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.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
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 $500 and $4,000, 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.
Additionally, some IVF facilities will have different loans and payment plans available. Just be sure to factor the payment plans into your budget to ensure that your other long-term goals won’t be hindered.
Surrogacy
Surrogacy is an option for individuals or couples who are unable to carry a pregnancy themselves. The costs of surrogacy can vary widely depending on a number of factors, such as whether a traditional surrogate or a gestational carrier is used.
A traditional surrogate donates her eggs for the pregnancy and so has a genetic link to the baby, while a gestational carrier does not provide her egg and has no biological link to the baby.
Many other factors, such as legal fees, medical expenses and compensation for the surrogate, impact the cost. On average, the total cost of surrogacy can range from $100,000 to $225,000 or more.
Adoption
Adoption is a wonderful way to build a family and provide a loving home to a child in need. However, the financial costs associated with adoption can be substantial, and the process can be long. The average foster care adoption costs about $1,500. On the other hand, a domestic adoption can range from $20,000 to $45,000, and international adoptions can cost anywhere from $35,000 to $70,000. It’s important to research all the opportunities available if you choose this route.
Adoption costs can include agency fees, legal fees, home study fees, travel expenses and other related costs. The process can also be lengthy, taking anywhere from months to several years, so this is something you should be mentally prepared for.
To help offset some of the expenses of adoption, there are grants that individuals or couples can apply for, and even some employers offer various forms of financial assistance and benefits. There is also a one-time federal tax credit available to adopting families; the maximum for 2024 is $16,810 per child.
Potential costs — and potential, uncountable benefits
For me and my family, going down the route of using assisted reproductive technology made sense. We were able to financially prepare for it — and lucky enough for it to eventually work.
Ultimately, the decision between IUI, IVF, surrogacy and adoption is a personal one that should be made based on your individual circumstances, including financial resources, health considerations and personal beliefs.
All options have the potential to fulfill the dream of parenthood, but it's vitally important to carefully weigh the costs and benefits of each before making a decision. You’re laying the groundwork for your family’s future, including the ongoing financial commitment of raising a child, which in the United States averages between $16,227 and $18,262 a year for a child born in 2023.
Therefore, it's essential to consider not only the immediate costs of fertility treatments but also the long-term financial implications of starting and raising a family.
Related Content
- How to Manage Adoption Costs
- Superwomen Can Only Be Super When We Get the Support We Need
- Getting an Inheritance? Here Are Four Things to Consider
- Five Tips if You’re Getting Divorced in 2024
- Planning a Summer Vacation? Four Ways to Make It Affordable
-
Callable CDs Have High Rates. We Still Don't Recommend You Get ThemInvestors must carefully consider the trade-offs, as falling interest rates could lead to reinvestment at a lower yield and make selling on the secondary market difficult.
-
High Mortgage Rates Are Holding My Retirement Hostage: Can I Still Downsize and Retire?We ask retirement wealth advisers what to do.
-
Five Big Beautiful Bill Changes and How Wealthy Retirees Can BenefitHere's how wealthy retirees can plan for the changes in the new tax legislation, including what it means for tax rates, the SALT cap, charitable giving, estate taxes and other deductions and credits.
-
Portfolio Manager Busts Five Myths About International InvestingThese common misconceptions lead many investors to overlook international markets, but embracing global diversification can enhance portfolio resilience and unlock long-term growth.
-
I'm a Financial Planner: Here Are Five Smart Moves for DIY InvestorsYou'll go further as a DIY investor with a solid game plan. Here are five tips to help you put together a strategy you can rely on over the years to come.
-
Neglecting Car Maintenance Could Cost You More Than a Repair, Especially in the SummerWorn, underinflated tires and other degraded car parts can fail in extreme heat, causing accidents. If your employer is ignoring needed repairs on company cars, there's something employees can do.
-
'Drivers License': A Wealth Strategist Helps Gen Z Hit the RoadFrom student loan debt to a changing job market, this generation has some potholes to navigate. But with those challenges come opportunities.
-
Financial Pros Provide a Beginner's Guide to Building Wealth in 10 YearsBuilding wealth over 10 years requires understanding your current financial situation, budgeting effectively, eliminating high-interest debt and increasing both your income and financial literacy.
-
You're Divorced, But the Work Isn't Over: A Guide to Five Financial Tasks to Do ASAPOnce your divorce is settled, don't waste time. You've got to tie up some important loose ends or risk losing money and facing tax consequences.
-
Five Mistakes to Avoid in Your First Year of RetirementRetirement brings the freedom to choose how to spend your money and time. But choices made in the initial rush of excitement could create problems in the future.
