You and your spouse have been busy. Since college you’ve both been focused on career 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 sounds easy because celebrities typically do not 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 $150 and $400 for the process.
But that cost increases when including medications, monitoring and bloodwork. One could spend up to $4,000 per cycle for this treatment.
Then there are advanced fertility treatments, such as in vitro fertilization (IVF), which could cost between $7,200 and $20,000 per cycle.
Before starting this emotional journey, determine how much money you’re willing to spend on infertility treatments.
Would you consider adoption when you reach 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 easier than in the past.
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 types of plans to allow employees additional ways to save for health care expenses.
For 2024, an individual may contribute up to $7,750 to an HSA. A family may contribute up to $8,300.
If you end up not needing this money for infertility treatments, you can use your HSA contributions towards other non-reimbursable health care expenses throughout your life.
2- Save more than you spend
Take a look at your spending and find ways to shift money towards saving for infertility treatment. It may start as simple as reducing the number of times you buy lunch.
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 born in 2015 through age 17 for a middle-income family in the U.S. is approximately $233,610, according to the most current annual “Cost of Raising A Child” report from the U.S. Department of Agriculture, January 13, 2017.
Deciding to have a family can be an exciting time. 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 August 16, 2016)
ABOUT THE AUTHOR:

Niv Persaud, CFP®, CDFA®, RICP®, is a Managing Director at Transition Planning & Guidance, LLC. Life is more than money. It’s about living the lifestyle you want and can afford. For that reason, Niv consults with clients on money, life, and work. Her approach capitalizes on techniques she learned throughout her career, including as a management consultant, executive recruiter, and financial advisor. Her services include developing comprehensive financial plans, divorce financial reviews, and retirement plans. Niv actively gives back to her community through her volunteer efforts. She believes in living life to the fullest by cherishing friendships, enjoying the beauty of nature 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.’”