Managing finances during IVF

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It is estimated that approximately one in six couples experiences problems with fertility at some point in their reproductive lives. Moreover, the number of women experiencing infertility is expected to increase in the next 20 years. The primary reason pegged for this is the childbearing age is now delayed. As a consequence, there is an increase is anticipated in demand for infertility treatment.

In Vitro Fertilisation (IVF) is one of the assisted reproductive techniques of removing eggs from a woman’s ovaries and fertilising the eggs with sperm in a laboratory. After allowing the embryos to grow in the lab for three to seven days, one to two embryos are transferred back into the carrier’s uterus to develop for the remainder of gestation.

Dr Samit Sekhar, Owner, Director, and Chief Embryologist at Kiran Infertility Centre Samit Sekhar
“Choosing a clinic is perhaps the most vital decision would be parent’s might make, over the last few years there has been a spurt of IVF and fertility clinics opening up all over the country, whilst this may prove beneficial to Infertile couples as they no longer need to travel long distances to access fertility care it may also be counter productive if they end up choosing a clinic not suitable for their needs. So, read up, do your research online, understand the facility and the infra structure they provide. During the first consultation discuss with the senior specialist whether they are able to diagnose the reasons for the infertility and if they are able to offer customised treatment plan to optimise the results to enable a first-time pregnancy instead of having to proceed with multiple treatments,” says Dr Samit Sekhar, Owner, Director, and Chief Embryologist at Kiran Infertility Centre Pvt Ltd, operating in Hyderabad, Bengaluru and Chennai.
Cost Of IVF In India

Cost Of IVF In India

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Fertility clinics in India offer IVF at discounted rates when compared to other countries such as the United States and Europe. The average IVF cost for one cycle in India ranges from Rs 1.5 lakh Rs 3 lakh, apart from additional testing such as PGS and cost of travel or lodging expenses if applicable.
The following fees are associated with fertility treatment:
• Consultations with the fertility specialist (including initial and follow up)
• Any investigations or tests that might be required (eg semen analysis or testing, ultrasound and so on)
• Ovarian stimulation treatment and the medications involved, IVF or ICSI (Intra Cytoplasmic Sperm Injection), which is used for men with low sperm count and quality.
• Depending on circumstances, advanced scientific techniques might be needed (such as access to the donor programme, or pre-implantation genetic testing)
Factors That Can Affect The Cost Of IVF In India

Factors That Can Affect The Cost Of IVF In India

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The abovementioned costs can also be influenced by certain factors such as the clinic chosen by the couple, the experience of the fertility consultant, the infrastructure provided by the clinic and their success rates. Other factors include:
• Age and number of treatments needed
• Cost of donor eggs or sperm that might be required for the IVF treatments
• Cost of donor embryos
• The rate of TESA (Testicular Sperm Aspiration)
• The rate of intracytoplasmic sperm injection (ICSI)
• Cost of freezing embryo
Choose Well To Finance Your Dream Of Parenthood Through ART-IVF

In India, every couple nurtures dreams of becoming parents and raising their own child. The number of women experiencing infertility issues is expected to rise due to delayed child-bearing following late and postponing child-planning for career commitments. Among men too, rising stress and lifestyle issues is causing a spurt in fertility issues.

Dr Himanshu Bavishi, Founder Director of Bavishi Fertility Institute, AhmedabadHimanshu Bavishi,

“IVF has helped a growing number of couples fulfil their dreams of becoming parents. The technique helps tide over the majority of infertility issues plaguing both men and women and result in healthy pregnancy. If couples plan well and choose a trusted IVF clinic which is leader in the field and offers financial options as per their needs, the journey to parenthood can be smooth minus the financial stressors,” says Dr Himanshu Bavishi, Founder Director of Bavishi Fertility Institute, Ahmedabad. Dr Bavishi adds that an average IVF cycle in a reputed IVF clinic costs around Rs 1-1.5 lakh depending upon the infertility complications of the couple. This would include professional consultation fee, hospital charges, IVF procedure charges, IVF lab charges, consumables and most importantly also the medicine to be administered.
“Couples seeking good results should not get blindsided by discounted treatment plans. Cheap is not necessarily the best and patients should choose their IVF partners that have the most experience and best IVF cycle outcomes,” he advises.  How To Budget The IVF Treatment And Cost

How To Budget The IVF Treatment And Cost

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The experts advise hopeful couples to have a budget or financial plan if they want to undergo the treatment soon. He offers the following tips for successful financial planning of the treatment:

1. Reverse Engineer All Your IVF Costs
The essential step to budgeting a fertility treatment is to keep the end in mind. A couple needs to get an estimate for the value of the procedure long before starting the first IVF cycle. Consider that the starting point and calculate how much the cost is going to be per month, leading up to the time the process starts. Having calculated the monthly figure, hopeful parents will know exactly how much money needs to be invested to cover the full cost of IVF treatment. Create an achievable budget with the value in hand, keeping income and expenses in mind.
2. Automate Savings Into A Separate Baby Fund

Automate Savings Into A Separate Baby Fund

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Most Indians struggle to come up with Rs 1 lakh in a short span. So, how can couples hope to save funds for IVF? Well, a smart practice is to automate savings directly into a baby fund. The strategy will eliminate the need to create willpower that is needed to maintain a monthly budget. Sending recurring payments into a baby fund every month will make it compulsory for IVF hopefuls to get creative and mindful of spending the cash that is left.

3. Reduce Impulse Purchases
It has been seen that impulse buying accounts for a significant portion of a couple’s spending habits every month. A couple needs to set their priorities straight and get conscious of their impulse buying habits. Take stock of the things you unnecessarily spend on every month and curtail such costs.

More stressed people are prone to make more impulse purchases. IVF and fertility issues are particularly quite stressful and increase the temptation to spend more on self-care. Saving funds for an expensive treatment requires couples to exercise self-discipline. So, a couple would have to stop making those small purchases and saving that money over time.

4. Pour Your Extra Income Into A Baby Fund
If you can see some extra cash coming towards you anytime soon, then make sure you transfer that surplus cash into your baby fund. Such an unpredicted source of income will get you closer to your IVF goal much faster than you had expected.
Some sources of extra cash could be tax refunds, pay raises, dividend payments, etc. Another thing couples can do is earn some side income by making use of some of their talents for a short period.
5. Track Progress

Track Progress

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Keeping a regular track of your expenses is the most effective way to stick to your budget plan. Go one step further of automating a set amount and look into your costs to find room for further saving. You might find a few hidden expenses, so use online budgeting tools to keep track of your income, savings, and costs. Use the collected data to cut down on unnecessary expenses that might be found.

Following the steps mentioned above will make you realize that paying for your IVF treatment is well within your reach. With a few practical changes, a couple can cover one or more IVF cycles. A couple must also consider opportunities given by pharmacy benefit programs that provide financial assistance to patients undergoing fertility treatments.
IVF Financing

IVF Financing

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Financing is available in a number of forms for IVF. While some clinics offer financing, most clinics partner with third-party lenders to offer financing. Then there are lenders that aren’t associated with specific clinics meaning you could take the funds you receive anywhere you’d like. Those lenders include companies that have dedicated IVF and fertility lending programs to those like credit unions who offer a basic personal loan. Here is a list of what you need to know about such loans:

• Compare rates: Since different banks offer different rates, you should do a comparison before choosing any one bank.
• Documentation: You will have to provide various documents to prove your identity, address and income. This documentation may not be required if you are already a customer of the bank.
• Tenure: The tenure of a personal loan ranges from one to five years.
• Repayments: You can repay the loan in easy equated monthly instalments (EMI). You can work out the tenure and the amount of EMI you pay every month with the bank. The amount can be paid through post-dated cheques or you can leave a standing instruction to debit your Bank account with the EMI amount.
• Amount: The amount of the loan varies from bank to bank. Some banks extends loans for up to Rs 40 lakh, depending on eligibility.
• Credit score: You will be able to get better terms if you have a good credit score.
• Online disbursal: Many banks disburse loans online, particularly to existing customers, with minimal documentation.
• Eligibility calculator: If you want to check if you are eligible for a loan from Bank, use its Personal Loan eligibility calculator.