Use Your FSA to Fund Your Fertility

My health insurance is great. But like most, it will not cover fertility treatments. (In fact, my gynecologist’s office had to do some “creative coding” to even get some of the preliminary bloodwork reimbursed.) My credit union credit card has a great rate, but monthly finance charges still stack up quick when your balance is $20,000+.

So what’s a girl to do?

After you’ve checked into financial assistance programs and scholarships I’ve already mentioned here, and talked to your clinic to see if they have any payment plans they can offer (mine didn’t), dig a little deeper into your benefits package at work. Does your employer offer a Flexible Spending Account (FSA)? ** If so, you’re in luck!

FSA’s, also known as a Section 125 plan, allow you to pay for certain medical expenses that aren’t already covered by other benefits through a payroll deduction. This means you can set aside a certain amount that you know you will spend on medical expenses before taxes. In many, many FSA plans, like the one I have, fertility treatments, such as In Vitro Fertilization, are eligible medical expenses. Others are even more extensive, allowing reimbursement for all kinds of assisted reproductive technologies and fertility enhancement, including ovulation predictor kits and pregnancy tests.

Depending on which tax bracket you fall under and how much you set aside, you could save several hundred dollars a year. That doesn’t take the sting of an IVF price tag away, but it does allow you to depend a little less on your credit card and save just a bit on those finance charges.

And, if you’re successful in your treatment, you can always look into an FSA for dependent care.

**If your employer doesn’t currently offer an FSA, you may want to suggest it. There are tax benefits for them (they save FICA) as well.