Financial Information
Unfortunately, cost is a significant factor when it comes to fertility treatment. Insurance companies vary in what they will cover and how much. The most expensive of the advanced fertility treatments is IVF, typically costing between $10,000 and $12,000 for one cycle, which lasts up to six weeks.
Many states offer benefits for fertility treatment. However, these benefits are not always clear and insurance policies can be confusing. Make sure you review your insurance policy carefully and ask questions. Get information in writing about coverage options and limitations.
Some policies do not recognize fertility as a disease. Others classify reproductive medicine as "experimental." Others perceive the treatment as medically unnecessary. It is important for you to interpret your own insurance policy to make sure you understand coverage options. For more information, please contact your insurance company.
Questions to ask your employer
Do you offer a flexible spending account?
Some employers offer a flexible spending account benefit that allows employees to reduce their taxable income while at the same time saving for medical expenses they know they'll incur during the year.
Please ask your employer for details.
What do I need to do in order to start participating?
Ask your employer for specific dates and details regarding when you can start saving.
What is the minimum/maximum I can save in a flexible spending account?
Please consult with your employer for details.
What proof do I need to supply in order to receive reimbursement for medical expenses?
Proof for the amount spent on medical expenses varies by employer. Common forms include receipts, an explanation of benefits or a bill.
When do I get reimbursed?
Reimbursement schedules vary by employer. Please ask your employer for details.
What if I have more money in my flexible spending account than my medical expenses amount to during the year?
Any money you do not spend is forfeited. Please ask your employer for information about how to estimate your medical expenses.
Is there a tax benefit?
Yes, the money deducted from your paycheck for a flexible spending account is taken out pre-tax, meaning you do not pay tax on it. Consult with your tax advisor for more details.
Questions to ask your banker
Do you have patient financing for medical expenses?
Patient financing may be a finance option. Your lending agency will be able to tell you what your options are.
What types of collateral can be used when borrowing money for medical expenses?
Normally, collateral used would be some form of personal property.
How long would the term of my loan be?
The term of a loan usually depends on the loan amount, your personal credit history and your lending agency.
Would the interest rate be fixed or variable?
Depending on your personal credit history and lending agency, fixed or variable rates may be available.
Can a home equity loan be used for medical expenses?
Home equity loans may be used for medical expenses, but as with any loan, this option depends on your credit history and your lending agency.
What kind of payment schedule would be required?
Payments are usually required monthly, but some lending institutions will allow other arrangements.
Can a line of credit be opened and money borrowed as needed?
Depending on your credit history, a line of credit may be an available option.
How long is the waiting period for a loan approval?
Most often, banks process loan applications within 24 hours.
Would an application fee be charged?
An application fee may be charged. Be sure to ask your banker before applying.
Would a down payment be required?
A down payment may be required. Be sure to ask your banker at the time of application.
Would a tax deduction benefit be available?
A tax benefit may be available. Please check with your income tax advisor.