Wealth With Sophia fertility financing
Cover It's important to ensure you are financially prepared before embarking on a fertility care journey

Financing your fertility treatment can seem daunting. Here’s how to plan for it financially and take your next steps towards parenthood with confidence

Money touches so many parts of our lives—including our plans for parenthood. These plans might include exploring your fertility care options.

When it comes to planning financially for fertility care, you might assume that you’ll have to cover these costs on an out-of-pocket basis. Before you put down your credit card, take a deep breath and hope for the best, let’s go through some of the considerations and options for financing this journey. It is entirely possible to navigate your next steps towards parenthood with confidence and hopefully, with greater financial well-being.

See also: Velda Tan on Her IVF Journey, Suffering a Miscarriage, and Motherhood

Understanding the costs

Fertility care is an intensely personal and emotional journey, so it’s good to make sure that you’re financially prepared for it so you can focus on your emotional and physical well-being. Fully understanding the costs of your fertility care options can help you put a financial plan in place to face this journey head on.

There are a lot of variables when it comes to the costs associated with fertility care, including the type of treatment, the clinic or healthcare provider, the location and your individual circumstances. It's important to note that not all costs are applicable to every individual or couple. The specific treatment plan and any additional services required can significantly influence your overall expenses. It's advisable to consult with your doctors, fertility clinics and financial advisors to plan for these costs effectively.

Costs can include consultation fees, diagnostic tests, medications, procedures you might need (such as IUI or IVF or ICSI and embryo transfer), surgery, egg/sperm and embryo freezing, to name a few. If you are using donated eggs, you’ll also need to consider the costs related to donor gametes as well as for surrogacy. There are also legal and administrative fees that you’ll need to include in your planning. If you are exploring fertility care treatments overseas, you’ll need to include the costs of travel and accommodation. Your emotional well-being is important as well, so make sure you also cost out psychological and well-being support on the journey.

Finally, don’t forget to factor in how much time off from work you’ll need to take, especially if the paid time off that you may have access to does not sufficiently cover the time you need to undergo your fertility care treatments.

See also: Is the Philippines a new go-to destination for In Vitro Fertilisation in Southeast Asia?

Alternative financing pathways for fertility care

If you are exploring working with overseas fertility clinics, many of these clinics offer packages which include a bundle of treatments for a fixed package fee. It’s important to understand what’s included (and what isn’t) in these packages and ensure that any additional treatments that you require for your personal medical situation are captured into these costs. 

Depending on your residency and/or nationality, many governments are increasingly  providing subsidies covering a range of fertility care services, from egg freezing, procedures such as IVF, through to counselling and psychological support. These government subsidies are rapidly changing, so do check on the latest updates for your situation.

See also: Hong Kong Socialite Feiping Chang Gets Candid About IVF and Her Pregnancy Journey

The role of insurance

Insurance coverage can play a significant part in financing your fertility care journey. You may want to check what coverage your employer-provided insurance or your own personal insurance plans cover. 

"While the vast majority of health insurance plans do not cover IVF, we are seeing progress. More and more insurers and employers are investing in women's health and covering fertility care. Some employers who are leading the way go as far as covering egg freezing costs,” says Sophia expert, Amelie Dionne-Charest, co-founder and managing director of Alea, a life and health insurance advisory firm in Hong Kong. 

Once a rarity, fertility care coverage is increasing with four in ten large employers in the US (those with 20,000 or more employees) now including fertility benefits, according to a 2021 survey by Mercer. Despite this welcome trend, Dionne-Charest does not recommend that you rely solely on your employer-provided insurance. "In most instances, you automatically lose your benefits if you quit or lose your job. This means that you or your family may not be insurable if undergoing medical treatment or [if you have] pre-existing conditions. Even if your employer offers a portable plan, this plan may not suit your needs or be offered every year. We've seen employers remove their portable options in Hong Kong.” says Dionne-Charest.

See also: How Jane Sun, CEO of Trip.com, is championing gender-equity in a male dominated industry

5 tips for financing your fertility treatment journey

Get started on financing your fertility care journey with these five tips:

1. Educate yourself
First things first: educate yourself on the fertility treatments that are right for you. Consider consulting medical professionals, fertility clinics, and seek knowledge and support from fertility support groups.

2. Assess your financial situation
Once you have a grasp on the fertility treatments which are right for you, you may want to start putting together a financial plan for your fertility care journey. If you have a financial advisor, it’s a good time to consult them to understand how your overall financial plan can be adjusted for your fertility care plans.

3. Don’t forget about alternative options to financing your fertility care
Many countries offer subsidies for a variety of fertility care treatments. Reputable overseas fertility clinics also provide fertility care services at bundled and often competitive price points.

4. Explore your insurance coverage and benefits
Check what insurance coverage is available to you through your employer, but don’t rely on it as this coverage or your employment situation could change.

5. Prioritise your emotional well-being
Undergoing fertility care can be an emotional journey. Make sure you include slack in your fertility financing budget to include counselling or mental health support for yourself and your partner. 

These steps are just the start. Planning financially for your fertility care means that you’ll be able to go through this process with greater overall well-being and confidence on your pathway to parenthood.

Christine Yu is a co-founder of Sophia. She is also a co-founder of Hong Kong NGO, Girls Just Wanna Have Fund$, a community of women learning together to prioritise their financial futures. Christine is also a frequent guest host on Sophia’s podcast The Money Makers by Sophia, which tackles topics on money and investing that affect all aspects of women's lives. On the show, she tackles interviews on money, mindsets and markets.

Front & Female’s Wealth With Sophia series is a collaboration with Sophia, a financial education platform built by women for women, to open up the conversation about money and help drive female financial literacy. The series covers all things money and investing to enable women to gain the confidence to take control of their wealth creation.

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