How to plan ahead for the possible cost of IVF

(InvestigateTV) — About 10% of Gen Z and Millennials say they are putting off having children because they are unsure how they would afford it or what starting a family would mean for their long-term finances, according to new research from Northwestern Mutual.

Kate Michaels, a managing partner at Northwestern Mutual, said money is pushing family plans down the road while another clock keeps ticking in the background: fertility.

If a couple faces infertility, many end up considering IVF, which Michaels said can be emotionally and financially overwhelming.

Planning for it involves more than a single procedure.

“It’s not like you can only plan for an IVF cycle. There may be monitoring appointments and medical exams that you need to account for before you even get to this bigger cost that you might be incurring,” Michaels said. “So, I think it’s really important that couples think about the fact that they may experience the need for fertility treatments going into a relationship.”

Couples do not need to know whether they will need fertility treatments before talking to a financial advisor. An early conversation can help them prepare for a wide range of costs that may come up.

For Michaels, the benefit goes beyond the numbers.

“That’s where I think the partnering with a financial advisor gives a lot of peace of mind, because again, it’s already such an emotional, emotionally taxing and physically taxing process,” Michaels said. “The last thing that you want to be doing with your partner or even yours if you’re going through this process alone or with a significant other, is to be feeling that financial anxiety.

Michaels recommends reviewing insurance coverage as early as possible to understand what it will and will not cover. That can show where out-of-pocket costs, such as travel or extra procedures, may need to be budgeted.

With that picture in hand, couples can have some idea of how much to start setting aside, just in case.