I’m a planner by nature. Whether I’m packing for my family’s annual camping trip or doing something as mundane as going to the grocery store, I like to have all my ducks in a row. So it’s no wonder I was drawn to financial planning as a career. Looking toward the future and knowing I have a solid plan gives me a sense of freedom – and I love helping others get the same feeling.
But, despite all our best planning efforts, life is always here to throw us for a loop.
Soon after my husband and I married, we started planning to expand our family. We thought we did everything just right – we saved money, bought a bigger house, and discussed timing. What we couldn’t have planned for was trouble getting and staying pregnant.
While we weren’t alone – according to the CDC, one in five married couples struggles with infertility – my husband and I felt isolated in our journey, as infertility is something few people want to talk openly about. And the cost of infertility treatments, along with the brutal trial-and-error process involved, often only compounds the pain for many families.
The High Price Tag of IVF
Infertility takes many forms and has many treatments, but I want to focus specifically on IVF, or in vitro fertilization, which is the most costly infertility treatment available.
The average cost of IVF is estimated to be between $15k and $30k per cycle. Add to that the cost of time off from work while you undergo medical monitoring and procedures, plus lodging if you don’t live near your clinic. That’s a big bill, and an even bigger bill considering you may have to go through the process several times. And there’s never a guarantee that IVF will work. It’s not uncommon for an American couple to spend around $36,000 out-of-pocket on their treatment journey.
Does Insurance Cover The Cost of Infertility Treatments?
Unfortunately, most IVF patients find themselves footing the bill. Not all states require workplace insurance to cover fertility treatments, and coverage can be limited. Many insurance companies may not cover infertility treatments, categorizing them somewhere near voluntary and therefore outside coverage.
Strategies for Covering The Cost of Infertility Treatment
The options for couples journeying through IVF are complex but doable. We can “mimic” insurance coverage in some sense by utilizing some programs available.
Using Your HSA for Infertility Treatment
Your Health Savings Account (HSA) is a triple-tax-advantaged fund, a powerful financial tool for protecting your wealth from medical expenses. IVF is considered a qualified health expense for an HSA, which is great news for couples trying to conceive.
However, keep in mind that an HSA is a fund you build through your contributions, and it can only grow at a certain rate. In the prime childbearing years, couples have only had a couple of decades at most to build their HSAs, and the 2024 contribution limit for a family is $8,300 per year.
In the end, your HSA can be extremely helpful for defraying the cost of infertility treatments, but it may not cover the entire $36,000 IVF bill. It’s also a qualified expense for an FSA, but the story is much the same.
Tax Deductions
If you itemize your taxes, you can receive a tax deduction for any medical expense over 7.5% of your adjusted gross income. A tax deduction can work within your plan to help you protect and free up other income for expenses. You can also add the cost of IVF to other medical bills to take you over the threshold — it’s 7.5% total.
Again, this can help defray the cost and soften the blow, but it’s far from fully replenishing the expense. The 7.5% total looks generous but is a not substantial amount at the end of the day, especially if you have a higher income. Also, since the Tax Cuts and Jobs Act, the minimum standard deduction for married, filing jointly couples is set at $27,700 (for 2023), meaning that many Americans aren’t likely itemizing to begin with.
Other Support
Infertility financial programs have emerged where insurance is lacking. Specialized loans — such as EggFund and Future Family — and shared-risk groups are two options. Grants also exist, through channels such as the Nest Egg Foundation, for those who qualify. Again, these aren’t simple solutions — you’re looking at an extensive application process and a waiting list, but they make things more possible.
Bottom line: Financial help for IVF exists, but it takes extensive planning, patience and, to be honest, a little luck to get through the process. It’s nowhere near as simple as throwing down your insurance card for the vast majority of couples, at least not yet.
A Priceless Journey
Nothing is simple, especially nothing worth doing. I can hear my daughter in the next room as I write this. It’s the sound I wish I could have heard all those years ago, alone in the operating room, crying my eyes out. Every bit of loneliness, every bit of stress, and every last cent I had would have made it worth it.
READ MORE:
- Where To Turn If Your Insurance Doesn’t Cover Fertility Treatments
- What It’s Really Like To Be A Full-Time Working Mom
- Eliminating The Motherhood Penalty With Allison Robinson
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