In vitro fertilization (IVF) is one of the most expensive procedures for overcoming fertility problems. Moreover, insurance companies hardly ever cover it, which may mean you need to finance the procedure. Medical providers expect this, so they usually develop a relationship with a local bank to offer low-interest loans. There are other ways to finance treatment for IVF as well.
Considerations
IVF treatments only work about 40 percent of the time in women under 35, and success rates drop after that age. Thus, you should have financing available for several IVF treatments if the procedure does not work the first time. It may take three or more cycles for IVF to work if it is successful at all, and each attempt costs $10,000 to $15,000 as of June 2011.
Medical Loan
IVF clinics often partner with banks to offer low-interest loans, sometimes as low as 1.9 percent interest a year. Some clinics also offer refund guarantees. The basic refund programs works like this: You pay for two IVF treatments and get three treatments. If the first one works, you are out the payment for the second treatment. If the second treatment works, you break even. On the third attempt, if the treatment does not work, you receive up to 100 percent of your payment back.
Alternatives
The most expensive way to pay for IVF treatment probably would be using a credit card, especially a cash advance. Instead, homeowners could take out a home equity loan, which tends to carry a low interest rate because the line of credit is secured against your property. Also, you can deduct interest on a second mortgage from your taxes. If you pay into a health savings account (HSA), you can contribute funds tax free. However, as of 2011 you cannot use HSA accounts to pay for medication.
Tips
Ask your insurance company which procedures it covers. Some states require insurers to pay for diagnostic tests for reproductive procedures. If you must pay for your own medication, look for the cheapest prices, such as those for generics and products from online pharmacies based in the United States.
You could also go abroad to countries where medical care is cheaper. For instance, some companies escort you to an IVF center in Eastern Europe. They provide airfare and accommodations for less than the cost of a single IVF cycle in the United States.
