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The price of infertility

Posted in Borrowing Money on December 31, 2018

Having a family is a dream for many, and while most couples see that dream come true, for others the dream can seem unattainable. The reasons can vary, but for some it’s an issue of fertility.

Fortunately, we live in a time when the medical field has made great strides through research and can often help those trying to conceive through a number of different medical procedures. This is wonderful news! But …and there is a but, unfortunately for many, the costs of the procedures make the possibility of becoming parents out of their financial reach.

On average the cost of a basic IVF cycle can be $12,000 to $15,000 and that doesn’t include the drugs needed to go along with the procedures. While some insurance companies cover the costs or at least a portion of the costs, many don’t, often leaving many heartbroken or seeking other options or worse, leaving couples giving up on their dreams of becoming parents.

Some spend their life savings to start a family. Others borrow against their 401K, rack up credit card debt or simply give up. But according to Thom Rudd, vice president of consumer lending at CDC Federal Credit Union, there are some other financial options. The credit union can help members with the financing of costly dental and medical procedures, including infertility treatments.

Rudd said the best option would be a Home Equity Line of Credit or a Home Equity Loan. For those who aren’t homeowners, a secured loan or personal loan might be the better choices. Rudd stressed that it’s important to let your loan officer know it’s for a medical procedure, but the details and personal information about the procedure aren’t necessary. Normal qualifying requirements and underwriting guidelines apply.

A couple of things to keep in mind. Statistically speaking, IVF procedures have a success rate of about 40 percent for women under the age of 35, and that percentage decreases with age. So there’s always a chance the procedure will fail. On the flip side, there’s also a chance for multiple births. Either way, a couple will want to be emotionally and financially prepared for whatever the outcome.

Please feel free to share any experiences or thoughts in the comment section of this blog post.

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