Budgeting for Infertility

One of the most overwhelming aspects of dealing with infertility and deciding to undergo IVF is facing the staggering costs associated with the procedures.  Unfortunately, many insurance plans do not cover any fertility treatments, and as much as Tricare does cover, it does not pay for anything after a diagnosis of infertility.  Even though they pay for 100% of testing prior to a diagnosis, I have to pay room fees for my hysterosalpingogram and my hysteroscopy, as well as my anesthetist's fee, which will come to $700.  I can submit my bill from the anesthetist to Tricare and they might cover it, but I'm not holding my breath.

I've talked about some of the different options for our IVF payment, and while we're still trying to decide, I think we're leaning the most toward the $15000 charge for four cycles--two fresh and two frozen.  Yes, IVF may work on the first round, but if not, and we only paid for the cycles one at a time that would be $12000 down the drain and another $12000 for our second procedure.  These quotes were also given to us before we knew we would have to do ICSI (the doctor injects the sperm directly into the egg, instead of just putting them in a petri dish together and letting them do the work), so that may make the procedure more expensive.  On top of that, the estimate for medication is $2000-5000, and I'm planning on $5000 for budgeting purposes.

I also like to add in a little padding in case something ends up costing us more than what we were expecting, so adding in a $5000 buffer, we're looking at somewhere in the neighborhood of a $25000 hit to our savings next spring.  Although we're pretty good savers and put about 15-20% of what we make each month into savings or investments, we also just took an expensive trip to Europe, bought $3000 worth of stocks and enoyed a fairly spendy summer, all before we knew IVF was in our future.  While we do have sizeable savings, most of it is in our IRAs and various stocks and funds that we really don't want to touch until retirement.

So, looking at our savings account, I really want to save another $10000 before March.  That sounds incredibly daunting, but I've thought about it, and I think it's possible.  We'll probably get somewhere in the neighborhood of $3000 back from taxes, bringing us down to $7000.  We already put $300 a month directly into savings, and since we've refinanced our Washington house, that's an additional $200 a month that we'll be able to add--so by the end of March, that will be another $2500, leaving us with $4500 to scrounge up.

And that's where babysitting comes in.  I'm certainly not making millions, but I estimate that if my parent interviews this week go well, I'll be working about 10-15 hours a week, so by my self-imposed March deadline, I could probably save close to $2000 as a conservative estimate.  Leaving us with $2500 that will hopefully materialize just by pinching our pennies.

With Colby gone I'll be eating out less, and while I'm planning a few trips during the deployment, I'm trying to make them as cost-effective and budget friendly as possible.  I've decided to set a $50 clothing limit per month, my makeup and beauty stash has been recently replenished so I shouldn't need to spend much there.  Any money we get for birthdays or Christmas will go toward the baby fund since that's pretty much the best gift either one of us can imagine.

So, with that savings plan in place, I really think we can reach our $10000 goal, and if we're very, very good, maybe even save a bit more so that we're not entirely cleaned out by April.

Is anyone else saving for a big purchase or event?  What are your best savings tips?

Comments

[Jenn]

Back when I was on the fence about having kids, I used to wonder how we would deal with it if we couldn't have them because I know that the costs are unreal. I just don't think that we could have afforded to go that route. Hell, we can't even afford a new car. We ended up on the no kids side of the fence, which is a good thing. Having a giant breed working dog that has a lot of needs has convinced me that I am in no way equipped to deal with small humans.

As far as saving tips, I'm afraid I'm not much help here other than "don't buy things." heh. I would not take the trips at all and clothing and shoes are not a big deal to me, I can go months at a time and not spend money on either one.

That wasn't terribly helpful, was it?

[A Super Girl]

No fun at all. But it sounds like you have a good plan, and luckily a few windfalls here and there so pinching pennies won't be a total bummer. And a baby is way better than a dinner out, right?

As for me, our big expense is the wedding. Luckily, I have a sizeable savings account that is left from when I lived with my parents after college and saved every penny I made. And our parents are helping with the big costs associated with the wedding. So, I haven't had to save, perse. But, that doesn't mean I don't freak out about every single expense and agonize over it to the point that I don't make ANY decisions :-)

[Old Warrior]

And, the upfront $$$$ will be only a tiny fraction of what the babes will cost by the time they are out of college. Houses, boats, and pets are pretty big money pits but a few kiddos are in a league all of their own. The Octomom and Kate Goslin are both broke, in spite of the millions they have taken in. Kinda makes you think.

[thoughtsappear]

I hope Tricare comes through for you and pays some. Good luck saving the money! I'm an awful saver. I just did the math, and I only save 7%. I should take some tips from you.

[Stevie]

We are terrible with money, but since July we've managed to save almost $2300 for our wedding. We opened an account that isn't easy to access, set up some direct deposits, and put any extra money we happen to make (from random things like housesitting gigs, birthday money, etc.) into the account, too.

I think having something really big to save for helps. For you, knowing that money will help get you closer to a baby will motivate you to spend wiser and save better. Good luck!

[Melissa]

I think you have an amazing plan & sounds like y'all are great savers! It absolutely sucks that it has to be this way, but since it is, it seems like you have a good handle on how to save enough money. That is pretty awesome. :) I am cheering for you & praying for you.

[katelin]

sounds like you guys have really worked this out and it just stinks how expensive all of this is. good luck with all of your saving and sounds like you two are right on track! rooting for you!

[Pam]

We're getting a roof put on the house to the tune of $10000. We use direct deposit to a special acct. for big expenditures. Also we are forgoing traveling for fall, winter, and spring. We curb our eating out some to. Think about it. 1 meal out a week for 2 is about $40 times 4 weeks for $160 a month times 12 equals $1920.

We did IVF 14 years ago and it cost $15000.

[Jessica]

Wow I had no idea it was that expensive. I'm really sorry that you guys have to compromise things in order to save and get to your goal. Keep us posted how things are going. Sending you lots of luck!

[Aly]

Ugh, the dollar side of infertility is SO unfair. It's hard enough going through the emotional stress of it all, but the money? sucks. You guys are lucky to be fortunate and well prepared - I'm totally rooting for you! (We're still here at the ovarian stimulation/IUI side of things and trying not to panic at the costs!)

[erin]

I'm totally bummed about this. It is so sad when two people who really want a child have to spend so much money to conceive. You deserve a chance without having to wipe out your savings :( Sending positive thoughts.

[Christina]

Try couponing. Not the crazy lady on TV kind, but the normal-average person kind. I have a set budget of $100/month for toiletries, cleaning products and anything you can buy at CVS. I haven't gone over that in 3 months. Email me if you're curious.

[Ashley // Our Little Apartment]

I'm sure you experience various stages of shock and denial and grief with infertility...but it honestly just boggles my mind that some people can just easily get pregnant and have a child without a second thought while others have to plot and save and plan. It's just not fair! :(

Hugs and support and hope, sweet friend! You will make an AMAZING mother someday. Your future baby is SOOOO lucky to have you as a mom already. <3