Undergoing Artificial Insemination? Steps to Take Before Getting Pregnant
Undergoing Artificial Insemination? Steps to Take Before Getting Pregnant
Before getting started you should understand how your health insurance program covers infertility and pregnancy, take advantage of the tax code, and utilize supplemental maternity insurance to create maternity income, and protect your pregnancy in case of complications, and premature birth.
Artificial insemination is one of the more commonly used and less expensive infertility treatment options. The average cost ranges up to $500 per attempt. With a success rate ranging for 5% to 20% you might expect to need up to need ten or twenty attempts before getting pregnant.
Know your Insurance Plan
Therefore, artificial insemination costs may range as high as $10,000 before factoring in additional costs for fertility drugs, sperm washing, and other diagnostic tests. Before undertaking your procedure it's best to understand how your employer's group health insurance will handle these expenses. Many insurance plans do not cover infertility treatments. Fifteen states mandate some form of coverage, but even in these states there are many loopholes and exclusions. Know how your policy works, and avoid nasty surprises down the road.
Favorable Tax Treatment
Most infertility treatment costs not covered by your major medical plan qualify as deductible expenses. You can deduct these expenses on your IRS form 1040 at the end of the year, or use your flexible spending account. Each has pros and cons that you should know.
The IRS limits your un-reimbursed medical expense deductions to the amounts above 7.5% of your adjusted gross income. A couple with each person earning $50,000 per year would have an adjusted gross income of $100,000. In this case, the first $7,500 of artificial insemination costs yield no tax savings, leaving $2,500 in deductible expenses.
Your employer's flexible spending account offers first dollar tax savings, and helps you avoid the 7.5% hurdle noted above. But a flex plan has a use it or lose it feature. If you conceive after only a handful of AI procedures, you may lose your contribution if your pregnancy related expenses are not as high. Be sure to plan accordingly.
Supplemental Maternity Insurance
If you are otherwise healthy, and your infertility specialist seems confident that you will conceive, then consider purchasing supplemental maternity insurance before starting your procedures. You are confident that you will conceive and deliver a healthy baby. Why not purchase insurance that pays cash benefits directly to you when deliver a healthy baby? It is the one time in your life you can purchase insurance for a planned event. Take full advantage.
Supplemental maternity insurance can help you create maternity leave income. Your benefit for normal delivery may greatly exceed the premium you pay, plus you will gain extra security in case of pregnancy complications, delivery complications, premature birth, and more.
Be sure to apply for coverage before getting pregnant to lock in your maternity leave benefit, protect your pregnancy from the unexpected, and offset your artificial insemination costs.
Kevin Haney is a licensed insurance agent helping couples in the growing family life stage to navigate artificial insemination costs and many other pregnancy and maternity leave concerns.
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