When it comes to any kind of family planning, one of the biggest concerns for most parents is the cost. There are the basic costs of food, clothing, and education - but what if that cost is multiplied by the effort to have the baby in the first place?
If you’re one of the many women who have had to look at alternatives to starting a family, I know this can be an incredibly stressful time for you. I also know that adding the financial burden of fertility treatments only contributes to that anxiety. So, let’s take a look at what we can control.
First, let’s understand the numbers. Forbes Health reported that a single IVF cycle in 2023 can range from $15,000 - $30,000. Investopedia estimates that egg freezing (oocyte cryopreservation) can cost $7,000 - $10,000. Adoption fees can also vary widely.
Take a deep breath. It’s not all bad news.
While many insurance companies might not cover fertility treatments, you never know until you ask. Some insurance plans may cover fertility testing and diagnosis, and some states require insurance companies to cover some aspects of fertility treatments. Additionally, your employer-sponsored health plan may offer some financial assistance.
Several organizations offer financial assistance for fertility treatments. The National Infertility Association is one organization that offers grants for fertility treatments to those who meet the eligibility criteria. Additionally, clinics may also offer discounts or payment plans for fertility treatments.
In previous pieces, we’ve talked about how important it is to share milestones and possible decisions with your financial advisor – and if you’re considering fertility treatments, this certainly falls into this category.
When I speak with women who are embarking on this journey, we discuss their financial options. For example, we look at tax-advantaged money such as Health Savings Accounts and if it might be possible to withdraw money from a Roth with limited consequences.
Overall, we look at the numbers and discuss how diverting funds from other areas might affect your financial plan. For example, you may be tempted to stop contributions to retirement accounts or even take money out of a retirement account. (But please don’t do this without speaking with a professional!) An advisor can also identify appropriate investments for what is most likely a shorter savings time frame.
Family planning is such an exciting time for you and for me! I love helping my clients from the moment they think about expanding their family to further down the road as we look at education funding and making other major decisions. So, don’t leave your advisor out of the conversation; helping you with these milestones is why we love what we do.