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Budgeting For Fertility Treatment? Here Are Important Things To Keep In Mind

Keeping track of your fertility treatment finances doesn’t need to be a taxing process. By keeping helpful budgeting tips and financial information in mind, you can reduce the costs of your treatment and take control of your treatment plan.

June 9, 2021
Annabeth Collis

If you or your partner are undergoing fertility treatments, then you’re probably aware of the physical, emotional, and financial challenges that you can encounter on your fertility journey. Regardless of if you are scheduling intrauterine insemination, in vitro fertilization, or other surgeries to deal with reproductive structural issues, fertility treatments can be costly in more than one way. 

Stressed about budgeting for fertility treatments? Here are some tips and information that will help you as you plan to start your family. 

a doctor looking at data tables
When it comes to starting your financial plan for fertility treatments, there are a few things that are helpful to remember. 

Starting out: Things To Consider

As you start to plan for your fertility treatments, there are a few important things to keep in mind that can help you alleviate treatment costs and other financial burdens.

Reverse Engineer IVF Costs

Sometimes, it can be most beneficial to start at the end when it comes to budgeting. Before you start your first IVF cycle, be sure to get an estimate for the total cost of the procedures. 

Once you have this information, you can start planning and budgeting with your income and other life expenses in mind. 

Break Down Fertility Treatment Costs

After you’ve received a consultation and are aware of your fertility treatment costs, it can be helpful to break these costs down into monthly payments. Instead of being daunted by the large totals, figure out how many months you have before the start of your treatment and then calculate a more manageable monthly cost. 

By taking this step, you will be able to create a preliminary budget and schedule payments in a way that works best for your financial situation.

Check Your Health Insurance Options

Checking your health insurance options is also an important part of planning for your fertility treatments. If you are eligible, getting financial assistance and coverage from your insurance can ease the stress of the treatment process and ensure that your fertility treatments are affordable. 

Certain health insurance policies cover both fertility testing and treatment both, so it’s definitely worth doing more research into what your provider or clinic might cover. 

a woman doing research on a laptop
As you transition into your fertility treatments, there are certain alterations that you can make to your budget that will help save you money in the long run. 

Helpful Habits

After you’ve figured out the preliminary financial information, there are other financial steps you can take to make sure that you are able to cover all of the costs and expenses involved in your treatments. 

Avoid Impulse Spending

Although it might be tempting to indulge in preparatory shopping for your pregnancy, it is important to be self-disciplined with money around the time of and during your fertility treatments. 

As you set aside and save money for your fertility treatments but encounter other things you’d like to buy, take a few days to consider if you really need to make the purchase. When you sort items into essential and non-essential categories, you can save money and only temporarily delay some of your elective purchases. 

Even if you are tempted to splurge, remember that giving up small purchases can make a big difference over time. 

Streamline Your Expenses

Just like monitoring your impulsive spending decisions, streamlining expenses is another simple way to save money. 

As you approach your fertility treatment, go through your monthly bank statements and expenses to figure out how much you are spending on housing, food, phone services, and other activities. 

By doing this, you might find areas of your spending that you can cut back on. Eliminating unnecessary spending on fast food or unused TV subscriptions can end up saving you a lot of money down the line. 

Track Your Progress

Tracking expenses is a great way to make sure that you are sticking to your budget. Keeping track of your payments is especially important if there are leaks in your budget or hidden expenses. 

Luckily, there are easy to use online budgeting tools and apps that can help you track your savings, income, and other expenses. After you compile this data, it won’t be difficult to spot any unnecessary costs that can be eliminated.  

a savings tracker spreadsheet
If you are having a hard time setting aside enough money to cover your fertility treatments, you might want to consider setting up a more formal financial savings account. 

Set Up Savings

Automate Savings Into a Fertility Fund

If you find that putting away money each month is difficult for you to do, it might be a good idea to set up automated savings that will go directly into a fertility fund. 

With automated savings, you can set up recurring monthly payments that will be set aside specifically for fertility treatment purposes. With this automated process, you won’t need to waste any of your energy on making sure enough money has been set aside. 

Funnel Extra Income Towards IVF

If you realize that you have extra money in your budget, make sure to allocate as much of your extra income as possible to your IVF budget. 

Whether you receive tax refunds, pay raises, or dividend payments, all of these gains can bring you even closer to your target budget for fertility treatments. 

Look For Pharmacy Benefit Programs, Grants, and Scholarships

There are programs that provide patients undergoing fertility treatments with financial assistance to save on the costs of IVF. These pharmacy benefit programs can supply coupons as well as discounted medication. 

However, if you reach a point in your fertility treatment costs where you go outside of your budget, you can still speak with your fertility doctor to see if your clinic offers other financing options. There might be local grants, clinical trials, or scholarships that you qualify for, too. 

If you would like to learn more about financing your fertility treatment, be sure to check out this list from the National Infertility Association. 

a woman counting money
If you have tried everything and are still having trouble making your treatment payments, talk with your doctor or specialist about other financial options. 

From maintaining your personal health to managing stress, going through fertility treatments can be a challenging process. However, keeping track of your fertility treatment finances doesn’t need to be a taxing process. By keeping helpful budgeting tips and financial information in mind, you can reduce the costs of your treatment and take control of your treatment plan. 

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