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How Much LGBTQ+ Family Planning Costs
Starting a family is a significant financial commitment for anyone, but for LGBTQ+ couples, the costs can be even higher due to the need for assisted reproduction, surrogacy, or adoption. These processes often come with hefty price tags, and insurance coverage can be inconsistent. At O1ne Mortgage, we understand the financial challenges you face and are here to help you navigate them. Call us at 213-732-3074 for any mortgage service needs.
How LGBTQ+ Couples Can Financially Prepare to Have Kids
Planning and preparing your finances well in advance can make the process of having children easier. Researching your options and understanding new health insurance laws in some states can also help make having kids more financially feasible.
Intrauterine Insemination (IUI)
IUI involves inserting sperm into the uterus around ovulation. Costs can range from $500 to $4,000 per cycle without insurance coverage, depending on the amount of medication, monitoring, and blood work required.
In-Vitro Fertilization (IVF)
IVF is a more intensive and expensive form of assisted reproduction. It involves combining eggs and sperm in a lab and then transferring the fertilized embryos into the uterus. One cycle can cost over $20,000 without insurance, and multiple cycles are often needed.
Adoption
Adoption is a great option if neither partner can or wants to carry a child. Costs vary significantly, ranging from nearly free for state-run child welfare adoptions to $25,000-$40,000 for domestic private adoptions, and up to $70,000 for international adoptions.
Gestational Surrogacy
Hiring a gestational surrogate can be extremely expensive, with costs ranging from $200,000 to $250,000 if an egg donor is needed. Not needing an egg donor can reduce the bill by $50,000.
Financial Assistance for LGBTQ+ Couples
If the costs of starting a family exceed your savings, there are several ways to get financial assistance. Grants, employer coverage, fertility loans, personal loans, home equity loans, and 0% intro APR credit cards are all options to consider.
Explore Grants
Grants can help fill the financial gap. Organizations like Family Equality and Fertility Within Reach offer grants for LGBTQ+ family-building. These grants typically have limited funds and specific qualifications, but the money doesn’t have to be repaid.
Request Employer Coverage
If your employer doesn’t offer fertility benefits, consider requesting coverage. Some companies may not be aware of the demand for such benefits. Gathering support from other employees can strengthen your case.
Fertility Loans
Many companies now offer financing programs and loans specifically for fertility services. These loans can cover costs associated with medicine, genetic testing, attorneys, and storage fees. Be sure to compare interest rates, fees, and any restrictions.
Personal Loans
Personal loans offer flexibility and typically have few restrictions on how the funds can be used. Compare interest rates, terms, and fees to see how they stack up against fertility-specific loans.
Home Equity Loans
If you own a home and have built up significant equity, a home equity loan can provide the funds needed for family-building. However, be aware of the risks of using your home as collateral.
0% Intro APR Credit Cards
These cards offer an introductory period with a 0% annual percentage rate (APR) on purchases or balance transfers. If you can pay off a large portion of your balance before the introductory period ends, you can borrow money without paying interest.
Get Creative to Overcome Obstacles
Starting a family can be particularly challenging for LGBTQ+ couples due to discrimination and high costs. However, there are many options for financial assistance, from grants and drug savings programs to personal loans and 0% intro APR credit cards. At O1ne Mortgage, we are committed to helping you achieve your family-building dreams. Call us at 213-732-3074 for any mortgage service needs.
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