Post # 1
I was wondering if anyone has “pre-paid” for IVF. By pre-paying I mean setting up an account with the RE and making monthly payments until you have enough in your account to perform the procedure. I know this sounds silly and some of you may be thinking “why don’t you just save the money?” And the answer to that is, well, we would probably spend it. Not intentionally, or in huge sums of money, but when there is $6,000 sitting in our account, $20 here or there doesn’t seem like a lot or that it would affect much, but it adds up.
I also think for us it’s a mental thing. Like, if it were in a savings account it seems like IVF happening is “less real” or “less likely to happen for us,” but if were paying towards our account at the RE’s it’s like actively working towards a goal?
I know, I know, it’s silly. But the mental hurdle of saving $20,000 is super overwhelming. Anyone else feel the same way?
Post # 3
I don’t know if a RE’s office would even do this.
But you could set up a separate savings account just for IVF savings that you “make payments” into. And since it is a totally separate account from the rest of your savings, you’ll be less likely to feel like you can dip into it for other things.
Post # 4
I know a lot of REs have payment plans – maybe that would be easier?
Or, with direct deposit, you can have a certain amount taken out to multiple accounts. If you did that, you wouldn’t see the money and have to physically move it over.
But honestly, if you would “probably spend it”, is it money that you actually have to spend on IVF? My SIL is facing this right now, and they would have to sell their house to come up with the money, and are still thinking that it’s a good idea to move forward. From the outside looking in, it seems like they are throwing the future financial stability of the child they already have out the window for a kid that may or may not ever exist (they have a 4 yr old they conceived naturally). Which seems totally crazy to me.
Post # 5
I agree with Mrs.KMM. Set up a seperate bank account for it, you can even set it up to automatically trigger a transfer of a specific amount on pay day so you don’t even notice the money leaving. Don’t make it accessible through a debit card or bank machine to prevent from dipping in to it. Good luck with your saving, it will be worth it in the end.
Post # 6
@crayfish Yes, we actually have the money to spend. After paying all of our bills we have about $1500 a month to put towards IVF. We would likely dip into for fun extras like a new pair of shoes or a fancy dinner out. Things we do not need at all, but because the money is there and there’s a lot of it what’s $50 going to hurt? KWIM?
A separate bank account I guess would work too. Something that we would actually have to make an effort to get into to avoid taking money out of.
Some people are have amazing self control. I obviously am not one of those people. :p
Post # 7
I’ve never heard of it, but that’s not say it doesn’t exist. If they have payment plans, why not have a prepayment acct. HOWEVER, if you think you could have any self control, better to save it yourself and keep your own interest! Something like an ING high interest savings that you set up automatic withdrawals and make really difficult to get money out would be a good option, or maybe even a term investment (that charges a penalty if you withdraw early to discourage you from doing so for impulse purchases) if you can say for sure that you want to have the money in X months/years.
Post # 8
@lovelyMsValentine: If your in the position to save $1500/month maybe a payment plan would work for well for you guys? A lot of RE’s in my area do this. I think saving money for a goal is great and if you aren’t in a hurry then go for it but if you are financial stable and ready but a baby right away I would just look into financing. You could always put more toward your monthly payment to pay off early. Good luck!
Post # 9
How about a loan? My bro and SIL had to do this for their IVF treatment, and paid it back afterwards with no interest.
Post # 10
I’d work on the self-control, it’ll be useful in the long run 😛
I’d worry that I’d give the money and then halfway through somethign would happen and I’d want the money back (e.g. major medical emergency or clinic goes bankrupt). So I wouldn’t want to prepay but would only want to pay at time of service.