Most people do not think about their fertility or infertility until the moment they try to get pregnant. When we are healthy we think we will have no problems getting pregnant. The truth is however different. Even a healthy person can be infertile. The thing is they are mostly not aware of it. Statistics show that currently 1 out of 6 couples face infertility issues and have to look for a treatment like for example IVF. Luckily there are nowadays a lot of treatments available that can help these couples to accomplish their biggest dream.
IVF is in general not cheap. That is the number 1 reason most people use financing to pay for the cost of IVF. Most financial counselors at a clinic will tell you to get a loan. Due to the fact that most people are not familiar with the options they have to structure their financing in a better way, they just do what the financial counselor says. But there are better ways to get your financing done. Ways that will provide you with lower interest rates and lower fees. In this article we will inform you about different financing options in order to reduce the cost of IVF.
Credit Card. A credit card has very little restrictions on how a person can spend the funds. It is a revolving type of credit. You can use the credit over and over again once the balance has been paid back. In this situation the advantage of a credit card is that you are able to pay as well for the medication as the treatment itself. So you are able to cover all the cost of your IVF treatment. Another advantage is that credit cards offer incentives or cash back. The cons are that the interest rate is high on credit cards and that most people do not have sufficient credit available to pay for all IVF costs.
Health Savings Account. It is possible to set up a health savings account. The money in this account will not suffer federal tax as long as the money will be used to cover medical expenses like the cost of IVF. The big advantage in this case is the fact that you do not suffer tax on this account so you save gross instead of net. The disadvantage may be that you do not have sufficient funds in this account to cover all the expenses for the IVF treatment and unfortunately a new rule since the first of January 2011 does not allow the funds to be used on medication..
Peer To Peer Loans. Most financing companies will transfer the funds for a medical treatment directly to the clinic. This implicates that extra fees or medication will not be incorporated in this loan. Peer to peer lenders however deposit the funds directly into your account. This will enable you to incorporate the full cost of IVF. The main advantages of a peer to peer lender are the fact that you will be able to cover the full cost of your IVF treatment and the low interest rates they offer compared to a general bank. The only con is that a peer to peer loan is not a revolving line of credit.
Home Equity Loan. In case you have equity in your home you can borrow money against it to cover the expenses of your IVF treatment. The advantages are that these loans pertain mainly a low fixed interest rate with long term repayment. It will allow you to cover the cost of IVF totally. The cons for this type of loan are that a several fees may be charged and you have to put up your home for collateral.
It is great to know that, although the number of couples with infertility issues grow every year, the medical world can help them to accomplish their biggest dream. Of course there are costs attached to fertility treatments and therefore we shared with you some financing options that may help you to cover the cost of IVF and are cheaper than a normal loan. It is important to look at all the options because it may save you a lot of money
IVF is in general not cheap. That is the number 1 reason most people use financing to pay for the cost of IVF. Most financial counselors at a clinic will tell you to get a loan. Due to the fact that most people are not familiar with the options they have to structure their financing in a better way, they just do what the financial counselor says. But there are better ways to get your financing done. Ways that will provide you with lower interest rates and lower fees. In this article we will inform you about different financing options in order to reduce the cost of IVF.
Credit Card. A credit card has very little restrictions on how a person can spend the funds. It is a revolving type of credit. You can use the credit over and over again once the balance has been paid back. In this situation the advantage of a credit card is that you are able to pay as well for the medication as the treatment itself. So you are able to cover all the cost of your IVF treatment. Another advantage is that credit cards offer incentives or cash back. The cons are that the interest rate is high on credit cards and that most people do not have sufficient credit available to pay for all IVF costs.
Health Savings Account. It is possible to set up a health savings account. The money in this account will not suffer federal tax as long as the money will be used to cover medical expenses like the cost of IVF. The big advantage in this case is the fact that you do not suffer tax on this account so you save gross instead of net. The disadvantage may be that you do not have sufficient funds in this account to cover all the expenses for the IVF treatment and unfortunately a new rule since the first of January 2011 does not allow the funds to be used on medication..
Peer To Peer Loans. Most financing companies will transfer the funds for a medical treatment directly to the clinic. This implicates that extra fees or medication will not be incorporated in this loan. Peer to peer lenders however deposit the funds directly into your account. This will enable you to incorporate the full cost of IVF. The main advantages of a peer to peer lender are the fact that you will be able to cover the full cost of your IVF treatment and the low interest rates they offer compared to a general bank. The only con is that a peer to peer loan is not a revolving line of credit.
Home Equity Loan. In case you have equity in your home you can borrow money against it to cover the expenses of your IVF treatment. The advantages are that these loans pertain mainly a low fixed interest rate with long term repayment. It will allow you to cover the cost of IVF totally. The cons for this type of loan are that a several fees may be charged and you have to put up your home for collateral.
It is great to know that, although the number of couples with infertility issues grow every year, the medical world can help them to accomplish their biggest dream. Of course there are costs attached to fertility treatments and therefore we shared with you some financing options that may help you to cover the cost of IVF and are cheaper than a normal loan. It is important to look at all the options because it may save you a lot of money
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