Although several insurance companies offer some form of infertility insurance, many do not cover IVF because IVF costs are very expensive and IVF success rates are not very high. Because of this, many couples need to devise alternative financing methods to finance their infertility treatment. Here are 10 smart and viable ways to finance IVF costs without going broke in the process.

Mortgage refinancing or second mortgage

Both are an option if you own your home. You can decide on an amount to refinance or borrow after researching with your fertility doctors what the total price of IVF will be for you. You would get the full amount at closing.

Get a home equity line of credit

If you own your home and have built up some value in it, this is another option. A HELOC is different from the above in that you choose a maximum amount that May use for a line of credit and the lender will advance you up to that amount whenever you want. You can use the HELOC to finance your fertility costs in certain ways, such as writing a check or using a credit card on the account.

Borrow against your 401K

Some 401K companies allow you to borrow money from your 401K. Talk to your employer to see if this is an option. When you apply for a loan against your 401K, you don’t have to pay taxes on the loan.

Financing of the Infertility Clinic

Many infertility clinics have financing available, usually with a fixed interest rate at which you make monthly payments. Clinics generally allow you to plan your payments based on the procedures you use.

Third party loans

Loans from third-party lenders are also an option. In fact, there are even financial centers that specifically offer IVF financing programs. You can do your research online or ask your fertility doctor for a referral.

Find a credit card with a low interest rate

If you have good credit and can get a card with a high revolving credit limit and low interest rate, you can use this option.

Find a fertility clinic with a joint venture program

With a joint venture program, you would pay up front for a certain number of IVF cycles. If you do not achieve a pregnancy at the end of the cycles, you will get a partial or full refund, depending on your agreement with the fertility center.

Borrow from family or friends

If you have family or friends who would be willing to give you a loan to help pay for IVF, decide on an interest rate and work out a written agreement with a set payment plan. Borrowing from family or friends would mean that you would have a much lower interest rate than if you used other financing methods, or even no interest rate, which means that you would spend less on your IVF treatment.

Use the money from your tax return

You can start preparing for IVF treatment by withholding more money from your taxes. Later, when you file your taxes, you will have a larger refund of your tax return and can use it to pay for a portion of your infertility treatments.

Get a second job

If you have a marketable skill or talent that you could turn into a side job, you can supplement your regular income and start saving with the additional income to use for IVF costs. There are many free resources online on how to start a side business at a relatively low cost. Or you can do something as simple as put up ads advertising your skills on Craigslist. Get a little creative and brainstorm a little. You may be surprised by what comes to mind. When there’s a will there’s a way!

One thing to keep in mind with financing options is that you need to be able to manage the debt incurred with the additional costs of having a child. If this is a problem with any of the above options, then that particular option is not the one for you. You don’t want to find yourself in financial ruin or ruining your credit rating.

I hope these options, used alone or in combination with another option, have helped you get an idea of ​​the ways you could pay for IVF costs.