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IVF Costs and Financing Options
IVF could help you grow your family.
In vitro fertilization or IVF is a fertility treatment that helps couples who may be struggling with infertility. Roughly 2.3% of infants are conceived with assisted reproductive technology, like IVF, each year.1
While this procedure is often effective, it could be costly. Before exploring your options, make sure you understand the costs associated with IVF and financing options.
Let’s look at the costs you may see and the different payment methods you may have at your disposal.
This information is not medical advice. You should consult with a medical professional for advice specific to your particular circumstances.
Key Takeaways
IVF costs vary from clinic to clinic, but many charge thousands of dollars per cycle.
Personal loans and credit cards may help you finance the cost of the treatment.
Building your savings before you start treatment could reduce the amount you may need to borrow.
The Costs Associated With IVF
IVF is a significant expense. In fact, one cycle may cost couples between $15,000 and $20,000.2 The exact number of cycles needed varies from person to person, but many require multiple to become pregnant, meaning the cost could really add up.
Some clinics charge a base fee which covers things like routine monitoring appointments, egg retrieval, embryo fertilization, and embryo transfers. But you may also be subject to additional charges for services like:
Fertility assessments before beginning treatment
Injectable medications to stimulate egg production
Embryo freezing
Embryo storage
Again, the exact costs vary from clinic to clinic. Consider speaking with different clinics to learn more about their fee structure and what you could expect to pay for their services.
Factors That Impact IVF Costs
Though every clinic charges differently for its IVF services, there are some factors that contribute to the cost you pay regardless of the clinic you choose, including:
The number of IVF cycles needed
Location
What’s included in the base cost
The type of treatment
Using donor eggs or a surrogate
Saving for IVF
If you have some time before you want to expand your family, building up a savings fund could be a good option.
Opening a high-yield savings account and making regular contributions could help you build your savings faster. Savings accounts earn compound interest, meaning they earn interest on the money you contribute, as well as the interest the account has earned in previous months.
Financing IVF
Though some couples pay for IVF upfront, many don’t have tens of thousands of dollars sitting in a savings account, ready for use. Luckily, there are several ways to finance IVF treatments.
Here are a few of the most common methods to consider.3
Leverage Medical Coverage
IVF may be covered by your health insurance policy, as 21 states require health insurance providers to cover certain fertility treatments. If you’re unsure, call your insurance provider and ask about their coverage, coverage limits, and which clinics (if any) are considered “in network” to help you qualify for the best price possible.4
You may also be able to use your flexible savings account (FSA) or health savings account (HSA) to cover some or all of the procedure’s costs. Keep in mind that the funds in your FSA do not roll over at the end of the year, so you can’t bank them to pay for IVF in the future.
HSA funds, on the other hand, roll over year to year.5 You could let the balance in your account grow for multiple years before you seek IVF treatment. This option could be especially helpful if your employer contributes to the account.
Consider Conventional Funding
If you don’t have an FSA or HSA account, you may want to look at more conventional financing, such as:
Personal loans. Personal loans are available from banks, credit unions, and other lenders and typically may be used to cover almost any expense, including IVF. You receive a lump sum of money upfront and may use that money to pay for your IVF treatments. Remember, once you receive the funds, you need to start making payments according to the loan’s terms.6
Credit cards. If you don’t want to take out a personal loan, you may be able to use a credit card to cover a portion or all of your IVF treatment costs. Keep in mind that credit cards typically have higher rates than personal loans. This means you could end up paying more for your treatments if you’re not able to pay off your credit card balance in full before interest charges start.7
Research Specialty Financing
Conventional funding isn’t the only option you have. There are several fertility-specific financing options which could help you pay for your IVF treatments. Let’s review two options.8
In-house financing: Many fertility clinics allow people to finance the cost of their treatment directly with the clinic through different payment plans. These plans vary from clinic to clinic, but many charge interest on those payment plans. Be sure to review the terms of any financing plan before signing the dotted line.
Fertility loans: Some lenders partner with fertility clinics and offer loans specifically for fertility treatments. Since these are typically personal loans, you likely have to go through a credit check and make payments on your loan every month until it’s paid off in full.
Remember to take your time and compare these options closely. For example, just because you trust the medical team in the clinic, doesn’t necessarily mean their financing options are the best fit for your needs. You may end up finding better rates and more affordable payments by working with a private lender.
Comparing IVF Financing Options
No matter which method or methods you’re investigating, consider all of your options before submitting an application or starting the IVF process.
Take a look at your financial situation and research each financing method in detail. Here are a few factors to keep top of mind as you explore your options:
Your credit score: If you have a higher credit score, a personal loan may be a better and more affordable option. But if your score is lower or you can’t qualify for a personal loan, other financing options may be a better choice.
The total cost: Some payment methods may not cover the full cost. For example, both HSAs and FSAs limit the total contributions you may make each year. Loans, on the other hand, typically let you borrow what you need, up to certain limits.
Annual Percentage Rate (APR): APR is expressed as a percentage and represents the amount you owe the lender for borrowing money. Consider the rates you’re getting and whether you’re able to afford the monthly payment before you sign on the dotted line.
Timeline: Consider how quickly you want to start treatment. If you can wait a few months or more to start, you may be able to build your savings and reduce the amount you need to finance.
Fees: It’s always important to ask lenders about the fees they charge. Some charge you an origination fee when you accept the loan and a prepayment fee if you repay it before the end of term.
IVF Financing Considerations
You may want to consider how financing IVF could impact your overall finances and credit score. Remember, taking on a new loan or charging a large portion of your treatment to a credit card may increase your credit utilization ratio and could cause your credit score to drop.
As always, be sure to make sure you can afford the minimum payments each month before you sign.
Final Thoughts
IVF may be expensive, but if you’re struggling with fertility and feel that it’s the best option for you and your family, it could be well worth the cost. As we mentioned before, it’s important to discuss this and other fertility treatments with a medical professional.
Whether you save up in advance or choose financing, it’s important to understand the total costs involved with IVF treatment. If you want to avoid taking on debt, using a high-yield savings account could help your savings grow faster, which may allow you to expand your family sooner.
If you choose to finance the treatment, make sure to review the terms and conditions and ensure you understand any fees associated with it. It’s also important to work these payments into your budget so you don’t place a strain on your finances.