IVF Finance is Finally Here
In an ideal world, heterosexual couples having difficulty conceiving and LGBTQIA+ couples wishing to raise kids together can easily turn to in vitro fertilisation (IVF) to get them one step closer to building a family. After all, IVF is the most effective form of assisted reproductive technology (ART). In fact, more than 15,000 babies born yearly are conceived through IVF in Australia.
IVF is a complex series of procedures used to help people with fertility problems to have a baby. During the process, mature eggs are retrieved from the ovaries and fertilised by sperm in a lab. Then, the fertilised egg or eggs are transferred to the uterus to grow and develop. This can be carried out using your eggs and your partner’s sperm, or eggs and sperm from donors. One full cycle of IVF can take around three weeks, even longer when the steps are split into different parts.
On average, individuals going through IVF have about 1 in 5 chances of becoming pregnant, but success rates vary significantly between individuals with fertility treatment. However, the out of pocket costs of even just a single IVF cycle — averaging around $5,483 yearly — can put a serious dent in anyone’s budget. While some patients may be eligible to receive Medicare rebates for around half the base cost of their treatment, they will need to cover the balance, which is still quite a significant amount. In addition, Medicare rebates are only applied to those diagnosed with medical infertility, excluding those deemed to be “socially infertile,” i.e. LGBTQIA+ couples or individuals who want to have kids on their own.
Those who attempt IVF will likely also face several other costs, including consultations with a fertility specialist, individualised tests, surgical procedures, hospital day rates, medications, and specialised services like embryo and sperm freezing and surgical sperm collection. Women may also require several cycles before becoming pregnant. For those lucky enough to fall pregnant on the first IVF cycle the expense can seem manageable. But for others, the expenses are staggering and can financially burden couples and individuals, adding pressure to the IVF process.
The current state of fertility financing in Australia
Due to the overwhelming cost of IVF, those with a strong desire to start or extend their family have opted to take personal loans or access their superannuations early. Over the past couple of years, there has been a significant increase in personal loans for medical use, specifically to fund IVF treatments.
In 2021, almost 34,000 Australians withdrew more than half a billion dollars from their super to fund medical treatments such as IVF, weight loss surgery, and dentistry. But doing so greatly endangers their funds upon retirement, especially for women who generally have lower super balances than men due to lower life-long earnings, gendered pay gaps, and career breaks.
There has also been a rise in specialist companies helping people access their super early for IVF. As these businesses charge a fee for assisting individuals in preparing and submitting their applications to the Australian Tax Office, the practice raises ethical concerns about companies taking a cut of people’s supers, especially when they are mentally fragile and at a vulnerable stage in their life.
Ovessa: A game-changer in fertility financing
For Australians who want to take their shot at IVF but are intimidated by the expense, Ovessa is here to help. Ovessa is Australia’s first lending agency created exclusively to provide loans to individuals and couples looking to undertake fertility treatments. We believe everyone deserves access to these treatments, and we want to help facilitate more opportunities by offering flexible, affordable loans that are tailored to the fertility process.
Ovessa offers family and fertility loans not only for those seeking treatment but also for those dealing with the increased expense of a new baby. We offer competitive interest rates, with no penalty for early repayment and loan exits. There are also options for longer loan term lengths, which mean smaller monthly payments, and loan repayment pauses for up to 12 months.
Individuals or couples may apply for a loan between $5,000 to $50,000. Each application is individually reviewed based on requirements and ability to repay. Payment terms can be up to 10 years or as short as needed.
Whether you’re a single man or woman, a heterosexual couple, or an LGBTQIA+ couple, you deserve to feel secure when making the big decision of starting and creating your future family. Apply now and let Ovessa help get you there.