Should you incur debt for having a baby through in vitro or adoption?

Many parents, who don't get their biological child, often consider the fertility treatment or adoption. Both the options are expensive.

Some parents drop the plan of having a baby due to the higher cost associated with in vitro fertilization or adoption.

Most of the cases, parents take out a loan to mitigate the cost related to the treatment and often invite huge debt.

According to a recent survey, "44% of women who sought fertility treatment racked up more than $10,000 in debt, with about a third of them using credit cards to finance at least part of that expenditure"

The Prosper Marketplace reported that more than 70% of parents accumulated debt to pay their fertility treatment that was not covered by the health insurance plan. The inability of managing the huge cost forces parents to think whether or not it is worth to consider the in vitro or adoption to have a baby.

As per some past data, in the US, the basic IVF (In Vitro Fertilization) costs $12,000- $15,000. The cost can increase depending on the number of treatments required in your case. If a couple chooses adoption, the average cost can be between $27,000 – $28,000.

In the countries overseas, the cost can be higher. It can be more than $58,000.

The dilemma is justified; in vitro or adoption is costly.

However, the ray of hope is still there for parents to get a baby without falling into debt.

Let's find out:

Falling into debt to have kids: Is it worth?

Having kids is completely a personal decision. It is only you who can decide whether or not to gather debt to have a family you want.

Besides the emotional standpoint, you should consider some important financial aspects.

Though falling into debt is considered as an imprudent and risky financial decision, but there are many couples who took the risk and successfully paid off the debt.

Some successful parents confessed that the journey of having a baby while paying off debt helped their bonding became stronger. It has increased their faith and added value to their marital lives.

However, the journey isn't easy; you need to plan and create a strong financial backup before considering the process.

Financial tips to consider before considering in vitro or adoption

1 Be strategic before borrowing money

It is advisable not to take out credit card advance or a direct loan service from the IVF or adoption providers.

It is better to take out a loan from bank or credit union. You can also find out trusted lenders to take out a loan. By doing so, you can get lower interest rate, and fees and a certain period to pay off the loan.

2 Start saving money before planning for a baby

Both the process, adoption and in vitro require quite a bit money, so saving money can be a wise way to reduce the risk of falling into debt.

Once you know that you have no other choices but to consider the in vitro or adoption, start putting money in a savings account.

Set it as one of your financial goals; set a period and the amount you need to save to have a baby.

If you have a feel for orphaned kids, then talk to the adoption agency to get an idea about the total cost of the process.

You should also take advice from a doctor to know about the possibility of the in vitro and its cost.

By doing so, you can understand how much money and time you need to enter into the process.

3 Pay in cash

If you consider a fertility treatment, pay cash as much as you can.

Starting a family gives a strain on the bank account; it has many costs like doctor bill, medicine, baby food, baby supplies and other expenses.

For an average income household, the costs are really high. In addition to this, if you incur added debt to get the fertility treatment, you may fall into the financial struggle.

So, it is advisable to save beforehand to pay the fertility cost in cash. Thus, you don't have to take out a loan or use your credit card. Doing so, you can stay away from debt.

4 Be prepared for the hidden cost

The fertility and adoption industries often charge fancy price.

They know they can charge whatever they want because parents will not negotiate the price of having a baby; they will surely pay irrespective of the cost.

Thus, only saving a certain amount is not enough. You have to be financially prepared for the hidden charges.

Normally, you will have to pay for the hospital fees, doctor bills, lab fees, medical bills, etc.

5 Build your support system

Some women grow up with the wish of having offspring, whether biological or through adoption; they simply long to be mothers. Some women adopt even after having their biological child.

As per some mothers, who have successfully adopted a child even had limited income, “Don’t let the fear of money hold you back from making the decision to adopt".

You should try your best to manage the money needed for the adoption process.

However, having children with huge debt is not recommended.

Your stressful financial life can affect your children negatively. Therefore, you need to build a strong support system.

Since the adoption process takes a long time, you can ask people around you (family, friends) to help you.

Also, you can consider adoption grant and a small loan to fund the process.
Some nonprofits offer donation or fund to help parents who need money to adopt a child. You can also check with your church, your work, and the fundraising organization for help.

Remember, both the process, fertility or IVF treatments and adoption route are not smooth, financially and emotionally.

You may undergo unsuccessful fertility treatments or hear the word "no" multiple times.

If you have a supportive family and friends, they can encourage you or cheer you to feel good. Thus, the whole journey can be tolerable to you and you can fulfill your dreams of having a beautiful family you have always wanted.

Lastly, before taking the responsibility of a family, you should practice good money habits to build financial peace in your family.

A baby is worth far more than anything, but after having the baby, it's your responsibility to provide the goodness of life to the child.

So, think logically not emotionally before making the final decision.

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