Whether it’s due to age, health, sexuality or many other factors, many of us know that if we ever want to start a family, it’s going to come with high costs for fertility treatments – and that’s before the little one even gets here.
But what will it cost? And how can you go about paying for these treatments? We explore a few common fertility treatments you might have heard a bit about, what they’ll be likely to cost .
Common fertility treatments and what they cost
Intrauterine insemination (IUI) costs: £350-£1,600 per cycle
Intrauterine insemination (or IUI) costs between £350-£1,600 per cycle in the UK. Studies suggest most pregnancies occur in the first four cycles, so you’re looking at a cost anywhere from £350 to £6,400 in total – but costs could increase to around £25,000 if things don’t go to plan.
Any couples using IUI will usually have to foot the bill for private treatments for the first 6 to 12 cycles, before any additional treatments (such as In Vitro Fertilisation (IVF)) are available as an option that’s covered by the NHS.
Same-sex female couples will find themselves in this situation more often so will need to plan for it accordingly. If you’ll be freezing eggs or embryos for a later date, you’ll need to factor in the cost of storage, which can range from £125 to £350 per year.
In Vitro Fertilisation (IVF) costs: Average £5,310 plus additional add-ons
Though the average amount for advertised fertility treatments in the UK is around £3,898 in total, according to Fertility Mapper, the actual cost including an initial investigation and ongoing costs averages at closer to £7,454 (where both parties will undergo an investigation before the treatment begins). It’s important to understand what is included when you’re discussing your treatment with your chosen clinic, as everyone is different – there may be additional add-ons unique to your needs.
Some people will be eligible for some support through the NHS for IVF. This will depend on your personal circumstances and where you live. Try Fertility Mapper’s calculator to see what support is available to you.
Surrogacy costs: from £20,000 to £80,000
The cost of surrogacy can vary widely. This is dependent on your circumstances, needs and preferences. There’ss very little NHS support available, so this treatment will most likely need to be arranged and paid for privately. Head to the government website here for more information on becoming a parent through Surrogacy.
Are there any other costs you need to think about?
Fertility treatment is just one aspect of the costs of becoming a parent. Aside from the obvious things like, living costs, childcare and saving for your child’s education and future, you might want to consider researching legal costs too. This is to ensure your will(s) are updated and you have money set aside for any legal fees for adoption (should any non-biological parents want to consider this as part of your first steps into parenthood).
Thankfully, legal fees associated with updating your will and adoption are relatively minimal. According to Adoption Matters, legal fees for adoption include a one-off court fee of £183. And if you’re an Octopus Money customer, you can create a will with our sister company Octopus Legacy for just £90. Click here to get started.
So, how should you pay for all of this?
The first thing to keep front and centre of your mind when planning your finances for fertility treatment is this: you want to welcome a baby into the world feeling fully financially stable. Raising children is costly, so it’s important to remember that paying for fertility treatment is just the first step.
Some top tips for your fertility fund
- Start saving as soon as you can. Depending on how early you’re planning, this money is probably best put in an easy-access, high-interest savings account. You can consider locking it away for a fixed term if you’re comfortable and confident you won’t need that money for a while.
- Consider investing if you’re 5+ years away from wanting to start a family.
- Consider payment plans for treatment to spread the cost over a longer time period. Many clinics offer payment plans to spread the cost of treatments. But it’s important to check interest rates first as you might be better off taking out a low interest loan to manage these costs instead. But be sure to check what works best for your specific financial situation.
- Make sure you keep your emergency fund intact, whatever happens.
- Ask your friends and family who are parents what they really needed and what was truly useful to them and make a list. Buy pre-loved items with the things that make sense to buy pre-loved, and you can resell what you don’t need later on.
- Speak to a coach or adviser at Octopus Money to build fertility planning into your financial plan and create the right strategy to achieve the dreams you have for your family.
Sources:
Stonewall research 2021
