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Recession aside, parents are doing whatever it takes to scrounge up thousands of dollars to pay for in vitro fertilzation, The Wall Street Journal’s Jessica Silver-Greenberg reports.
Treatments typically cost more than $20,000 and require several additional cycles, each costing an average of $12,400, according to BabyCenter.
And as traditional forms of credit are becoming harder to secure, women have turned to specialised lenders to help cover the cost.
Here’s what you need to know about alternative financing for in vitro:
These loans can carry higher interest rates than credit cards. Most loans are unsecured and carry interest rates of as much as 22 per cent, according to Silver-Greenberg. However, one woman said she paid a part of the procedure ($5,000) with an interest rate of 7.99 per cent. Another woman’s costs with CapexMD totaled to $18,700 with a 12 per cent interest rate.
Doctors benefit, too. Some doctors refuse to offer loans because they say it makes desperate patients vulnerable to predatory lending. But others who partner with these private firms aren’t required to disclose their investment in the lender to their patients, Silver-Greenberg says.
Partial refunds are available. Some programs offer refunds when procedures are unsuccessful. IntegraMed, a fertility clinic operator, said it will refund 70 per cent of its $24,000 package of six IVF treatments if they all fail. However, if the first round works, the borrower owes everything. Because of this, doctors might be more inclined to treat women who they think are more likely to be successful on the first try.