Infertility & IVF Financing: Loans & Payment Plans

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A variety of financing options make it easier to pay for IVF and other infertility treatments.

Patients with bad credit can raise the needed money by working through online lending networks. Demonstrating a sufficient income relative to the monthly installment can overcome a history of delinquency.

Everyone should use a flexible spending account for an interest-free medical loan without a credit check – if possible. Nothing beats the first-dollar tax savings.

Patients with good credit scores have choices that are more interesting. Bank loans have the most favorable terms. Clinics with payment plans tie you to one practice. Discount programs work like a gambling casino.

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Table Of Contents

Infertility & IVF Financing Bad Credit

Paying for In Vitro Fertilization (IVF) or any other infertility treatment with bad credit will not be easy. Finance companies shy away from approving consumers with a history of delinquency on their consumer report.

People with low FICO scores have fewer options. However, they can qualify by working with the right lenders, taking steps to secure mom’s future income, and by having access to a flexible spending account at work and using it.

Bad Credit Personal Loans

Request a personal loan online here (Sponsored Link) to finance your IVF or other infertility treatment. Couples with bad credit often need to compensate for their higher default risk in order to find a lender willing to approve their funding request.

  • A large network of online lenders improves approval odds
    • Make a single online submission
    • Have lenders compete to make you offers
  • They base approvals on income and affordability only
    • Provide income and employment information
    • Verify identity with driver license and bank account numbers

Another key to getting a loan with a poor credit score is to work out an affordable monthly installment amount. Both you and the lender want and need a manageable future debt-to-income ratio (DTI). Calculate the DTI by dividing the expected monthly debt service payments by your monthly earnings.

Medical Loans Bad Credit

Bad credit medical loans are more difficult for couples to obtain. The qualifying criteria for infertility and IVF treatment are often stricter. These companies track the payment performance of consumers over time. It is obvious that women borrowing money to fund an artificial reproductive procedure intend to become pregnant.

Pregnancy often leads to further financial difficulties. Families begin with negative payment history and proceed to make matters worse – for themselves and the lender.

  • Lost income during an unpaid pregnancy disability and maternity leave
  • Unreimbursed medical expenses for a labor and delivery hospitalization
  • Extra medical bills when twins deliver prematurely and start life in a NICU

Purchase supplemental health insurance before conception to close these exposures – regardless of your borrowing qualifications. Once you become pregnant, it will be too late!

FSA Loans No Credit Check

Flexible Spending Accounts (FSA) offer medical loans for bad credit consumers without a credit check. Anyone with access to this employee benefits program at work can take advantage of this very favorable method to pay for infertility and IVF treatments.

The annual per-employee contribution limit of $2,650 for 2018 and 2019 is one drawback. If both spouses have access at work, the maximum grows to $5,300 each year. This makes an FSA a better finance choice for lower cost procedures or the beginning portion of higher cost techniques.

This is how an FSA medical loan works.

  • Elect to contribute during the annual open enrollment
  • Low FICO score employees can participate with no credit check
  • Schedule the reproductive procedure for the beginning of the plan year
  • Your employer must reimburse all qualifying medical expenses immediately
  • Have up to 52 weeks to repay your employer using pre-tax payroll deductions
  • Pay zero interest while saving money on taxes from the first dollar
    • Federal income taxes
    • FICA taxes

Infertility Financing Programs Good Credit

Infertility and In Vitro Fertilization financing options for couples with good credit qualifications are more varied. Companies are often eager to fund people with top-notch credentials.

Therefore, these families can afford to be more selective where they turn.

Bank Loans

Traditional brick and mortar bank loans for IVF are a possible financing option for couples with sterling credentials: excellent credit scores, high income, and strong employment record. Most banks approve unsecured loans for what they call “A Paper” – only the most qualified borrowers are eligible for the most favorable terms.

  • Larger amounts up to $100,000 with no collateral required
  • Longer repayment terms up to 6 years
  • The lowest interest rates (7%) to the highest credit scores

Customers can use the funding to pay for whatever they want wherever they want. The unrestricted capital offers flexibility when choosing the best reproductive endocrinology specialist.

The three biggest traditional banks in the unsecured personal loan market are Citibank, Discover, and Wells Fargo. Capital One is not on the list. The Capital One healthcare financing division does not lend to consumers.

Discount Programs

IVF discount or refund programs represent a financing alternative that works like a high-stakes casino game. The fertility clinic (casino) enjoys house odds and cranks out certain profits over a large number of attempts. Each couple (players) can win big or lose his and her shirts based on their luck of the draw.

The discount or refund casino game works as follows.

  • Clinics perform health screenings to weed out couples with low success rates
  • Multi-cycle commitment improves the overall success probabilities
  • Patients fund an upfront fee for the multiple cycles
  • Volume discount to make the larger upfront fee offer more appealing
  • Those who conceive on the first cycle overpay by 2 to 3 times
  • Patients who do not conceive receive a partial refund

IRS tax deduction rules are the hidden secret for making IVF refund programs work better for patients. The tax savings do not begin until unreimbursed medical expenses exceed 10% of adjusted gross income. The multi-cycle commitment forces all your deductions into a single year – meaning you have to overcome the threshold only once – and enjoy a second level discount from the IRS.

Monthly Payment Plans

Most fertility clinics do not offer monthly payment plans for IVF or any other treatment – although they may appear to do so. The practices want nothing to do with an in-house financing program. Their specialty is helping couples bring home a baby using artificial reproductive technologies.

However, they do want to help people pay for the procedures in installments in order to keep the practice busy and profitable. Therefore, they refer prospective customers to third-party patient finance companies, who provide the payment plan opportunity.

These so-called fertility clinic monthly payment plans have a downside compared to loans. The company sends the funds to the referring practice, not the patient. This limits your flexibility to choose the provider with the best success rates.