If you know me, then you know I love a good deal. The whole IVF thing has been tough because it’s the furthest thing from a “good deal.” However, I have found a few ways to help make paying for IVF easier that I wanted to share!
If you know anyone considering IVF, please share this with them. I know the financial burden can sometimes be the biggest barrier. This post is also extremely long, but worth the read if you are looking to save a few bucks.
Warranty Programs – Some clinics offer “warranty” programs for IVF patients. These programs can sometimes include up to three complete IVF cycles, including all fresh and frozen embryo transfers, with a refundable portion if successful pregnancy is not achieved. Patients must meet eligibility criteria to qualify for a warranty program. You can be “disqualified” for things like age, using donor eggs or sperm, genetic mutations (Hi, that’s me!), BMI, previous miscarriages, or other medical conditions. Basically, it’s not easy to “qualify” for these programs.
Discounts – Clinics will sometimes offer discounts on additional rounds of IVF… all you need to do is ask (and maybe cry a little bit on the phone too…neither confirming nor denying that I did this). There are also sometimes discounts for first responders, teachers, and military – so if you fall into those categories, look into it!
Grants – There are a lot of resources out there for IVF assistance through grants. Organizations like Gift of Parenthood offer grants to select individuals who apply. You have to write an essay and pay an application fee, but it’s worth it if you are selected!
Your Employer – Although this tactic did not work for me, it doesn’t hurt to ask! I asked my employer if they would consider looking into IVF coverage as part of our medical plan the next year. Due to the size of our company, it was not possible. However, many employers offer help whether it is through the insurance plan or as an added incentive. I previously worked for Medtronic, which offered a one-time $25,000 (I think?) IVF or adoption assistance.
Have time for a part time gig? Starbucks offers up to $25,000 in IVF assistance to part-time and full-time employees. However, you need to work at least 20 hours a week for three months and coverage kicks in after 6 months.
Credit Cards – I hope Dave Ramsey isn’t reading this. There are some great 0% APR credit cards out there that offer rewards points. For example, the Wells Fargo Active Cash card is 0% APR for 15 months plus unlimited 2% cash back on EVERYTHING and a $200 reward if you spend $1,000 in the first 3 months…which is a given if you put IVF on the card. Who says you can’t get money back on IVF?! Just make sure you can pay it off before the 15 months is up. Otherwise, they will get ya good!
Loans- I still hope Dave Ramsey isn’t reading this. There are some lenders that offer decent interest rates for medical loans like IVF. Sometimes IVF clinics have relationships with them to get special rates, so make sure you check on that. Lending Club is a great resource, and eligible lenders can secure loans that are even less than 5% over 24 months. This is a decent rate compared to current personal loan rates offered through most banks.
Medication Discounts – You can use resources like http://www.fertilitydrugcalculator.com to find pharmacies that offer medications at the cheapest prices. Don’t always assume that where your clinic is sending the prescription to is going to be the most affordable. Your clinic often has “samples” on hand that they offer to patients as well. It’s worth asking if they have any!
Facebook Groups – There are numerous Facebook Groups you can join that are filled with valuable resources for reduced priced medications and services.
Traveling for IVF – There are clinics, such as CNY in New York, that offer IVF for a significantly lower cost. It may be worth running the numbers to see if traveling to another location would pay off.
Tax Deductions – I am no tax expert here, so you’ll want to take specific questions to someone else. However, we capitalized on this little trick and paid for another round of IVF before 2021 ended so we could maximize our tax return.
Out-of-pocket medical expenses needing to exceed 7.5% of your adjusted gross income can be used toward itemized deductions on your tax return.
As an example, for easy math, let’s say that you and your partner make $200,000 a year.
If we use those numbers, $200,000 * 7.5% =$15,000. This would mean that any out-of-pocket medical expenses exceeding the $15,000 could be eligible towards itemized deductions.
So, say you have paid for one round of IVF totally out of pocket this year, and it cost you $35,000. You would be able to use $20,000 ($35,000 for the one round of IVF – $15,000 which is the 7.5% of your adjusted gross income) in medical expenses towards itemized deductions.
Itemized deductions are:
- Medical expenses over the 7.5%
- Mortgage interest paid
- Charitable contributions
- State and local taxes up to $10,000
If you add these items up and have a number greater than $25,100 (the standard deduction for Married Filing Jointly) for 2021 taxes, it would be beneficial to itemize on the tax return.
So let’s break our example down:
- Medical above 7.5% = $20,000.00 ($35,000 – $15,000)
- Mortgage Interest Paid = $2,500 (Hypothetical…might be more?)
- State and Local Taxes = $10,000 (Hypothetical…you would want to check on this. This would be state taxes withheld from paycheck, estimated taxes paid in and real estate taxes paid)
- Charitable Donations = $500 (Hypothetical)
- Total of itemized = $33,000
Then, you subtract the standard minimum deduction for 2021 which is $25,100 to get $7,900. You will get roughly 15% of the $7,900 back. It may not be much, but if you ask me, roughly $1,185 back sounds better than nothing!
I hope this post was helpful. If you have any other tips or tricks, share them with me and I will update the post!