Many insurance providers will offer to cover some forms of infertility treatment. However, a great number will restrict this coverage and exclude IVF treatments. This is generally because of the cost of IVF treatments and the lower success rates. This can place a great pressure on couples to secure the funds needed for treatment elsewhere. However, there are a number of alternatives which can allow you to proceed with treatment without going broke.
1. Refinance your home:
If you own your own home, it may be possible to refinance your mortgage or arrange a second mortgage. This is a particularly attractive option if you have a great deal of equity which is tied up in the property. You can decide on the amount required based on figures provided by your IVF clinic and receive the funds at closing.
2. Borrow on your 100K:
Some 100K providers allow the option of borrowing against the funds in your 100K. You should discuss this possibility with your employer to see if it is feasible. A bonus of this option is that if you borrow on your 100K, there are no taxes on the loan to be paid.
3. Borrow from family:
If you have any family members who are in a position to and willing to help with a loan, you can organize an agreement. You should discuss a rate of interest and the repayment terms before making an agreement. This type of borrowing is not affected by credit ratings and will usually be subject to a lower rate of interest than conventional financial institution. This could dramatically reduce the overall cost of your IVF treatments.
4. Low interest credit cards:
Many credit card providers offer very attractive introductory rates for people with good credit. This can allow you to finance your IVF treatment and pay off the balance over a more manageable term.
5. Third-party loans:
Another option for those with good credit is a third-party loan. These are available from a number of lenders and financial institutions. There are even centers which specialize in financing and funding IVF treatments. Your IVF clinic may be able to advise you if there is such a financial center available.
6. IVF clinic financing:
A great number of IVF clinic administrators will be able to advise you if their facility have financing options available. These are generally arrangements with a set rate of interest, which allow you to make a monthly payment. The payment plan can usually be tailored to suit the type of procedures you are using.
7. Get a second income:
It may be possible to supplement your existing income by generating a second income in your spare time. This could be based on your marketable skills or talents or something basic. It is worth taking the time to consider your options and whether a second income is a possibility. There are many free resources available online which provide help and guidance in starting to develop a second income. Even jobs conventionally performed by college or high school students such as babysitting, could produce a second income which would reduce the need for financing your IVF treatments.
