How to Pay for Tubal Reversal
Many couples struggle trying to accumulate funds to pay for sterilization reversal treatment. The procedure alone can cost in excess of $10,000. When you add in travel expenses and hotel accommodations, the figure quickly reaches unattainable proportions. The two most popular options suggested to patients include financing and personal loans. However, without decent credit getting qualified can be a hassle. Some lenders may offer to help you, but not without charging you an inflated interest rate or tacking on extra fees to protect themselves (which you will probably end up financing as well). There are a countless number of creative approaches to securing funding for your surgery that you may have yet to have considered. They don’t necessarily require you to demonstrate credit worthiness or make a significant up front investment. We share some of these strategies below (they aren’t arranged in any particular order).
Start a Pre-Payment Account
Your tubal reversal clinic may offer pre-paid accounts that you can use to save for your surgery. After paying a setup fee, you can contribute to the account at regular intervals and eventually accumulate enough to pay for your surgery. The principal advantage to a pre-payment plan is that none of your money is wasted on interest as it would be with a conventional loan. You can reach your savings goal relatively quickly with manageable monthly contributions.
File a Claim with Your Insurance Company
Most health insurance companies give policy holders the run around when they ask about coverage for tubal reversal surgery. Call your provider up and give them the procedure billing code. Even if they respond with a resounding “no,” file a claim once the surgery is through with. Many patients have been pleasantly surprised by how much they’ve been reimbursed for the surgery. We’ve head about figures as high as 70% from providers like Blue Cross Blue Shield to as little as $200 from TriCare. You will need to handle the claims process independently as most tubal reversal offices do not accept insurance.
Flex Spending Accounts
Your employer may offer a medical expense flexible spending account or other health savings accounts. By enrolling in these programs, your employer grants you a tax and interest free loan that can be used immediately and paid off in monthly installments from your paycheck. You may not even have to file a claim if your account is tied to a debit card!
Home Equity Loan/Credit Line
Homeowners are at an advantage when funding their treatment because they can take out a loan or line of credit against their property. These loans offer competitive rates and the interest is tax deductible. The home equity line of credit may be more lucrative for some patients, but this “mega credit card” carries tremendous risk. Prospective tubal reversal patients need to assess their current and foreseeable financial situation carefully to ensure they borrow against a safe amount of equity.
Conventional Financing and Personal Loans
If your provider is partnered with a financing company, it’s worth your time to see what they offer. It may be tempting to accept their terms so you can schedule your appointment immediately, but oftentimes you can find better deals elsewhere. Some of the more recognized names include CareCredit and MedChoice Financial.
A personal loan from a bank or credit union can offer more competitive terms. Bank of America offers a line of credit specifically designed for IVF, tubal reversals, and other fertility treatments. Citifinancial is also a popular choice if your credit isn’t outstanding. Your may prefer to work with your own local bank if you have already established rapport with them.
Cost Savings with Tax Write-offs
If you itemize your deductions, you can claim any medical expenditures not reimbursed by health insurance or other sources, including fertility treatments. Furthermore, you can also count qualifying travel expenses. Talk to your tax professional about limitations and other insights.
There are numerous non-profit organizations that offer financial help to married couples looking to restore their fertility. Requirements and application processes vary, but mandatory periodic contributions should be expected. Many of these organizations have been inundated with applications and as a result their waiting lists have grown significantly. As such, this is best reserved as a “back up” option.
Use Retirement Funds
You can be (partially) reimbursed for the cost of your tubal reversal surgery by making a 401(k) hardship withdraw. This should be a last resort option as a significant percentage of the withdraw will be tied up in penalties and income taxes as per IRS regulations. Furthermore, you cannot gain access to these funds unless you have exhausted all other options (personal loans, employer-sponsored spending accounts, selling assets, etc.)
The above is just a glimpse of the potential funding sources you can take advantage of to cover your surgery. We have compiled detailed explanations of each of these options on this site and encourage you consult them for further information. The bottom line is that with careful planning you can be in the operating room sooner than you had hoped without spending a fortune.