Financial Planning Through Infertility: Where to Start?

By Marc C. Shaffer

I’ve heard figures ranging from the $20ks to $100k. I’ve had friends who likened their experience to the cost of buying a used car, and others who are closer to the cost of buying a house. These are the figures that it’s costing people with infertility to try and have a baby and everyone’s circumstance is unique, so you may find yourself anywhere along this financial spectrum.

One of the biggest tools in financial planning is creating a roadmap of the potential expenses you might encounter in life and creating a plan to cover those costs. It could be purchasing a house, a dream vacation, paying off debt or covering your child’s education. These are common purchases in the life of a couple and something that you reasonably foresee needing a plan to cover.

Infertility, however, can pop out of nowhere and appear as a huge brick wall blocking your journey to financial security. The cost to knock down the wall is usually high and unexpected.

Can you plan for infertility?

Unless a condition that could lead to infertility is discovered early in life, even in your early 20s, chances are planning for the cost of infertility won’t even be on your radar. Although it is becoming more of a common problem that couples face, or at least being talked about more, you probably don’t think it’s going to impact you personally until you’re knee-deep in the situation.

Determining how you’re going to face the issue financially is going to be based largely on your current financial situation. To start, you’ll want to take a look at what you’re facing:

  1. Understand Your Current Financial Situation
  2. Understand the Costs Associated with Infertility and Potential Options for Financing
  3. Prioritize Your Goals

Health insurance is extremely limited when it comes to infertility, so you’re probably going to face this financial burden on your own.

What does your current financial situation look like? Do you make enough income to support your journey through infertility? Do you have a rainy-day fund or savings that you can pull from to cover costs? Do you have goals that you’ve been saving for that you want to eliminate or put on hold in order to have the funds to deal with infertility? On top of the emotions you’re facing, the financial strain can seem overwhelming so getting a picture of what might be ahead can help you think through your options.

The journey through infertility can be long, emotional and draining. It’s a huge investment and a potential gamble, because there are no guarantees. But it can also have the most amazing outcome in welcoming a child into your family. For many, the cost of infertility isn’t going to stop them from trying to reach their ultimate goal.

If you are facing infertility or even want to see how it could be incorporated into your financial plan, consider working with an advisor who can help you go over the options. Although there are so many unknowns when you face infertility, it can be helpful to talk through various scenarios so you have a clearer idea of how you can successfully manage the financial strain of your journey.

Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Searcy Financial Services, Inc.

The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.  

Published for the blog on July 28, 2020 by Searcy Financial Services, your Overland Park, Kansas Fee-Only Financial Planner and Investment Manager.