Sometimes, planning a pregnancy hardly happens at all and before you know it, there’s a baby on the way. Other times, it’s not so easy. For any number of reasons, the road to a successful pregnancy can be a difficult one for many couples.
Whatever your circumstances may be, a little financial assistance can make a big difference when it counts.
It’s a new source of hope for many couples, but IVF it has its pros and cons. On the upside, most obviously, is the possibility of conceiving a child. On the downside, unfortunately, are low success rates and high costs.
Currently in Australia, an IVF Cycle payment is around $9,000 (source: IVF Australia http://www.ivf.com.au/ivf-fees/ivf-costs) and even after any Medicare rebate, treatment is expensive. Before deciding what you want to do, it’s worth checking whether your health insurance covers you for extra costs such as pathology, radiology and hospital cover, which is in addition to the IVF treatment itself. Keep in mind that many couples will need more than one cycle of treatment before they conceive.
The bottom line here is: do your research. Fees vary between clinic to clinic, and you’ll need to know exactly what’s involved before you make your decision. Because not many people expect to use IVF, very few couples have set up a long term savings plan to cover the costs. As a result, the financial obligations can be overwhelming. Indeed, the expensive fees may deter many couples from even trying.
At CUA, we understand that when it comes to big life decisions, you don’t want your choices to be limited by your budget. That’s why we offer a range of solutions that can help you move forward. A personal loan1 may be one way to handle the treatment expenses, and pay off the balance over time. Or, if you already know that you’re going to try IVF treatment, a financial advisor2 may be able to help you work out a savings plan that will put you well ahead by the time you need to pay the bills.
Deciding to embark on a course of IVF treatment can be emotional rollercoaster, often with hopes dashed then reignited many times. It’s certainly not easy, but with more and more couples giving IVF a go, there’s a chance that general understanding of the experience will increase—and that’s got to be a good thing.
1 Personal Loans are issued by Credit Union Australia Ltd ABN 44 087 650 959 AFSL and Australian Credit License 238317 to approved applicants only. Lending criteria, terms, conditions, fees and charges apply. Ask us for detail
2 Financial Planning services are provided by Bridges Financial Services Pty Limited (Bridges). ABN 60 003 474 977. ASX participant. AFSL No 240837. In referring you to Bridges, Credit Union Australia Limited ABN 44 087 650 959 AFSL 238317 (CUA) does not accept liability or responsibility for any act or omission of, or advice or product provided by, Bridges or its authorised representatives. Bridges is part of the IOOF group
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The joy and happiness a baby brings far outweighs the cost, it’s still a great idea to plan ahead to help make the journey a little easier.More