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Loans for in-vitro: What do you think?
Read this article today and thought it was really interesting. The comments/discussion below also made me think.
The basic idea: There are companies out there offering loans, sometimes with pretty steep interest rates, to people who can't afford to pay upfront for fertility treatments.
I always thought the price tag for those treatments was outrageous and, as someone in the comments section said, the ability to have a baby became tied to your financial status/class. On the other hand, some people argue that if you can't afford the treatment, maybe you can't afford a baby? I'm not sure that's an apples-to-apples comparison but it's something to consider I suppose.
Then, of course, there are the predatory lending aspects of it, and the ethics issues around doctors pushing the loans. And then there's the original question of why insurance companies don't cover these sorts of treatments to begin with (isn't infertility a medical condition?)
All food for thought! What do you guys think about all this?
Re: Loans for in-vitro: What do you think?
Insurance companies should absolutely cover some amount of infertility treatment. But, birthing babies and taking care of them medically is expensive, so I see why the greedy buttheads would not want to cover something that leads to babies. Though it's super lame.
I think the loan idea is a good one. It's a shame it has such a high interest rate, though. I don't see why the interest rate should be so much higher than other loans. They have specific loans for plastic surgery, and though the procedures are totally different, I think it's a good option for people who just don't have money up-front. It's not like when you get pregnant naturally you have to immediately hand over huge sums of money. Perhaps the high interest rate makes it so that only people who are serious about being able to pay it back will apply. I don't know, I don't exactly have educated opinions on this. Just speculation.
I've always thought that when it's time for me to pursue IUI/IVF, I'll probably have to take a line of credit out on a credit card or something. Which is exactly why I am not trying to get pregnant right now, even though I really wish it were time.
we decided, well before we were ttc, that we would do basic fertility testing and get basic help (clomid) and then instead of IVF, head in the adoption route, which is definitely not covered by insurance.
the same lenders/lending practices exist...but you can also go through the city/state/church and not have adoption be an expensive proposition. You don't have those options with IVF.
I said at the time, when we were trying to figure out the finances, that if we "needed" a car the way we needed a baby, we would find a way to finance it and that would be that. (then the willow glen water kicked in and it all became a moot argument.)
I really am concerned with the predatory lending to be honest. This feels like taking advantage of people who are striving to achieve something that in may people is a dire need. It feels very unstable and dangerous with the slimy behavior behind the bad lending.
That said, I think that the reputable ones might be a good thing. Having managable monthly payments doesn't mean you can't afford a child, it just means you will yes be paying off debt opposed to saving which is a choice each couple needs to make for themselves.
I feel like I am not equip to make a choice like that because 1) I have not been placed in that situation and 2) if I were, DH and I have the means to be able to go a fair distance before it was out of our grasp. So I really don't feel I can accurately speak to this.
Money Matters The other half's blog.
EJ is growing up too fast!
Why not? The amount is similar to a car loan and we have private, credit-based loans for parents to finance their child's education, so why not finance having a baby?
I too would worry about the predatory lending issue, the high interest rates and doctors being at all involved in the lending company (particularly given the great emotions that accompany infertility).