Paying for IVF With Loans, Grants and Fertility Financing Options

Name: Paying for IVF With Loans, Grants and Fertility Financing Options
Item: Paying for IVF With Loans, Grants and Fertility Financing Options
Author: Nathan Paulus

If your insurance doesn't cover fertility treatments and IVF, you can consider IVF loans with specific requirements. To manage costs, you can also explore non-loan options like grants, crowdfunding and clinic payment plans.

By Nathan Paulus

Edited by Victoria Copans

Updated: October 22, 2024

Advertising & Editorial Disclosure

According to the World Health Organization, approximately one in six people worldwide are affected by infertility. In vitro fertilization (IVF) and other fertility treatments can offer hope to couples struggling with infertility. However, only 19 U.S. states have laws requiring insurers to offer or provide coverage for some infertility procedure costs. As a result, in most cases, infertility patients must pay out of pocket or finance a portion of their IVF treatments, especially in states without mandates for fertility treatment coverage.

Loans are commonly used to finance IVF, but they come with specific eligibility requirements, such as having a good credit score. Loans can provide quick access to funds, but exploring other financing options without borrowing, such as grants and crowdfunding, is also worthwhile. Several grant opportunities are available that can help fund fertility treatments, providing much-needed financial assistance.

IVF and Fertility Treatment Costs

The average cost of in vitro fertilization (IVF) treatment, according to FertilityIQ, exceeds $20,000 when considering all associated expenses, including medication. However, these costs can vary significantly depending on location, clinic and any additional treatments that may be required.

Below is an overview of the average cost breakdown of IVF treatments in several major cities in the U.S., which can give you a general idea of what to include in your budget planning before undergoing fertility treatments.

	SF	LA	NYC	NJ	Chicago	Boston	Seattle	Atlanta
IVF	$12,246	$13,325	$9,705	$10,866	$11,666	$8,267	$12,450	$11,363
Medication	$5,000	$5,000	$5,000	$5,000	$5,000	$5,000	$5,000	$5,000
Consultation	$410	$320	$408	$408	$438	$352	$312	$282
ICSI	$1,891	$1,763	$2,500	$1,725	$1,750	$1,280	$900	$1,687
PGT-A	$5,202	$5,475	$5,881	$5,000	$5,425	$5,111	$4,700	$4,800
Total	$24,749	$25,883	$23,494	$22,999	$24,279	$20,010	$23,362	$23,132

Paying for Fertility Treatments With IVF Loans

IVF loans are personal loans designed to finance fertility treatments. They provide a lump sum upfront that can be disbursed directly to your health care provider or bank account. These loans offer flexible repayment terms from a few months to several years and are typically unsecured, meaning no collateral is required. Many clinics partner with lenders to provide IVF-specific loans.

The loan amount and interest rate you may qualify for depend on your financial profile, credit score and income. Once you secure an IVF loan, you'll repay it with fixed monthly installments. You can also apply for personal loans independently for IVF funding.

Specialized Fertility Loans

Specialized fertility lenders often partner with clinics to offer specific financing options. These loans may offer benefits like 0% APR financing but might require deposits or membership fees. Compare these costs with traditional personal loans. Some clinics also provide in-house financing, which may require a down payment and offer service package discounts with flexible payment plans. These loans are ideal for those preferring a lender affiliated with their fertility clinic.

Personal Loans

Personal loans can cover various expenses, including IVF treatments. Offered by banks, credit unions and online lenders, they usually feature fixed interest rates and terms ranging from one to seven years, often with lower interest rates than credit cards. These loans are typically unsecured, eliminating the risk of losing collateral. However, ensure you can afford repayments, as defaulting can damage your credit score.

How to Find the Right IVF Loan

If you decide to finance your IVF treatment using loans, shop around and compare loan options to ensure you get the best deal. Before taking out a loan, check whether your health insurance covers fertility treatments to minimize borrowing. Here are some tips to help you find the right loan for your situation and financial needs:

Check Clinic Partnerships

Some lenders provide IVF loans only through partnered clinics. Ensure you're comfortable using this clinic and verify that your clinic accepts loan payments if you choose a personal loan.

Check Eligibility

To streamline your search, determine if you meet the lender's eligibility requirements, such as credit score, income and debt-to-income ratio.

Compare Interest Rates

Look for loans with competitive interest rates. Lower rates will reduce the overall cost of your loan and save you money over time.

Down Payment Requirements

Check if the lender requires a down payment, especially if loans are offered directly through fertility clinics.

Evaluate Payment Options

Consider the loan term and monthly payment amount. Choose a repayment schedule that fits your budget and allows you to pay off the loan reasonably. Look for loans with flexible repayment options, such as the ability to make extra payments or adjust your payment schedule if needed.

Review Lender Reputation

Research the lender's reputation by reading customer reviews and checking their ratings with the Better Business Bureau. A reputable lender will provide transparent terms and excellent customer service.

Consider Customer Service

Ensure the lender offers accessible customer service, such as 24/7 support or live chat, to assist you when needed.

How to Qualify for an IVF Loan

Qualifying for an IVF loan involves meeting specific requirements — they are generally similar to standard personal loans but may include particular considerations for fertility treatments. Here are some common requirements to be aware of:

Credit Score

Lenders will check your credit score and payment history. A strong credit score can help you secure better interest rates and terms, while lower scores may lead to higher APRs, stricter conditions or even denial.

Income

Lenders assess your income to ensure you can repay the loan and may have minimum income eligibility requirements. A stable job history and steady income can strengthen your application. If your income is variable or commission-based, consider applying with a co-borrower.

Debt-to-Income (DTI) Ratio

Lenders calculate your DTI ratio to determine how much of your income goes toward existing debt. A lower DTI ratio indicates a greater ability to take on new debt and lenders typically have a maximum DTI threshold.

IVF Clinic Affiliation

Some specialized IVF loan programs may require you to use an affiliated clinic. Ensure your chosen fertility center is on the lender's list of approved clinics, or consider a general personal loan if it's not.

Supporting Documents

You may need to provide documentation to support your loan application, such as proof of income (e.g., pay stubs or tax returns), identification (e.g., driver's license or passport) and any relevant financial statements.

What to Consider Before Taking Out an IVF Loan

Before taking out an IVF loan, understand that it requires repayment, which may coincide with the increased expenses of caring for a newborn. Consider how you will manage loan repayments alongside the costs of childrearing. Here are some key considerations to keep in mind:

Assess Your Financial Situation

Evaluate your current financial health, including your income, expenses and existing debt. This assessment will help you determine how much you can afford to borrow and repay comfortably.

Consider Long-Term Implications

Consider how each financing option will impact your long-term financial health, including the total cost of borrowing and how it aligns with your broader financial goals.

Know What You Can Afford

Create a detailed budget that includes potential loan repayments and childcare costs. Ensure you can comfortably cover these expenses without compromising your financial stability.

Plan for Post-Birth Expenses

Consider the financial implications of having a child, such as medical bills, childcare and everyday necessities. Ensure your financial plan accommodates these additional costs alongside loan repayments.

Explore Alternative Funding Options

Before committing to a loan, explore other funding options, such as grants, savings or family support, that might reduce the amount you need to borrow.

IVF Grants to Fund Fertility Treatments

IVF grants provide funding that doesn't require repayment and are offered by various organizations. These grants can cover part or all of an IVF cycle and often have specific eligibility criteria, such as proof of infertility and financial need, as well as insurance coverage details. Applications usually require a fee and must be submitted by a set deadline. Using resources like CoFertility can help you find grants available in your state. Here are some opportunities to consider:

Baby Quest Foundation: This organization provides financial assistance for IVF, egg and sperm donation, embryo donation and gestational surrogacy. Grants are awarded twice a year based on financial need and treatment potential.
Footsteps for Fertility Foundation: This foundation offers grants in vouchers that can be used at specific partner clinics. The grants cover a portion of the treatment costs and are awarded through a random selection process.
Gift of Parenthood: This organization provides grants to assist with various fertility treatments, including IVF, egg donation and surrogacy. Grants are awarded quarterly, with recipients chosen based on their personal story, financial need and commitment to building a family.
The Hope for Fertility Foundation: This foundation offers grants to help offset the cost of fertility treatments or adoption. Grants are awarded annually, with recipients selected based on financial need and the potential impact of the assistance.
Tinina Q. Cade Foundation: This foundation offers the Family Building Grant, which provides up to $10,000 for fertility treatments or domestic adoption. The grant is open to anyone experiencing infertility, and applications are reviewed twice a year.

Non-Loan Financing Options for Fertility Treatment

If taking out a loan doesn't align with your current financial situation, there are alternative ways to reduce costs. Negotiating with your health care provider to see if they can offer any cost reductions is worthwhile. Here are some options to consider:

Crowdfunding

Platforms like GoFundMe and Kickstarter enable you to raise funds from friends, family and strangers to help cover fertility treatment costs. Sharing your personal story and goals can inspire others to support your journey.

Fertility Clinic Payment Plans

Many fertility clinics offer in-house financing or payment plans that allow you to spread the cost of treatment over several months or years. These plans can be a convenient way to manage expenses without using traditional loans.

Employer Benefits

Check with your employer to see if they offer fertility benefits as part of their health care plan. Some companies provide financial assistance for fertility treatments as an employee benefit, which can help alleviate some of the costs.

Alternative Financing Options for Fertility Treatments

If personal loans aren't suitable and you've explored other ways to reduce costs, consider these alternative financing options for fertility treatments:

Home Equity Line of Credit (HELOC)

Best for: Homeowners preferring a revolving credit line with potentially lower rates than personal loans.

A HELOC allows you to borrow against the equity in your home, offering a flexible line of credit up to 85% of your home's value. Like a credit card, you can borrow as needed and pay interest only on the amount you use. HELOCs often have competitive rates, around 7%, but they are secured by your home, which means defaulting could lead to foreclosure. This option is useful if you plan to fund IVF gradually and want to make payments based on actual use.

Home Equity Loans

Best for: Homeowners with considerable equity looking for fixed payments over time.

Home equity loans provide a lump sum with repayment terms that can extend for up to 30 years, offering predictable monthly payments. These loans take longer to approve and require thorough qualification checks. Because they are secured by your home, you must repay them to avoid losing your property.

401(k) Loan

Best for: Individuals with a 401(k) who prefer not to dip into personal savings.

A 401(k) loan allows you to borrow from your retirement savings, providing an immediate source of funds without touching personal savings. However, the borrowed amount will not earn investment returns until repaid, and you must repay the loan within five years to avoid penalties from the IRS.

Credit Union Loans

Best for: Credit union members or those with less-than-perfect credit.

Credit unions often offer their members personal loans with favorable terms, considering the overall financial picture rather than just credit scores. These loans can be ideal for individuals with lower credit scores who need funds for fertility treatments.

0% Interest Credit Card

Best for: Borrowers with solid credit who can pay off balances quickly.

Those with good or excellent credit may qualify for a credit card with a 0% introductory APR for 15 to 21 months, offering a period of interest-free payments. This is suitable for covering smaller fertility costs, but it's crucial to pay off the balance before the introductory period ends to avoid high interest rates, which can exceed 25%.

FAQ About Fertility Treatments and IVF Financing

Below are some frequently asked questions regarding fertility treatments and IVF financing. If you have specific questions, consider consulting with a financial advisor or fertility specialist for tailored advice.

Can I use insurance to cover IVF costs?

Yes, some insurance plans offer partial coverage for IVF and fertility treatments. Coverage varies widely, so it is important to review your policy details and speak with your insurance provider to understand what is included and any requirements you must meet.

Are there any grants or scholarships available for IVF?

Yes, various organizations offer grants and scholarships to help cover the costs of IVF and fertility treatments. These grants typically have specific eligibility criteria, such as financial need or medical conditions and may require an application process.

How can I improve my chances of qualifying for an IVF loan?

To improve your chances of qualifying for an IVF loan, maintain a good credit score, ensure a stable income and keep your debt-to-income ratio low. Providing complete and accurate documentation during the application process can also enhance your chances of approval.

What are the risks of using a credit card to finance IVF?

Using a credit card to finance IVF can be risky due to high interest rates, especially if you cannot pay off the balance quickly. It's important to consider promotional interest rates and repayment terms and ensure you have a plan to manage the debt responsibly.

Can I combine different financing options for IVF?

Yes, you can combine multiple financing options to cover IVF costs. For example, you might use a grant to reduce expenses, an HSA or FSA for additional savings and a loan to cover the remaining balance. Combining options can provide flexibility and reduce the overall financial burden.

Can I qualify for IVF loans with bad credit?

Qualifying for IVF loans with bad credit can be challenging, but it's not impossible. Some lenders specialize in offering loans to individuals with less-than-perfect credit, though these may come with higher interest rates and stricter terms. Consider applying with a co-borrower or seeking lenders who focus on fertility financing and are more flexible with credit requirements.

Additional Resources

We've compiled a list of additional resources to help you navigate fertility treatments and their financial aspects.

Alliance for Fertility Preservation: Provides resources and advocacy for preserving fertility, particularly for cancer patients. It also offers guidance on financing options and insurance coverage.
ClinicalTrials.gov: This database, maintained by the National Institutes of Health, offers information on ongoing clinical trials related to fertility and reproductive health. It provides opportunities to participate in cutting-edge research that may offer treatment options.
National Infertility Support and Information Group: This community-based support group offers resources, shared experiences from others undergoing fertility treatments and information about the latest fertility research and developments.
Patient Advocate Foundation: Provides information on navigating health care, insurance issues and financial assistance programs for those dealing with chronic and life-threatening conditions, including infertility.
ReUnite Rx: Provides medication discount programs, helping to make fertility treatments more affordable.

About Nathan Paulus

Nathan Paulus is the Head of Content Marketing at MoneyGeek, with nearly 10 years of experience researching and creating content related to personal finance and financial literacy.

Paulus has a bachelor's degree in English from the University of St. Thomas, Houston. He enjoys helping people from all walks of life build stronger financial foundations.

Read Full Bio »

sources

FertilityIQ. "IVF - In Vitro Fertilization." Accessed August 12, 2024.
Resolve: The National Infertility Association. "Insurance Coverage by State." Accessed August 12, 2024.
World Health Organization. "1 in 6 People Globally Affected by Infertility: Who." Accessed August 12, 2024.