Posts Tagged ‘infertility insurance’

Planning for your child’s financial future: infertility insurance

Whether college, trade school, or military bound, you have no doubt started planning for your child’s future early. For most parents, one good way of preparing for a child’s future involves making sure that you are making wise financial decisions. If financial planning is an area where you could benefit from support, finding a financial advisor can be a key ingredient to your success. A trusted advisor to help you plan for your family’s financial future can be critical to your financial security as well as your child’s. It goes without saying that a firm financial foundation can be a source of safety, security and guard against unexpected challenges. 

Prioritizing financial education for your child

Educating your child in the fundamentals of budgeting, saving and smart spending can provide them with a strong foundation that will serve them well throughout their life. Helping your child set up a system for saving money and getting them into that habit of preparing for their own future will help them when they have their own family to support. It can start early by teaching a child to save up for a toy. When children get older, parents can help tweens and teenagers learn to manage some of their own expenses. They may receive an allowance for chores completed, for example. Greenlights, a debit card for kids, is one tool parents can use to teach older children about budgeting, saving and earning money in a way that fosters independence. There are many ways to encourage financial understanding and well-being, appropriate to a child’s age and maturity level.

Learn how to be a savvy shopper

A financial education is not complete without showing your child how to be a smart consumer. Teaching your child how to comparison shop, evaluate reviews and how to look for bargains can help them save a bundle. This can start when they are young when you take them with you to the grocery store. Give a child a small amount so they can decide which treat to purchase, and you’ll see how quickly they can calculate how to afford more than one! Real-world examples given over time can help them understand when the stakes are small how they can put in the work and planning to get what they want. When they are older and shopping for colleges, cars and weddings, they will already have learned the steps to take to afford larger purchases.  

How insurance can help mitigate financial risk

College, cars, and weddings aside, making sure your child is equipped to deal with emergency situations is also key. In addition to having enough savings, insurance is a way to guard against financial risk. Healthcare expenses can be expensive which is why we have health insurance. Unexpected job loss or layoff can prompt the use of unemployment insurance. There are plenty of opportunities to purchase additional insurance from health, life, travel, home, auto and infertility insurance. 

Teaching your child about how insurance works gives them important tools they will take into adulthood. When they are old enough to be on their own and have their own family, they will be financially equipped to deal with emergencies and it give them precious time and resources to respond to the situation. 

How health insurance can guard against uncertainty

Today, insurance plays a key role in creating a safety net for the future. Your health insurance for one, will offer your child security until the age of 26. This is the age when they can no longer be considered a dependent on their parent’s health insurance in most cases. If they do not have a full-time employer who can offer health insurance as a benefit, they can purchase a short-term policy to fill the gap, a plan from the healthcare marketplace or a public option. The Affordable Care Act mandates that health insurance plans offered on the healthcare marketplace cover 10 essential health benefits. It’s notable that not all health conditions are included. For example, treatment to resolve infertility is often excluded from health plans because of the expense. 

Can you help insure your child’s future family?

When planning for your child’s/grandchild’s future, you have no doubt dreamed of the day your child will have a family of his or her own. In a recent Harris Poll, more than 4 in 5 parents who still have children under 18 living at home (82%) say it is important to them for their children to have their own biological children one day. However, 12% of American couples struggle with infertility today. Your child or grandchild and his or her future spouse could struggle with the draining emotional and financial journey of infertility. And it is not always completely covered if at all by health insurance plans. But there is a new supplementary health insurance plan now to fill these coverage gaps. LifeSpring Insurance Services created the nation’s first Primary Infertility Assistance Policy to make infertility treatments affordable for more people—regardless of what health insurance your children have and who their future employers are. 

How does infertility insurance help a child’s financial future?

LifeSpring’s Primary Infertility Assistance Policy covers the couple. Specifically, it covers medicine, procedures and storage including IVF and IUI. It can complement an existing health plan and fill any coverage gaps. What’s more is that the cost of this policy is a fraction of the cost of the average cost of infertility treatments most couples endure. For a one-time payment of approximately $2,000, LifeSpring will provide $50,000 worth of infertility treatment coverage for your child and his or her future spouse or partner if they ever need it. It can be used with any coverage they might have and goes into effect with no deductible and no co-insurance. 

The LifeSpring policy can be gifted to a child by a caring adult, parent grandparent, aunt, uncle or friend. Purchasing a LifeSpring policy is a way to plan for a child’s financial future and their future family at the same time. 

The future is an unknown. But as parents and grandparents, our job is to plan ahead the best of our ability to prepare our children for their financial future. Learn more about this unique policy to see if it might be right for your family. Contact us if we can help you answer questions you have about the policy.

Why is there infertility insurance for children?

Starting a new conversation

Some people ask us why there is infertility insurance for children. The simple answer is that if you buy infertility insurance early in life, then that is when it is the most affordable for the largest amount of people. Treatments are expensive and traditional health plans often do not cover all the expenses. Infertility insurance that is purchased before an infertility diagnosis is the most affordable way to secure coverage for a future family.  Let’s take a step back and take a look at the issue.

What is infertility?

Infertility refers to couples who have not become pregnant after at least 1 year of having sex without using birth control methods. Infertility is common, affecting about 1 in 8 couples in the United States. According to a Harris Poll, one in three American parents worry their children may suffer from infertility in the future. 

How much does infertility treatment cost?

For most couples today, infertility is an unexpected expense, but it is a highly treatable diagnosis. In 85% to 90% of cases, infertility can be addressed with medical therapies such as medication or surgery. But, infertility treatments can be very expensive. One round of In Vitro Fertilization (IVF) can cost $12,400 according to the American Society of Reproductive Medicine. However,that may not include the cost of medications, testing and egg storage. FertilityIQ estimates it can cost $23,000 per cycle, and that couples may need on average 2-3 IVF cycles for a successful outcome. One study estimates that the cost of a child born using IVF can cost $56,775.*

Why purchase insurance?

Insurance is a way to cover unknown and unexpected costs. By paying a premium, you are exchanging that premium for the peace of mind that comes if you should ever need the insurance. The cost of premium is affordable compared to the potential future cost of an incident (or in this case a health diagnosis for primary infertility) without the insurance. With this concept in mind, the idea of creating an insurance policy for infertility was born. The hope being that insurance could provide a way to offer people a chance at covering the cost of infertility at an affordable rate.

Will my health insurance cover infertility treatments?

If you are lucky, your traditional health insurance plan will cover an infertility diagnosis and some treatments. However, according to Mercer’s 2017 National Survey of Employer-Sponsored Health Plans, only 26% of companies with 500 employees or more offer some type of infertility coverage. For small businesses or those who self-fund, adding an infertility coverage rider is often too expensive. 

Why offer infertility policies for children instead of adults?

It may seem counterintuitive to offer infertility insurance for children, but it is less expensive to cover a condition that isn’t pre-existing. Having a deferred benefit allows time for the premiums to grow in value, and it allows us to pool risk so that coverage is both affordable and comprehensive for more people. A health insurance policy covering infertility for today’s adults, by comparison, would be much more expensive because the number of people who would apply would be much smaller and the time for the premiums to grow is too short to cover the costs. This is why many traditional health plans do not cover all the costs associated with infertility. “The fact is, public and private health plans offered by federal and state governments and private employers may never have the resources to pay $3 billion a year to cover costs associated with fertility treatments,” says LifeSpring CEO Jason Muesse. “By helping families planning ahead, we can change the way infertility treatments are insured and make them affordable.”

How can LifeSpring help future families?

For LifeSpring, our goal was to provide a solution and make infertility treatment affordable. We want the next generation of children to grow the families they desire without having to make the difficult decisions this generation is experiencing. “Our Primary Infertility Assistance Policy is the product that can change the way infertility is addressed in our country,” says Muesse, “because families won’t have to decline treatments because of finances.” Now available for Texas children, the policy can be purchased online by a parent, family member or friend, to provide 18 years worth of benefits at ages 18-35 to cover a child ages 0-13 and their future partner in the event they ever experience infertility. Learn more about the product, see the frequently asked questions, and apply for your custom quote today.

*Note: This number was obtained by taking total medical costs of $385,959,160 and dividing it by the total number of live births, 6,798 as shown in the study’s Figure 3.

Will infertility insurance cover IVF or IUI?

Understanding the Options

In the United States, infertility affects 12% of all couples wanting to conceive. It is a condition that can affect a couple, regardless of their race or socioeconomic status. 

A couple experiences infertility when they have not become pregnant after at least one year of having sex without using birth control methods. Couples who meet with a doctor regarding their infertility issues will discuss lifestyle issues and also determine what medical tests and counseling are needed as part of their infertility treatment.  Up to 30% of couples may not find a reason for their infertility.

Traditional health insurance coverage

Many health insurance plans and policies will cover some aspects of infertility diagnosis, but the tests and treatment coverage a couple can receive will vary from one insurance policy to another. This is the case regardless of whether a couple has insurance through their employer or purchased independently through a broker, the Healthcare Marketplace or through a public option.  

It is smart to check your plan for the coverage that you have. Many cover a diagnosis, but treatment for infertility is sometimes considered “voluntary” by some traditional health insurance plans. According to RESOLVE, 17 states mandate or require that insurance offer coverage of infertility treatment, such as IVF and IUI. In most cases, these mandates are far from complete or comprehensive.

Infertility as a medical diagnosis

The American Society of Reproductive medicine declared “infertility is a disease of the reproductive system that impairs the body’s ability to perform the basis function of reproduction” in 1993. But the American Medical Association did not agree with this until much later in 2017 said David Adamson, M.D. This explains why even though infertility is a medical diagnosis, traditional health insurance still considers expensive treatments elective or unnecessary.

Even the Affordable Care Act which was designed to increase access to healthcare for more Americans does not consider infertility treatment as an Essential Health Benefit.

Types of infertility treatment

A couple exploring treatment for infertility could undergo hormone testing, imaging, genetic testing, ovulation testing, or other initial tests, in order to determine their cause for infertility. According to the American Society for Reproductive Medicine, a standard workup includes a semen analysis, ovulation assessment, a hysterosalpingogram, and possibly, tests for ovarian reserve and laparoscopy.  Once a doctor has enough information needed, then he or she will put a treatment plan in place for the couple. Their treatment plan could include IUI to start and then add IVF later. 

What is IUI?

IUI (intrauterine insemination, formerly called artificial insemination) and IVF (in vitro fertilization) are two commonly prescribed treatments for infertility. Intrauterine insemination (IUI) describes the technique of placing sperm into a woman’s uterus when she is ovulating. 

This procedure is used for couples with unexplained infertility, minimal male factor infertility, and women with cervical mucus issues.

IUI is a more cost-effective solution and is often done in conjunction with ovulation-stimulating drugs; it is typically prescribed before a doctor proceeds with IVF treatments. 

What is IVF?

In Vitro Fertilization (IVF) is a type of assisted reproductive technology (ART) and it was introduced in the U.S. in 1981. It describes a technique where a woman’s eggs and man’s sperm are combined in a laboratory in order to create an embryo(s). Depending on the diagnosis and age of the woman, an embryo or embryos are transferred to the woman’s uterus through her cervix to enhance the chances of pregnancy.

One round of In Vitro Fertilization (IVF) can cost $12,400 according to the American Society of Reproductive Medicine. However, if the cost of medications, egg storage and genetic testing are included, the true cost can be much higher. FertilityIQ estimates it can cost $23,000 per cycle, and that couples pursuing IVF may need on average 2-3 cycles for a successful outcome.


A new type of coverage 

The cost of IUI and IVF treatments are covered under a new type of infertility insurance policy now. 

LifeSpring’s infertility insurance policy is a supplemental health insurance policy purchased for Texas children ages 0-13 that provides the beneficiary couple up to $50,000 of coverage following a diagnosis of primary infertility when they are older. It was designed to give the next generation of couples affected by infertility the hope and financial resources they need. 

The primary infertility assistance policy covers primary infertility treatments for the beneficiary couple, including medication, testing, doctor visits, IUI, IVF, anesthesia, egg/sperm/embryo storage and other related treatments with no deductibles or co-insurance. The one-time purchase does not need to be renewed. 

 If you’re looking for the best infertility insurance for your future family, we invite you to learn more about LifeSpring’s infertility insurance policy, see our frequently asked questions, and apply online from the privacy of your home or smart phone. In about the time it takes to order a coffee drink from your favorite coffee bar, you can receive a custom quote after answering a few short questions. 

What is infertility insurance?

Many of us look forward to the day when we are ready to have our children or grandchildren. The desire to have our own biological children is strong. In a recent poll conducted by Harris Poll, more than 4 in 5 parents who still have children under 18 living at home (82%) say it is important to them for their children to have their own biological children one day.* But 12% of all couples, or 1 in 8, are impacted by infertility. Health insurance is often what we turn to if we need medical treatments for any diagnosis, but coverage varies widely depending on your plan. The vast majority of plans, even group health plans, do not usually cover all of the infertility treatments that are needed for successful results. 

How does infertility insurance help? 

Infertility insurance or assisted reproduction insurance is an insurance policy that specifically covers medical procedures related to a diagnosis of primary infertility. It is purchased to reduce your financial risk if you and your partner face this medical diagnosis. The diagnosis of infertility affects both partners, so the diagnosis and treatment is often needed for both. The good news is that most couples — 85% to 90% — who seek and receive treatment are treated with conventional medical therapies such as medication or surgery to have their own child. Many of these will eventually be able to have their own biological child. The main barrier for families is the high cost of infertility treatment

What kind of coverage do traditional health plans offer?

Traditional health insurance for most families in the United States is purchased through an employer or purchased independently either through a broker or through the Healthcare Marketplace. Despite the passage of the Affordable Care Act (2010) — which mandated expanded healthcare rights and protections including coverage for preexisting conditions and preventative care — infertility treatment, including Intrauterine Insemination (IUI) and assisted reproduction technology such as In Vitro Fertilization (IVF), were missing from this insurance mandate. This means that infertility benefits are largely absent from many traditional health plans. 

Seventeen state legislatures have stepped in to pass legislation in effort to require that traditional health plans include some benefits for IVF (see a list of what is mandated by state), but they are far from complete or comprehensive. Also, employers may opt-out of infertility coverage as a way to lower their costs. In Texas, health insurers are required to “offer” but not “cover” IVF and related services. In order to qualify for IVF services, the couple must have a five-year history of infertility or have specified medical conditions that caused the infertility diagnosis. And the law includes exemptions for religious employers. 

These mandates do not address the numerous medications and medical procedures that are commonly used to diagnose and treat a couple with primary infertility. And, employer self-funded health insurance plans aren’t subject to state laws. With so many exceptions and exclusions, it can be a frustrating exercise to count on traditional health plans to cover all of the expenses to resolve an infertility diagnosis.

Can I advocate for infertility insurance coverage from my employer?

The short answer is yes, but it can be a long road. Some recommend asking an employer directly to pursue an insurance rider, basically a plan add-on, to cover infertility treatment benefits because companies may not be aware that it is a benefit that is missing and desired by their employees. This type of rider is expensive, so many times companies will opt not to include it. RESOLVE has a toolkit for employees who want to pursue this option.

Can I advocate for infertility treatment coverage from my health insurance plan?

The short answer is probably not. While some might advocate asking your traditional health plan insurance provider to cover a health diagnosis, they likely will not be able to make an exception. Exceptions could be perceived as a bias and opens the insurance carrier up to having to cover others.

Traditional health plans are admitted and regulated by each state’s Department of Insurance, and these state agencies require that insurance, such as health insurance is applied without discrimination or preferential treatment.

The federal Affordable Healthcare Act requires coverage of essential health benefits, but infertility treatment is not considered part of those. According to the U.S. Health and Human Services, “Plans can put an annual dollar limit and a lifetime dollar limit on spending for health care services that are not considered essential health benefits.”

In the case of Texas, the Texas Department of Insurance includes infertility diagnosis in the mandated health benefits, but not treatment in its benchmark plan of health coverage. “State law mandates an offer of coverage for in vitro (IVF) in the group market, but does not require each employer to elect this coverage.”

Can supplemental health insurance be used to cover infertility treatment expenses?

Yes. Supplemental health insurance is a type of insurance that can fill the gaps that exist with traditional health plans and cover a specific diagnosis like primary infertility. This type of insurance is purchased before any diagnosis. Because insurance involves pooling risk, some who purchase it won’t ever need the benefits while some will. This is what makes supplemental insurance affordable for many people. 

LifeSpring Insurance Services offers the country’s first and exclusive supplemental health insurance for primary infertility treatments. This primary infertility assistance policy can be purchased for children ages 0-13. Once covered, the policy pays up to $50,000 for infertility treatments at age 18-35 for the beneficiary child and their future partner once they are ready to start a family. 

A number of common infertility treatment procedures, tests and out-patient care are covered under LifeSpring’s infertility insurance policy, including drug therapy, diagnostic testing, IUI, lab tests, IVF, surgical care, egg and sperm retrieval and storage, and more. 

The Primary Infertility Assistance Policy can be purchased online by any caring adult for any eligible beneficiary. For a one-time premium, it costs about $2,000 offering today’s adults an opportunity to give the next generation of couples affected by infertility the hope and financial resources they need. Benefits can be used to complement traditional health plans and are paid directly to physicians, medical facilities and pharmacies with no deductible, no copay and no coinsurance. The insurance policy is an admitted plan approved by the Texas Department of Insurance, which regulates the insurance industry and evaluated this plan to ensure it will be available now and in the future.

Are other supplemental insurance plans available?

To our knowledge, there are no other supplemental insurance plans that cover a primary infertility diagnosis for tomorrow’s families. We have seen discount plans and financing programs for infertility treatments. Some may include “insurance” in the name, but they do not cover infertility treatment for tomorrow’s families. Rather, these plans offer financial assistance for medical complications related to infertility for today’s adults undergoing infertility treatments. 

Why is a supplemental health policy from LifeSpring Insurance Services the best infertility insurance available?

Navigating traditional health insurance options for covering infertility treatment is complicated to say the least. If you or your partner are self-employed or an entrepreneur, the options are even more expensive for less coverage in most cases. The options are limited even for our servicemen and women. We may not be able to change our nation’s complicated healthcare system or the benefits employers provide, but we can change the way infertility is insured and make it affordable for many more people by covering children when they are younger. In this way, we can remove the barrier of finances so that future families can pursue infertility treatments if they ever need it when ready to have their own biological children. 

Can LifeSpring Insurance Services help your future family?

In a Harris Poll conducted in 2019, 78% of parents say it’s important to them that their children can have their own biological children one day. And one in three parents (33%) worry their children may suffer from infertility in the future. But we do not know which couples will have trouble conceiving a child. This is why LifeSpring Insurance Services created a Primary Infertility Assistance Program to cover not only the child but also their future partner and to remove the barrier of finances from the infertility and assisted reproduction technology equation. If you’re looking for the best infertility insurance for your future family, we invite you to learn more about LifeSpring’s infertility insurance policy, see our frequently asked questions, and apply online from the privacy of your home. You will receive a custom quote in about 10 minutes.

* This survey was conducted online within the United States by The Harris Poll on behalf of LifeSpring Insurance Services from October 15 – 17, 2019 among 2,018 U.S. adults ages 18 and older among whom 1,172 are parents. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact info@momentum-pr.com.

What do Americans think about infertility and infertility insurance?

One in three American parents worry their children may suffer from infertility in the future*, according to a survey commissioned by LifeSpring Insurance Services and conducted online by The Harris Poll among over 2,000 U.S. adults age 18+. It asked Americans about their attitudes toward issues connected to growing a family and dealing with infertility. 

Infertility and American families

Primary infertility has caused more than a quarter of Americans/their families to seek treatment for it, and Americans are concerned about the impact and expense of treating infertility. A majority of parents say giving their children an opportunity to become parents is important: 78% of parents say it’s important to them that their children can have their own biological children one day.* 45% of parents of kids under 18 would be/would have been interested in a health insurance policy to protect their child(ren) or future children from future primary infertility.** 

Grandparenthood

Americans also place importance on becoming grandparents. Two-thirds of Americans (66%) say becoming a grandparent is an important milestone to them.  Adults ages 35-44 are more likely than their younger peers (age 18-34) and older peers (45+) to say becoming a grandparent is an important milestone to them (75% vs. 65% and 64%).  Women are more likely than men to say becoming a grandparent is an important milestone to them (69% vs. 63%). Only 30% percent of Americans think they will be seen differently or judged by their friends if they don’t have grandchildren someday, with men age 65+ more likely to feel this way than women 65+ (23% vs 11 %).**

Expense of infertility treatment

The LifeSpring infertility insurance policy is an answer to a familiar sentiment: that treating infertility costs too much.  

  • 86% of Americans say infertility treatments are too expensive for most Americans.* 
  • Most Americans think treatments should be affordable for anyone who needs it*  (84%), and women are more likely than men to feel this way (88% vs. 80%).* 

Optimism for future treatments

Americans are optimistic about future treatments for infertility. 

  • Over 7 in 10 Americans (71%) believe infertility may be cured by new medical treatments within the next 15 years.* 
  • Men age 45-54 are more likely than women age 45-54 to believe that infertility may be cured by new medical treatments within the next 15 years (79% vs. 66%).* 

Nearly 1 in 3 Americans (31%) would be/would have been interested in health insurance policy to protect their children or future children from future primary infertility.**  

What do you think?

Take our poll here.

Survey Methods: Two surveys were conducted online within the United States by The Harris Poll on behalf of LifeSpring: *October 15 – 17, 2019 among 2,018 U.S. adults ages 18 and older among whom 1,172 are parents, and ** September 19-23, 2019 among 2,076 U.S. adults ages 18 and older among whom 819 are parents of children 18 and under. These online surveys are not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables and subgroup sample sizes, contact info@momentum-pr.com.  

Infographic with survey on American attitudes toward starting a family, becoming grandparents, infertility, and infertility insurance