How to Finance Fertility Treatment When You Think You Can’t Afford It
The cost of fertility treatment is a significant part of the decision-making process—discouraging many prospective parents. Nearly half of fertility clinic visitors do not proceed with treatment due to the costs and complexities involved.
At Future Family, we take the intricacies and anxieties out of the picture so you can focus on the important part—starting the family you deserve. Below, we provide a comparison of the two main options for how to finance fertility treatment—loans and credit cards. Each comes with pros and cons, so you can thoroughly reflect on each and make the best decision.
Fertility Treatment Loans
Nearly 75% of Americans don’t have IVF coverage. Thus, many people lean on financing to start their families.
Luckily, there are fertility treatment loans that not only offer a simple payment plan but also access to a personal fertility care team. This holistic loan package is key to getting the most out of your fertility journey.
Future Family offers financing for the following treatments:
- IVF Loan Financing
- Egg Freezing Plans
- Gestational Carriers
- PGT Testing & Analysis
- Reciprocal IVF Surrogacy
- Fast pre-approval: Applicants can be pre-approved within two minutes for up to $50K at Future Family. This pre-approval process does not impact your credit score.
- Access to a trusted care team: Some loan plans come with value-added benefits such as access to a team of registered nurses—medical professionals who have worked as fertility nurses for 8+ years. This care team provides educational and emotional support to make the process less overwhelming. Learn more about our nursing care team.
- Fixed interest rates, all in one payment: Lenders like Future Family offer fixed interest rates and pay clinics directly. For those who qualify, we offer a 0% loan interest rate financing program for up to 12 months.
- Less stress: As aforementioned, seeking a loan with favorable terms alleviates some of the financial stress and pressure in the fertility process.
Learn more about what’s covered in an IVF loan.
- Not everyone can qualify: There’s no guarantee everyone will qualify for a loan. Hopeful parents can improve their credit scores by making on-time payments, catching up on past-due accounts, and paying down revolving account balances—but that takes time. Some lenders offer special programs such as the Friends and Family Plan, where a loved one can take out a loan on your behalf.
- Loans strain your overall finances: You must ensure you can realistically take on a loan. Otherwise, your loan may create even more financial strain. Honestly assess your financial situation (i.e., cost of living, expenses, other loans, etc.), and use these values to determine if you can confidently meet the monthly payment and interest rates. The 0% interest rate financing mentioned above can ease some of that pressure.
Paying for treatments via credit card is a relatively common fertility treatment financing option. While certain benefits exist for credit cards, there are hidden factors to keep in mind.
- An easy option if one does not meet loan standards: If someone does not qualify for a loan, using a credit card is convenient and quick.
- 0% APR promotional offer: Some consumers qualify for a 0% APR promotional offer, which helps you cover a portion of the treatment. But it’s important to stay vigilant—once the promo period concludes, the rates often spike to over 20%. Thus, paying off the balance before that period ends is usually essential.
- Variable/high-interest rates: Credit cards come with variable interest rates, which are unpredictable. When interest rates in the market rise, so will yours. Additionally, interest rates are often high—especially if you have a low credit score. This can render credit cards a dangerous choice in the long run.
- Impact on credit score: A large (e.g., $20k) charge on a card increases your credit utilization percentage, which lowers your credit score.
- Low credit limits: Credit limits are often lower than the cost of treatment. While you may be able to charge your first treatment, you might not have enough remaining credit to charge a second.
- No access to fertility care team: Using a credit card to cover the cost of fertility treatment does not provide access to a fertility care team. Amidst the challenging fertility process, having an accessible care team can make all the difference.
When planning to start a new family, optimizing your financial situation for everything that could come your way makes sense. This potentially includes the expenses of parenthood and buying a house.
So, it's important to be mindful of your credit score—and how much money you have available at any given time for unexpected expenses and down payments.