Navigating the Finances of Fertility Choices and Adoption

Before embarking on the journey to parenthood, knowing what to expect financially for the different options is a good starting point.

By Julia K. Pham, CFP^®, AIF^®, CDFA^®, Wealth Advisor featured in Kiplinger 

The journey to parenthood is a deeply personal and often challenging one, particularly for those facing fertility issues. In recent years, advancements in medical technology have provided individuals and couples with more options than ever before. However, these options often come with significant financial considerations.

As someone who has personally gone through this process, finally conceiving my daughter through in vitro fertilization (IVF), I know firsthand both the emotional and the financial challenges the process can bring. I found that being educated and prepared about the different financial aspects is a good starting point for the journey ahead.

What follows are several options for those wanting to tackle fertility challenges and grow their family, and some of the financial considerations you’ll face if you decide to take this on.

Intrauterine insemination (IUI)

IUI is a fertility treatment that involves placing sperm directly into a woman’s uterus to facilitate fertilization. While IUI is generally less invasive and expensive than IVF, costs can still add up. On average, a single IUI cycle can cost between 0 and ,000, depending on factors such as medication, monitoring and clinic fees.

In vitro fertilization (IVF)

IVF is a fertility treatment where eggs are retrieved from the ovaries and fertilized with sperm in a laboratory. The fertilized eggs (embryos) are then transferred to the uterus. IVF can be an effective option for couples struggling with infertility and has a higher success rate than IUI, but it also comes with a hefty price tag. The average cost of a single IVF cycle in the United States is around $12,000 to $14,000 — not including medication costs, which can add an additional $3,000 to $6,000 or more. Also, many couples require multiple IVF cycles to achieve a successful pregnancy, further adding to the overall cost.

Insurance coverage for IVF varies widely.

Some states require insurance companies to cover at least a portion of the costs, while in other states, no coverage is mandated. As a result, many couples are left to shoulder the financial burden themselves. Some employers will offer some type of assistance for IVF, so it is always wise to check if this is a benefit offered.

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