Posts Tagged ‘supplemental health insurance’

What is the best insurance for infertility?

Building a family by having children is a milestone that many couples desire. Our dreams of family bring up images of cuddles with small children, family vacations and quality time together. Fertility, however, is not guaranteed for everyone. This is why it’s so important to have the best insurance for fertility if it is needed. It may take medical intervention to diagnose the underlying reasons for a couple’s infertility. Lifestyle changes and the latest technology offer hope for many couples who want to pursue having their own biological children. But Assisted Reproductive Technologies, such as IVF and IUI, can be expensive and take more than one round of treatment to be successful. 

Primary health plans leave gaps

It is an unfortunate circumstance that most primary healthcare plans do not cover expensive treatments like the various types of In Vitro Fertilization (IVF) and Intrauterine Insemination (IUI).  The Kaiser Family Foundation reports that roughly half of Americans receive insurance from their employer (48% in Texas). A very small number of them offer these treatment benefits for infertility. One study found that 26% of larger companies in the U.S., those with 500 employees or more, offer benefits for fertility treatments. Companies such as Progyny make fertility benefits more cost-effective to employers who want to offer this health coverage to couples and single parents. Yet, half of Americans get their health insurance from sources other than an employer, if they are covered at all.  

State mandates are incomplete

And, while roughly one-third of states mandate companies of a certain size to offer some type of fertility coverage according to RESOLVE, small employers are exempt from those rules. Companies who self-fund are also not subject to state mandates. Short of a federal insurance mandate for the specific diagnosis of primary infertility, it is likely that typical group, individual and public health insurance plan benefits mean couples must pursue growing their biological family in other ways. FutureFamily is one such company that provides fertility financing to offset the cost of IVF and egg storage. 

Supplemental health policies are a promising alternative

The financial and emotional toll of pursuing treatment can mean that some families are unable to pursue having their own biological children. Some may decide to abandon their dream of family altogether or pursue building their family through adoption. A different type of insurance that covers an infertility diagnosis can provide vital health coverage without breaking the bank.

LifeSpring Insurance Services, whose founders have years of experience in insurance, examined the problem through the lens of insurance. They felt that it wasn’t fair that parenthood is pursued only by those with the means to afford fertility treatments. The solution they created is a supplemental health insurance product, the first of its kind in the nation. The Primary Infertility Assistance Policy is purchased for children under age 13 with a deferred benefit covering fertility treatment for a couple between ages of 18 and 36, so they can pursue their path to parenthood.  

LifeSpring CEO and Co-Founder Jason Muesse explains why this policy is designed for children: “When families buy a supplemental policy before it is needed, that policy can be offered at the lowest possible cost with the most financial benefits. When you own a policy for a possible future infertility diagnosis, its premium is a fraction of its value.” That means the time to make fertility treatment affordable is years before treatment is needed. 

The benefits of a supplemental health insurance plan for infertility

Comprehensive

LifeSpring’s Primary Infertility Assistance Policy covers what most health insurance plans do not. This includes drug therapy, diagnostic testing, IUI, lab tests, IVF, surgical care, egg and sperm retrieval and storage and more. The policy covers both the beneficiary and his or her future partner because primary infertility is a couple’s diagnosis.

Affordable

The cost of treating infertility is high and overwhelming for most. For a one-time payment of $2,000, which can be paid in monthly installments, LifeSpring’s Primary Infertility Assistance Policy for Texas children ages 0-13 offers a deferred benefit from age 18-35 that pays up to $50,000 for a whole range of infertility treatments including IUI and IVF for the beneficiary couple if they ever need it when they decide to have their own biological child. 

Inclusive

LifeSpring Insurance Services innovative policy gives many more families a way to ensure their children have the financial resources they may need to start a family if they ever need fertility treatments. No longer will it matter who their employer is, what type of insurance they have and how much money they have in the bank. Coverage is offered without waiting periods, deductibles or coinsurance.

Long-lasting

LifeSpring’s innovative insurance plan invites any caring adult, parent, relative, godparent or friend to purchase the coverage for any Texas child. The resulting gift will last long into the future with 18 years’ worth of benefits from age 18-36. This Primary Infertility Insurance Policy will give them what they need to pursue their own biological child if they or their future partner ever requires treatment for primary infertility. It gives today’s families the best chance possible to insure their future family. 

Trustworthy

LifeSpring Insurance Services was founded in Austin, Texas, by insurance executives Jason Muesse and Eugenie Shea. It took them five years to develop a plan that was affordable and delivered comprehensive benefits to remove the barrier of finances for infertility treatments. The resulting Primary Infertility Assistance Plan is an admitted insurance product in Texas, which means the insurance policy has been reviewed by state regulators at the Texas Department of Insurance to ensure the plan will be available for years to come. They plan to pursue approval for the product in additional states.

Easy and Private

It’s quick and easy to apply. The insurance application, quote and payment can be finished online in about 10 minutes. When a beneficiary reaches age 18, the insurance ownership will transfer to them, so they can access it and file a claim when they and their partner are ready to start a family.  Supplemental health insurance policies cover medical expenses that traditional health plans may not cover. There’s a good reason for that. If a comprehensive health plan covered everything possible, it would be difficult for most people to afford it. This is why the Affordable Care Act covers 10 essential benefits and part of why fertility treatment isn’t one of them.  

A supplemental health insurance plan that covers infertility is a way to plan ahead to care for future family before they need it. This gives the investment in the one-time insurance premium time to grow, so it will be ready for those couples who need it to pursue having their own biological child. As parents and grandparents begin saving for their child and grandchild’s future education, wedding and home, this policy becomes an investment to help them build their future family — a precious gift. 

How infertility insurance helps families

Whether you are a new parent, a soon-to-be empty nester or a grandparent, the desire to see your children flourish and grow will always be a part of your life. Trying to prepare your children for their future is a lifelong challenge. There is a balance of letting go. For instance, when they try to ride a bike without training wheels for the first time and pulling children back when they forget to watch for cars in a parking lot. No matter the age of your child or season of life, your role as a parent or grandparent brings its own challenges. 

Your family’s legacy

Between teaching children valuable lessons and planning for their future, it is easy to get caught up with the hopes and dreams of their future families. Many of us wonder who our child’s future partner may be. We also wonder if we may become grandparents or great-grandparents one day.

Many of us would like to leave our family a legacy to help them long into the future. By making plans now, we can help prevent financial hardships caused by unexpected medical diagnoses like infertility.  

Why choose infertility insurance?

No one knows if their child/grandchild or their future partner will be affected by infertility. Even now, there is still much that isn’t known about infertility and the causes of infertility.

What we do know is that infertility impacts 1 in 8 couples. The cost of infertility treatments is expensive. Cofertility, a blog that aims to inform and connect families dealing with infertility in a compassionate way, shares that pricing can vary from $800 for intrauterine insemination (IUI) to $8,000+ for IVF for just the basics. FertilityIQ documents how much IVF costs by city and region.   

The fact is: High costs of treatment keep families from pursuing their own children. Cofertility published a survey that found that 86% of those undergoing infertility treatment said “they have forgone a fertility treatment option recommended by their doctor…due to cost.”  

What about health insurance from your employer?

While we can’t predict who a future employer will be or even what type of healthcare insurance coverage our children will have access to, we can provide our children protection from the costs of infertility now.  

Not only that, fertility treatments are generally not included in traditional healthcare coverage. Currently only about 26% of the top 500 employers provide any type of infertility coverage. This is mainly due to the high cost of infertility treatment. 

A supplemental health policy/coverage, however, can fill the gaps and complement the health insurance your child may have in the future. It can pick up where other health coverage stops. It can give them the financial resources they need to treat infertility and pursue having their own biological children when they are ready.  

Can a supplemental health policy cover infertility?

Yes. LifeSpring Insurance Services has a Primary Infertility Assistance Policy that provides an affordable insurance solution for infertility treatments in the future. Unlike a traditional health plan, LifeSpring’s innovative policy is geared towards children and their future. By providing coverage early in life, we can offer a one-time premium around $2,000 or less for a policy that provides $50,000 worth of benefits for your child and his or her partner. The policy is designed to cover infertility treatments, providing access to all of the common treatments from IVF, IUI, medicine and storage. This way couples can pursue their own child without the crippling costs that so often compromise their hope. 

How can an insurance policy preserve my family’s legacy?

LifeSpring’s Primary Infertility Policy allows any adult to cover the premium costs for one or more children that they can use in the future. This means a parent, grandparent, aunt, uncle or family friend can gift a LifeSpring policy to any Texas child. 

LifeSpring’s innovative supplemental health insurance policy, approved by the Texas Department of Insurance, was designed in the hopes of creating a future where children wouldn’t have to decide between a mortgage payment or fertility treatments. With a LifeSpring Insurance policy, you can give a gift that continues to give over time, one that will ensure that your family will have a lasting legacy. 

Your desire to protect your children is part of what makes you a great mom, dad, grandma and grandpa. Family is one of the most precious parts of life. Consider the lasting impact you can have to preserve your family’s legacy by giving a LifeSpring policy today.  Contact us if you have any questions