So a few months ago I wrote about our struggle with fertility and our desire to have children. I chronicled our initial journey here and here. I have also opined where I would go from here with regard to our finances. I noted that I need to curtail my financial obsession and even have to accept the fact that our debt could be here for a while. With that I discussed what I would do with potentially any extra money? Do I save? Pay down the mortgage? What?
In some respects that answer has been provided for us. We recently ended our last IUI treatment, which we were doing as a precursor to IVF. For those struggling with fertility many will find this tale familiar. IVF is an expensive technology. Typically, each cycle of IVF can cost upwards of $15-20k and that isn’t including the drugs that go along with fertility. Moreover, we are also considering getting a genetic screening test during the IVF process. Genetic screening, while an ever-growing credible technology, is not covered by most insurance plans. We are not sure if it is covered by our plan. It is an elective technology, but we are considering it because it supposedly can help increase chances of pregnancy. The cost of a screening is $2000 and if we go for an actual diagnosis (beyond the screening) you add another $5000 to the price tag.
Luckily, I live in a state that will cover some IVF expenses. Our insurance will cover the IVF procedure up to five attempts. However, I found out today that they most likely will NOT cover the drugs used to induce ovulation and potentially the genetic screening. Thus, our out-of-pocket costs could be up to $7000 for just ONE cycle of IVF. Depending on the success of a cycle we could be looking at a total cost of $25 to 30k.
I mention this not to obtain sympathy or even cheap out on the procedure. We will pay what costs are necessary. However, I think it is important to bring to light the kinds of costs people go through when attempting to have children late in life if they are going through IVF, adoption, or other means of wanting to have kids.
So when I asked the question what should I do with potential extra money I think I have found my answer. I hope we won’t have to use that money. I hope we can just save it. I hope our insurance will somehow cover some of the drugs and/or screening or we can obtain a reduced cost. It is better to be prepared for a coming financial storm. Granted this is a storm of our choosing, but it is a potential storm. And the best way I know how to weather a storm is batten down the hatches, prepare for it ahead of time, and deal with it when it comes.
I do hope that this yellow brick road has the city of Oz at the end.