Fertility Treatments: Another Reason To Tackle Your Debt Problems
Tabloids news sites are full of stories about celebrities welcoming babies by surrogacy, and wannabe celebrities post images and videos on social media, depicting their fertility journeys, from the litany of clomiphene side effects to the now-cliched image of a woman looking askance at a needle as she prepares to give herself the first of a seemingly endless series of injections during an IVF cycle. By now, millennials can hear their biological clicks even over the cacophony of debt that has been following them around since early adulthood. While most people cannot afford to follow the example of the likes of Kim Kardashian and Lucy Liu and bring children into the world through surrogacy, infertility can happen to anyone. Infertility, defined as not becoming pregnant after 12 months of sexual activity without contraception, is very common in women in their 30s, but it can also happen to younger women. Most causes of infertility are treatable, but fertility treatments are not cheap, even though they are more affordable and more effective than they used to be. If debt is your main obstacle to pursuing fertility treatment or growing your family, contact a Miami debt lawyer.
The Poor Get Poorer While the Rich Cuddle Adorable Babies
A single round of in vitro fertilization (IVF), including an egg retrieval cycle and an embryo transfer cycle, costs between $15,000 and $30,000; intrauterine insemination (IUI) is less expensive, but its price tag is still in the quadruple digits. Health insurance plans that pay anything toward the cost of fertility treatments are highly sought after but hard to find. In other words, if you have fertility treatments, you will probably have to pay a lot of your own money, especially considering that most people who have a baby through IUI or IVF have gone through more than one treatment cycle. Gestational surrogacy can cost anywhere from $60,000 to $120,000.
Affording fertility treatments requires a long-term strategy about finances (this practice continues after the children are born, too.) Approximately a third of fertility treatment patients use loans and credit cards to pay for their treatments. Considering that the cost of fertility treatments can be as much as a car loan, or even as much as a home mortgage, borrowing money to pay for them is much easier the higher your credit score is, because you can get lower interest rates on loans. If you are planning on having fertility treatments in the future, it is best to take charge of your debt starting now. If you have any resources to put toward the snowball method or avalanche method of debt repayment, you should do it. If not, you should consider debt settlement, refinancing, or a debt consolidation loan.
Contact a South Florida Debt Lawyer About Tackling Your Debt for the Benefit of Future Generations
A South Florida debt lawyer can help you take charge of your debt in order to provide for your future children and create generational wealth. Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.