Monday, May 18, 2009

Money Question

Lately I have been thinking a lot about how long hubby and I will financially be able to continue TTC with medical intervention. We make enough money to support ourselves but that's pretty much it.
So, my question is this: How did you pay/are you paying/are you going to pay for your fertility treatments?
This is purely for my own curiosity. I know that finances are a private subject so feel free to answer anonymously, email me or not answer at all.


Emmy said...

We've been saving money like there is no tomorrow. Between finding out about my (now rescinded) lay-off and knowing that to have a child, we'll need to pay for a surgery plus IVF out of pocket, we worked on trimming our monthly income. We started saving around 25% of our income automatically. (It is automatically transferred the day after we each get paid) This has helped us a lot, and makes the future expenses not seem so bad. It was really hard to cut things out, but we decided that the sacrifices were worth it. Good luck figuring this all out!

Lucky Jones said...

Insurance covers most of mine. You'd be surprised at what's covered. I have blue cross, but aetna was really good too. There's a 10k cap on services though so it's one shot for us (for now!)

Melissa said...

My insurance covered 100% of my fertility treatment. It's a great plan. They even cover the expense of IVF along with all the required meds, even though I never had to go down that road.

On the other end of the spectrum - a friend of the family has undergone IVF over a dozen times and she ended up taking out a 2nd mortgage on her house so she could pay for it. Seven years later, she's still not pregnant and she can hardly make ends meet because she's drowning in debt.

If insurance doesn't cover your treatment, your best bet is to start saving like crazy. Have a certain percentage of your paychecks get direct-deposited into a savings account. It will force you to live on a tight budget. Difficult, but doable. The end result will be worthwhile.

Lauren said...

I live in Canada, so the government covers all the doctors appointments, blood tests, and ultrasounds. And my benefits cover my drugs. So we just have to pay for the actual IUI and the massive amounts of gas we use to get to the RE's every day (they're an hour away).

I was really worried about this factor when I found out I was redundant for next year (which is now not happening... I will have my teaching job back). What we did was move our jeep loan over from chrysler to a $25 000 line of credit. We then used all our savings and our tax refund to pay it off, and we only have $6700 left. But the nice thing about the line of credit is that you always have that money available to you. So since we're only using $6700 of it, we have $18,300 available to us. If we need to, we can use that money. And the required payment every month is just an interest payment. Obviously you would put as much money as you can on it so that you pay less interest. But you're not worried about losing your savings "cushion," because you have the line of credit as your cushion.

I would seriously look into this option.

Anonymous said...

I'm not sure how long you've been trying or what your insurance coverage is like, but save, save, save.

My husband and I have absolutely no insurance coverage for treatment, not even initial testing. We were lucky to have quite a bit saved, and what we didn't have we put on our lowest interest Credit card, and then paid it off when we got our tax return last year.

When we found out we'd have to use donor eggs, we decided to refinance our house and cash out what we needed, it was a good option for us because we'd been in our house long enough to have enough equity to do it, and interest rates were low, so our mortgage is a little lower than before.

There are alot of different options depending on your financial situation.
Good luck.

Steph O. said...

We are currently working on paying off any debt. We have a couple of loans open, but no ccs, which can be a hassle, but keeps us from over spending. Once we have the past stuff gone, it'll free up a couple hundred per month.

The biggest thing that we need to cut back is eating out. We've gotten better, but still could do better.

I understand what you're saying though & it sucks. It's not like we couldn't afford the actual baby, but the getting there seems kinda pricey!

BTW- finances are part of the reason we decided to TAB for a few months.

To A T said...

We didn't end up having to do IUI or IVF (although there was a time when it looked like that might be our options) but our plan was to wait until we had the money saved. Batman is not one to part with money easily (especially for medical expenses) so we would have saved until we could afford it :) (which probably would have been a lot longer than I wanted)

Amy said...

Insurance covered about 80% of my IUI's although nothing towards my injections. So we took out a credit card specifically for TTC. And now we are working towards paying it off.

Chele said...

We've had several different insurances. Some covered 50-80%. Our current insurance covers up 15k in infertility charges and then no more. Of course, we got the best insurance at the tail end of ttc journey.

junebug said...

We would cut expenses and do several treatments. Then take a break and work on paying off bills before going back and trying again. Currently we are in the paying off bills stage again. Sitting down and figuring out a penny by penny budget really helped "find" some more money each month. I've been amazed how much more money we have each month as we have paid off bills. Personally we have decided to never use debt again and just save like crazy. The closer I get to debt free the better I feel and when we finally get a kid I won't have to be drowning in debt/worry instead of enjoying my bundle of joy and buying cute outfits/toys/decorating/etc.
By the way my old insurance covering the procedures of IUI but not the $1000+ in monthly medicine. My new insurance covers nothing!
I hope you find a good solution that works for you. The financial burden of infertility is another one of the hidden awful factors.