Today I want to talk a little more in detail about the option of using medical loans to pay for your infertility treatments, or finance them if you want to be a stickler about it. Financing IVF treatment can be a good option if you do not have the cash or liquid assets to fully pay for your treatment. Most fertility clinics expect to be paid up front when they know your treatment will not be covered by insurance, so you will need to come up with the funds from somewhere. While this practice is good business from the fertility clinic’s standpoint, it can be decidedly inconvenient, not to mention stressful, for the patient.
Medical financing or loans have become more common way for people to pay for procedures and treatments that are partially or not covered at all by insurance. These financing companies also tend to add on a healthy interest rate on any money they lend you. As such there are lots of options and companies out there that will loan you money for your treatments, be it for infertility or any other elective procedures you might want to undergo.
As with all loans: the interest rates and loan maximums are heavily influenced by your credit score and assets. Remember these companies are doing this to make money and they will not lend you more money than they think you can repay, either in money or assets. CAUTION:If you do not think you will be able to repay a loan offered by one of these companies then you should not take their money! Always read the fine print and know exactly what you are agreeing to when you sign for any type of loan.
I do not personally guarantee any of these services, I am merely trying to give you some of the options out there. I can’t stress how important it is for you to do your homework with these companies and make the choice that makes the most sense to you!
Before you accept any loans make sure they will work with your clinic. some financing companies prefer to pay the clinic directly and might not work with some clinics out there. Just save yourself the headache and make sure all the pieces fit :)
Ok, now for a few of the medical financing companies out there:
This site offers an array of medical financing options, with an easy online application. Approval is often instantaneous. (they want to make it as easy as possible to take their money) Highlights of the service are below.
- interest rates ranging from 3.99% to 17.99%
- loans up to $40k
- Payment schedules ranging from 6 months to 84 months, with no prepayment penalties
- Interest free loans available
- Monthly payments as low as $25 or 4% (whichever is greater
This site promises to make obtaining medical financing easy, with a simple online application that you can fill out. They will then contact you and discuss the details on what they are willing to offer you. Highlights of the service are detailed below
- Low rates starting at 7.24% to 22.99%
- Payment schedules vary from 12 to 84 months, with no prepayment penalty
- Interest free & Same as Cash options available
- Loans up to $30k
- Payments as low as 1% of your balance
- 1% cash back rewards program
United Medical Credit
Another service catering to all sorts of medical loans. They offer an online application, although don’t say anything about instant approvals. They are quite vague with the details of their loans – saving those juicy details till they get you on the phone. More details below:
- no mention as to what their interest rates are, although they call them “competitive”
- Multiple loan term plans to choose from, with no prepayment penalty
- Loans up to $20k
- Same as cash financing options
- Interest free financing options
Another service that doesn’t provide a whole lot of information on its website. They offer:
- Convenient minimum monthly payments
- Quick and simple application process
- Instant credit decisions
- Accepted by Physicians Everywhere: The CosmetiCredit program is available in all 50 states
- Physician Pre-Payment: Cosmeticredit can pay the doctor up to 2 weeks prior to your procedure
American Benefit Credit
A well known financing company that offers both secured and unsecured loans for a variety of reasons. The secured loans offer much better rates, although with more risk if you were to default. They offer:
- 24, 36, 48, 60 & 72 month plan options
- We finance from $1,000 to over $100,000
- Interest rates from 1% APR* (Secured Loans offer lower rates)
- Low Monthly Payments and affordable rates
MedLoan offers loans for a variety of different services, including infertility. Their benefits include:
- Amounts from $500 to $100,000
- Lowest Interest Rates Available
- 6-21 Months Interest Free
- No Pre-payment Penalty
Your own bank may also offer medical financing – although this will most likely be in the form of a secured loan (backed by some form of your capital assets: house, car, ..etc). If you have an existing mortgage you may be able to leverage that for an additional line of credit, or loan to use for your fertility procedures. As I said above, just be very careful with what you sign!
I hope this list was of some use to you. If you have any questions or comments please let me know below.
Hi! I had I few questions first one is I been wanting my tubes untied for a long time but it’s going to be $4,500 could I get a loan for it to be done and pay the loan of in 5 months??
Kevin H @ Growing Family Benefits says
Couples should look ahead to mom’s maternity leave when thinking about financing IVF. Most women in the US take an unpaid maternity leave, which makes it extra difficult to repay these loans. They should speak to their employer about whether they can purchase short term disability, and start the policy before starting any treatments. Coverage must begin prior to conception.