Key Takeaways
- Starting a family can be challenging due to infertility and high treatment costs, which may not be covered by insurance.
- Infertility treatments like IUI and IVF can be expensive, with costs ranging from $500 to $15,000 per cycle or more.
- Consider your budget and explore options such as reallocating spending, seeking family support, or earning additional income to cover the cost of treatment.
- To prepare for potential infertility treatments, maximize contributions to your health savings account and save more than you spend.
- Consult a Certified Financial Planner® if you need immediate financial support for infertility treatments or to plan for future family needs.
Estimated reading time: 4 minutes
You and your spouse have been busy.
Since college, you’ve both focused on your careers and travel.
As you move further into your thirties, you realize it’s time to start a family.
But one thing you never planned for was the difficulty of becoming pregnant AND the high cost of infertility treatments.
In the media, we hear of celebrities having babies in their late 30s and even in their 40s.
Having a baby later in life may sound easy because celebrities typically don’t share their complications.
However, in the past few years, some have been more open and honest about it.
Most insurance companies will cover the initial evaluation to determine the cause of infertility.
However, insurance coverage for treatments varies by state and by insurance company.
Basic fertility treatments, such as artificial insemination (known as intrauterine insemination – IUI), may cost between $500 and $1,500 per cycle.
But that cost could increase to over $4,000 per cycle when including medications, monitoring and bloodwork.
Then there are advanced fertility treatments, such as in vitro fertilization (IVF), which begin at $12,000 to $15,000 per cycle (this estimate excludes medications and genetic testing).
Many need two to three cycles before achieving live birth.
Before starting this emotional journey, determine how much money you’re willing to spend on infertility treatments.
Would you consider adoption at a certain point?
When looking for ways to pay for infertility treatments, consider these four options:
1- Shift spending in some areas of your lifestyle to pay for treatment. Maybe you forgo your annual vacation.
2- Ask family/friends, in place of gifts, to give you money towards infertility treatments.
3- Find a part-time job for additional income.
4- Sell things you no longer use for additional cash. Many apps and social media sites make selling items easy.
Ideally, if you know you’ll postpone pregnancy until later in life, start saving now by following these two suggestions:
1- Maximize contributions to your health savings account (HSA)
This tax-advantaged medical savings account is available if you’re enrolled in a high-deductible health plan.
Most employers have shifted to these plans to give employees additional ways to save for health care expenses.
For 2026, an individual may contribute up to $4,400 to an HSA. A family may contribute up to $8,750.
If you end up not needing this money for infertility treatments, you can use your HSA contributions toward other non-reimbursable health care expenses throughout your life.
2- Save more than you spend
Review your spending and find ways to shift money toward saving for infertility treatment.
It may start as simply as buying lunch less often.
If you don’t need infertility treatment later in life, then you can use this money towards raising your child.
The average cost of raising a child is $303,418, according to a study conducted by LendingTree.
Deciding to start a family can be exciting.
But if you need infertility treatments, your joy may be overshadowed by emotions and financial limitations.
If you need money now for infertility treatments, seek out a Certified Financial Planner® professional to help you find ways to pay for treatment.
If you intend to have children later in life, start saving now just in case you need infertility treatments down the road.
(Update to original post from October 1, 2024)
ABOUT THE AUTHOR:
Niv Persaud, CFP®, is the Founder of Transition Planning & Guidance, LLC (TransitionPG®). She believes life is more than accumulating money – it’s about living the lifestyle you envision and can afford. Niv incorporates all aspects of life when discussing money. She developed the 5 P’s of Life (Personal Relationships, Personal Finance, Profession, Peace of Mind, and Physical Health) to help clients define what they want from life. Once she understands their vision, she helps them achieve their lifestyle or adjust their expectations based on their finances. Niv actively gives back to the community through her volunteer efforts. She believes in living life to the fullest by cherishing friendships, exploring the world, and laughing often—even at herself. Her favorite quote is by Erma Bombeck, “When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left and could say ‘I used everything you gave me.’” Click HERE to read where she’s been quoted in the media.
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