When a couple reaches the mutual decision of bearing children, it brings one of the most blissful gifts into their lives. They start building their family, and despite the added financial burden, it overwhelms them with a serene feeling of joy. This joy, however, can turn into despair if they find they’re unable to conceive children.
Infertility occurs in approximately 15% of couples, and it’s usually diagnosed after the inability to conceive after 12 months of trying. Thanks to the advancement of science, couples facing such an obstacle have other ways of conceiving, one of which is In Vitro Fertilization (IVF). However, this kind of treatment can be very costly, which forces many couples to seek a loan. But is a loan their best option?
How a Loan Can Help With Fertility Treatment
Taking out a loan can be one of the best options when it comes to managing the costs of an IVF treatment, but this is not the case for everyone. It depends largely on the couples, the loan structure, and their financial situation. The reason why many couples seek a loan comes from the fact that the average cost of fertility treatment ranges from $10,000 to $20,000 per cycle, depending on the location. This kind of treatment requires two cycles, so you can understand how expensive it can get.
Getting a loan can certainly help offset the cost of fertility treatment. There are a few sources where you can get a loan for this treatment, such as the following:
1. Your Healthcare Provider
The first thing you should do is to check with your medical provider if they offer loans for fertility treatment. Many of them have dealt with financing companies that provide several kinds of loans for healthcare purposes, including IVF. These loans work just like personal loans do: depending on your loan structure, you’ll be making periodical payments to pay back your debts with a specified interest rate. You’ll need to make sure you understand the details of the loan contract, as some lenders place penalizing clauses for delivering extra or early payments.
2. Personal Loan from Private Lenders
Personal loans can be borrowed for a variety of reasons, not specifically for IVF treatment. You’ll be able to find private lenders online or through any of your acquaintances, but you’ll also find online lenders who focus on fertility treatment. Most lenders will evaluate you on your credit score, many declining applications from those with bad credit. Good credit will help you find a loan structure with minimum interest rates and a suitable payment schedule, but you need to research lenders to find the best offer.
3. Your Bank or Credit Union
On the other hand, you can search for loan options provided by your bank or credit union. This kind of loan can work in your favor if you have a savings account to withdraw your payments from, in which case you can get a rate discount.
Other Fertility Treatment Financing Options
Getting a loan can be tempting, but it’s good to understand that it’s not your only option to finance your fertility treatment. You should always weigh its benefits against your future situation, and in case you find it unsuitable, then it’s best to look for other financing options.
1. Work Benefits
Many employers offer healthcare benefits to their employees, even for an IVF treatment. If your employer provides certain healthcare benefits but not IVF, you can ask them if they can. Most of those who provide these benefits do so because they’ve been asked, so don’t assume that their answer will be “no” before you try.
2. Fertility Financial Assisting
Certain non-profit organizations offer grants and scholarships to some women to financially assist them with their treatment.
3. Credit Cards with a 0% introductory APR
These kinds of credit cards offer a 0% interest rate for the first 12 months, which can be a good option if you’re sure you can pay the debt in time. If not, it’s a risky approach that you should only consider as a last resort.
Fertility treatment can add to the emotional and mental stress that comes with preparing to welcome your newborn. The last thing you need is to add a financial burden to your life at the moment. With the high cost of fertility treatments, many couples think of taking out loans to help offset the cost. This can be a great option if the loan repayment suits your financial plans, but it can certainly go wrong if you’re not careful. Make sure you consider all your options and choose what’s best for you.
