In July 1978, Louise Brown was born to Lesley and John Brown. She was the first baby to be born through in vitro fertilization after her parents were unsuccessful in conceiving naturally over 9 years. Since then there have been more than 8 million IVF births around the world, and the number continues to grow. That is because one in seven couples tends to have trouble conceiving naturally. Add to that, the stigma behind ‘test tube babies’ is wearing off compared to that four decades ago. Unfortunately, the cost of IVF remains quite high and unreachable to most people, which is why IVF grants may be critical for many couples having trouble with conception. According to BBC News, a single cycle of IVF costs about £5,000 yet it takes several cycles to be successful. That may be out of reach for many, but there are ways to make the procedure more affordable.
Provided you have a good credit rating and income, you may be able to borrow enough money from the bank to cover the IVF treatment. The conventional and most popular way of getting a loan is through a bank. They will determine the amount of money to lend you based on various factors such as those mentioned above and then some. If you find that you can’t get enough money that you need for the procedure, you may need to borrow from more than one bank. Your credit card could also come I handy when you need additional funds.
Taking out a personal loan to spend on IVF treatment has to be a decision you make carefully. The most obvious is the cost involved with repaying the loan. The interest rates you end up paying will depend on your credit rating, of course, whereby the lower your rating the higher the rates. Nevertheless, you will end up paying a lot more than you were offered to begin with. In the case of credit cards, interest rates are even higher because they were meant to cover small expenses.
Despite the charges, you may still remain adamant about having a kid if you really want one; or several. If you are like millions of other couples, then the interest may not be something that stops you from getting what you want. All the same, you need to consider the impact such a decision will have on your entire family for years to come.
Such loans could be acquired directly from a bank, credit union or other financial institution. Nowadays, you could even get a loan through one or several of the many online lenders such as Lending Club, SoFi, Prosper, etc. These online platforms make it a lot easier to borrow some quick cash to use for IVF treatment. However, always look out for hidden charges hidden within the fine print. Some charges may include processing fees, prepayment penalties, etc.
IVF grants and scholarships
Aside from taking out a loan for your IVF treatment, there are also some IVF grants issued either by the government or other private organization. As you may imagine, such grants are very hard to come by, but there are a few out there. It is also important to understand that you may not get complete coverage for your treatment. Most of these grants are as a result of donations, so you can’t expect to get complete coverage every time.
Furthermore, there is a lot of competition, so expect to jump through several hoops. As mentioned at the beginning, there are many couples in need of IVF treatment, so there will be tough competition. Then you must be ready for some publicity as most private IVF grants will try to publicize the process. All in all, these grants are wonderful, but you will need to do your research and determine what you are comfortable with.
This has become a very popular way of raising money for a cause through platforms like GoFundMe, Kickstarter, Indiegogo, etc. You too might benefit from these platforms as long as you are willing to share your story. Many crowdsourcing projects have exceeded expectations, and yours could be too. It is still important to recognize that there are some strategies you ought to use to receive attention for your course. And even if you don’t reach your goal, whatever helps you get may help cover part of the cost for IVF treatment.
IVF clinic financing
Clinics that run IVF services understand that the procedure may be costly, and thus partner with financial institutions to provide financing options. This is unlike a loan in that you are working with the clinic, and they tend to have more flexible payment terms. In some cases, the IVF clinic itself may offer options for treatment plans, and you need to inquire about this.
Health Savings Account (HSA) and home equity
While insurance companies may not cover IVF, you can use your HSA to foot part or all of your IVF expenses. Perhaps you first started your HSA for tax benefits, but now that money may come in handy. However, you have to weigh the impact of using that money on IVF against your other healthcare needs before moving forward.
When you’re really serious about getting a baby but can’t, then it may be time to take drastic action and use your home as collateral to borrow a loan. This is always risky because you may lose your home if you fail to make payments, but provided you plan ahead none of that will happen. To lower interest rates, go through home equity lines of credit and ease the burden of repayment.
Low-cost IVF treatment labs
Recently, the Genk Institute for Fertility Technology came up with a low-cost method for IVF treatment. It is just as effective as the conventional method, except it costs just 10% to 15% of the normal process. The institute intends to use the technology in developing countries, but it is still available to everyone.