The average cost of just one IVF cycle starts at $12,000. That doesn’t include medications and tests (which can run several thousand dollars each), time off work, or the multiple rounds most patients endure: Only 30% of patients succeed the first time. The cost of a successful IVF tends to be closer to $61,000. For those in need of surrogacy, the price jumps to $90,000 – up to $150,000. With little state and insurance aid, most patients pay out-of-pocket. How do we expect millennials to afford that?
Infertility is often an unforeseen diagnosis that coincides with other major life events–like say buying a house–for which couples are not financially prepared to tackle. And so, a growing percentage are turning to a reliable support system: the bank of mom and dad. It makes sense: Baby boomers, regarded as the richest American generation, possess 54% of all U.S. household wealth. In comparison, millennials hold a mere 4%.
Some fertility clinics now permit a family member (or in-law) to take out a plan on behalf of their son or daughter. Dubbed the “Grandbaby Plan,” it’s the first customized fertility loan for IVF and egg freezing. Previously, the financial responsibility lay solely on the couple. Future Family launched this program in 2016 and now works with 250 clinics. Since then, it’s seen over 50% of its clientele who seek financial support from their family.
A 2018 survey found that 53% of Americans between the ages of 21 and 37 received some form of financial aid from a parent. Of those, 37% received support monthly while 59% got help more than a couple of times a year.
Parents want to become grandparents. So it’s a struggle. This does impacts them. It’s a disease that really impacts the entire family. Much has been reported on Baby Boomers impatiently waiting for their adult kids to give them a toddler before they’re too old to play with them. In fact, some have taken up babysitting just so they get up close and personal with a baby: Childcare.com saw a sixfold increase in women aged 50 and up offering their services, with two-thirds reporting they had no grandchildren of their own. The Facebook group “Surrogate Grandparents USA,” boasts 4,500 members looking to fill the empty hole that should belong to progeny.
Photo: Getty Images
Based on the article by The New Indian Express