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How to Pay for In Vitro Fertilization
In-Vitro Fertilization or IVF is the practice of removing an egg from the patient's ovaries and fertilizing it with sperm in a specialized lab. The fertilized egg is then returned to the patient's womb to grow. IVF can be carried out using a patient’s eggs and their partner's sperm, or both sperm and eggs from donors. It has helped many people who couldn’t otherwise conceive to become parents, giving them the opportunity to start families. While life-changing, conceiving via IVF is extremely costly, so it’s often necessary to seek additional funding via an IVF loan.
Applying for IVF & fertility treatment financing is fast and easy:
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Top IVF Lenders
✔ Minimum Credit Score: 660
✔ APR: 2.49% - 19.99%
✔ Funding turnaround: as soon as same business day
LightStream offers up to $100K on personal loans as soon as same business day (the most out of most lenders!)
✔ Minimum Credit Score: 660
✔ APR: 5.99% - 24.99%
✔ Funding turnaround: within 24 hours
Borrowers can get funded as fast as next business day with Discover personal loans.
✔ Minimum Credit Score: 700
✔ APR: 6.79% - 17.99%
✔ Funding turnaround: within 24 hours
Individuals with good to excellent credit can get funds as fast as next business day with AXOS Bank personal loans.
What is an IVF loan?
IVF loans are loans in which the lender allows you to borrow a lump sum to help cover some or all of the costs of your fertility treatment. Those with strong credit scores are more likely to qualify for lower interest rates and/or higher loan amounts.
Some lenders let borrowers see if they’d qualify for an IVF loan without making a hard credit inquiry. If they prequalify, they can find out which approximate loan rates and terms they may get. If they go ahead with the loan, they can formally apply, triggering a hard inquiry. While prequalification is a good start, it doesn’t guarantee that a borrower will be approved. They may be offered slightly different terms after the full application is complete.
Who should consider getting an IVF loan?
If you’re unable or find it difficult to conceive and want to have children, IVF may be the right option for you. IVF often makes it possible for you or your partner to carry the baby to term and give birth naturally, though it can also be used in tandem with a surrogate mother. The entire process of IVF can be expensive – often costing in the region of $15,000 per round, plus a fee for the ongoing storage of your eggs. For this reason, if you don’t have a substantial amount of savings or investments you can liquidate, an IVF loan may be the only way to fund your treatment.
What is the cost of an IVF procedure?
According to the Society for Assisted Reproductive Technology, IVF costs between $10,000 and $15,000 per cycle. On top of that, IVF doesn't always work the first time, so it may take more than one go, plus the cost of storing frozen eggs (often in the region of $1,000 a year).
If you’re considering taking out an IVF loan, find out if your health insurance will cover any of the costs of the procedure. Laws in 17 states require insurers to offer at least some coverage for IVF, however, laws differ from state to state, so you may still need a loan to cover additional costs.
The more you borrow, the higher your rate, and the longer you take to repay, the more costly your loan will be over the entire term.
Which States Require Health Insurance to Cover Some of the IVF Process?
Always do your research into the laws in your state and speak to your health insurance provider to find out what you can access and what you’ll need to fund yourself. That said, the states are Arkansas, California, Connecticut, Delaware, Hawaii, Illinois, Louisiana, Maryland, Massachusetts, Montana, New Hampshire, New Jersey, New York, Ohio, Rhode Island, Texas, and West Virginia.
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Where can I get an IVF loan?
Here are some ways you may be able to get an IVF loan:
- Traditional personal loans – these can be used for almost anything within reason, as long as you can afford monthly repayments, and you can find these online or from your bank.
- Dedicated IVF loan providers – companies like Future Family provide specialist IVF loans that aim to make IVF more affordable, though make sure you compare them with traditional loans to ensure it’s a better option for you.
- Your medical provider – some IVF facilities offer funding through them, so do your research and find out if they offer funding and compare their options with your other options to find the best rates.
Are there other options for fertility financing?
Some other financing options include:
- Home equity line of credit or HELOC, in which you pledge your home as collateral – this is a good way to get a low-interest rate but is higher risk than a personal loan.
- A 0% interest credit card – if you have excellent credit, you may be able to get a card with a long 0% interest period.
- Health savings account (HSA) or flexible spending account (FSA)
- Personal line of credit
- 401(k) Loan – funding having a baby is a good reason to borrow from your retirement fund. Just make sure you fully understand the terms.
- Crowdsourcing: if you are comfortable with crowdfunding your IVF treatment, your friends and family can anonymously chip in with as much or as little as they want to help with the costs.
- IVF / Fertility grants: some organizations offer grants to support parents going through IVF. Some of the organizations to look into are:
- Nest Egg Foundation
- Baby Quest Foundation
- Compassionate Care Program
- Gift of Parenthood
- Parental Hope Family Grants
- Hope for Fertility Foundation
- Footsteps for Fertility
- Farcical Fertility
- Case Foundation
- Pay it Forward Fertility Foundation
- Hasidah (for Jewish families)
- Fertile Action’s Parenthood After Cancer Treatment (for cancer patients)
- Samfund Grant (for cancer patients)
It’s also worth noting that there are specialist grants available to the LGBTQIA+ community, such as:
What is the best loan for IVF?
The best loan for you will depend on your circumstances – from your credit score to where you live. The most important thing is to not rush finding the right IVF funding for you. Once you decide to go down this route you’ll likely be eager to start your treatment, but make sure you don’t put your future family’s financial security in jeopardy by making a rash decision now. Research your options extensively before you apply.
Should I get an IVF loan?
If your medical insurance doesn’t fully cover you, an IVF loan can be an attractive option, but it’s important to weigh the costs of getting a loan and consider alternatives instead of, or on top of, a loan. Some IVF loans incur interest rates up to a shocking 36%, so before you take out a loan, you need to be sure you can afford a monthly payment. Note that every day and healthcare expenses will increase with pregnancy, childbirth, and later, a baby and then a child.
Fertility treatment is so costly that most people can’t cover the whole bill themselves, but try to aim to use some savings for at least some of your treatment. You may also want to look for prescription or treatment discounts so that treatment costs don’t feel so draining. Some medical providers offer discounts to those who pay upfront in cash and some pharmacies provide small discounts on fertility drugs.
However, it’s also worth noting that borrowing money for IVF treatment may allow you to have a child in a way that wouldn’t normally be possible for you. While you certainly don’t want to get your family into financial difficulty to cover the costs, getting a loan to help fund your IVF treatment may be one of the best decisions of your life.
How to apply for an IVF loan
The first step is to shop around and compare IVF loan rates. Figure out which type of plan works best for you and how much you can currently afford to borrow. Look at some of the lenders mentioned above to see if any of them would work for your situation and apply for any grants you qualify for. When you find a loan that works for you, make sure you have all your personal details (income, social security number, current debt, outgoings) and start the application process.
Compare IVF & fertility treatment loan rates
IVF can be extremely costly and a loan can prove a welcome relief if you can’t afford treatment right now. But it’s important to think ahead and note how much your outgoings will increase with pregnancy and a child. Be aware of how much you’ll need to pay back and how long you’ll have to do so. Make all your financial decisions carefully and think realistically about what you can afford. When you’re ready to move forward, compare IVF loan rates here and apply to the loan that best suits your circumstances so you can start the exciting process of your IVF treatment.
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