealed 75% of Americans would struggle to come up with $1,000. So how can hopeful parents save or budget for IVF? Automating savings removes the willpower needed for a monthly budget. Create a baby fund. Then send recurring payments each month. With the cash left, IVF hopefuls now need to be mindful and creative with budgeting and spending.
3. Reduce impulse spending
People who are stressed are more likely to make impulse purchases. As IVF and fertility issues are particularly stressful, the temptation arises to spend a little more on self-care. Saving for a large expense like IVF requires a higher degree of self-discipline. That may even mean giving up on small daily purchases that accumulate over time.
4. Funnel extra income towards IVF
Coming into some extra cash soon? Get closer to the IVF goal by allocating as much extra income as possible to the cause. Send tax refunds, dividend payments, pay raises or sudden windfalls toward the goal. Increasing income using a side hustle for a short period makes budgeting easier.
5. Track your progress
Tracking expenses is the best and most effective way to stick to a budget. Even with automating a set amount to an account, there could be leaks in the budget. Hidden expenses could be the reason why IVF goals can fall apart. Use simple online budgeting tools or apps to help track savings, income, and expenses. With the data collected, unnecessary costs could be found and removed.
6. Look for pharmacy benefit programs
There are many opportunities to save on the cost of IVF treatment. There are programs that provide financial assistance for patients undergoing fertility treatments. Assistance comes in forms from coupons to discounted medication.
Paying for IVF is within reach
With some simple but effective changes, hopeful parents can cover one or more IVF cycles. Experienced IVF clinics also provide amazing support with financial planning and payment options. Speak with a clinic for help on the best way to budget towards IVF goals.