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Cut Cost of IVF in 4 Unique Ways How much does IVF cost? In Vitro Fertilization costs can seem daunting, especially if your employer does not provide infertility insurance coverage - as many do not. Couples trying to conceive should understand infertility insurance laws, how the tax code works, and when to use supplemental insurance. The average cost of In Vitro Fertization treatment (IVF) in the U.S.A. is about $12,000 per cycle. Many couples will undergo several cycles before getting pregnant, giving up, or moving on to adoption. Your total cost of IVF may include fertility drugs, diagnostic testing, and multiple IVF cycles. You will find four strategies to lower your cost of IVF:
Cost of In Vitro Covered by InsuranceThe best way to keep your cost of IVF manageable is to have somebody else pay for it - your employer's group health insurance plan. These plans are very difficult to find, but every couple should start by understanding how state infertility insurance laws work to see if they can get coverage. Take these two steps first:
Fifteen states mandate that certain infertility treatments be covered by group health insurance. The laws apply to employers headquartered in the state. Many people make the mistake of assuming the law pertains to where they live - not so. If one of your employers' are headquartered in these states you may be covered. If you do have a coverage option make sure you apply for husband/wife coverage. In Vitro Fertilization Cost Cut by IRSIVF and a variety of infertility costs not covered by insurance are considered tax deductible medical expenses. Proper planning can make a big difference on your total expenditure for getting pregnant.
It pays to understand the advantages and disadvantages for two tax saving vehicles. Below is a brief summary. You can learn more by about how to maximize IVF tax deductions on our FSA pages.
A Flexible Spending Account (FSA) allows you to use pre tax payroll contributions to make payments. An FSA provides first dollar tax savings, saves taxes in six ways, and provides an interest free loan from your employer. The primary downside is the use it or lose it rule, but for couples undergoing IVF the total cost is usually more than what can be contributed. Schedule A deductions begin after your un-reimbursed medical expenses exceed 7.5% of your Adjusted Gross Income (AGI). That floor rises to 10% beginning in 2014 thanks to the recently passed Patient Protection and Affordability Act. For couples coping with infertility the new law made getting pregnant more costly - not more affordable. Offset Cost of In Vitro FertilizationSupplemental insurance can also
reduce your IVF costs when you conceive and delivery your baby. Your benefit for normal delivery may greatly
exceed your premium paid, helping you offset IVF costs. Plus you gain protection in case of pregnancy
complications, premature birth, postpartum disorders, accidents and
illnesses. IVF Cost IndiaYou may see many IVF clinics in India advertising low cost treatments. If you live in the U.S. this may mean extensive travel time and costs. In addition to being able to deduct your IVF costs, travel costs for medical treatment are considered tax deductible as well. Be sure to factor in these tax savings when considering utilizing an IVF clinic in India. |
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