As intended parents, you and your partner are responsible for the financial burden of surrogacy, including medical testing, pregnancy monitoring, and legal fees. These bills add up fast, often costing up to six digits.
Third-party IVF is a costly service, rarely covered by health insurance. Although some insurance providers do cover fertility treatments, surrogacy is usually seen as an elective choice. While it is important to be realistic about the financial reality of surrogacy, don’t despair yet!
No matter what your personal finance situation is, assistance is available! Our goal at Simple Steps Fertility is to make parenthood as accessible and cost-effective as possible. We offer competitive rates for all of our many resources and services, because we know how unrealistic the cost can seem. In these eight tips, we will share some of the many ways we’ve seen families afford surrogacy.
Options for Paying for Surrogacy
We know the out-of-pocket costs for surrogacy can be tremendous. If you’re wondering how to pay for surrogacy, keep reading to learn how other families were able to fund their parenting journeys. Many of the costs of surrogacy will likely come from your bank account, so even if you plan to apply for financial aid or crowd-fund, keep these tips from Family Equality in mind!
- 1. Loans
- Home equity: If you have a strong credit history and a good track record with your home lender, you may be able to borrow money using your home as collateral.
- 401(k): Some companies allow families to borrow up to 50% of their retirement fund, and pay the balance back through paycheck deductions.
- Credit cards: Many intended parents choose to finance their surrogacy by opening credit cards with a high limit. If you can pay your card bills on time, this may be a great way to spread your surrogacy payments out.
- Family and friends: For those who have friends or family members with well-established bank accounts, a friendly loan may be an option. Many people are thrilled to help their loved ones begin a family!
- Fertility financing organizations: Some companies offer loans specifically for those families beginning fertility treatments or surrogacy. Your options include Prosper Healthcare Lending, New Life Fertility Finance, CapexMD, and more!
- 2. Savings
High-yield savings accounts are another great way to afford surrogacy. Set aside what you can every payday and watch the savings grow! A dedicated fund just for your parenting journey might help motivate you to make it possible.
Crowd Funding for Surrogacy
- 3. Online fundraisers
Websites like GoFundMe and YouCaring are excellent ways for your loved ones to pitch in. Every little bit really does add up! Sometimes being vulnerable and asking for help is the best way to make something happen. You may be surprised at who steps up to help when you ask!
- 4. In-person fundraisers
This idea does not have to be executed in a boring way at all! Throw a pre-baby shower and ask guests to bring money for your surrogacy fund, or host a silent auction, car wash, or bake sale. No matter how you pull off a fundraiser, you can get creative and experience the joy of your impending parenthood.
- 5. Start a side hustle
While adding another job to your schedule isn’t realistic for everyone, a side hustle can be a fun way to enjoy your hobbies and save up. Maybe you like baking, embroidery, photography, or yard work. Market your skills to your community and fund your surrogacy by doing what you love!
Financial Help for Surrogacy
- 6. Grants
Maybe you just can’t afford surrogacy on your own—and that’s okay! Many organizations and foundations have arisen to help shoulder the financial burden of infertility and third-party reproduction. If you’re interested in pursuing this option, check out the Baby Quest Foundation, the Tinina Q. Cade Foundation, and the Chicago Coalition for Family Building.
- 7. Insurance options
We mentioned earlier that most health insurance companies do not cover the cost of surrogacy. While that is true, a few are willing to help out. Around 31% of companies with over 500 employees have begun to cover some of the costs of fertility treatments. It’s certainly worth it to have a chat with your HR representative or insurance provider to see if they can help.
- 8. Crowdsource
Every fertility journey will be lonely without community. Whether you need advice from other intended parents on how they afford surrogacy or you just want a friend who understands what you’re going through, we encourage you to find others in your position.
Beginning Your Journey With Simple Steps Fertility
We understand that this journey can be difficult, and you are not alone! Click here to read more about the surrogacy process from the perspective of intended parents. We are here for you: if you have any questions about becoming a parent through surrogacy, contact us.