| m-link"> | | | | behind them is basically the same. Employees can set |
| Paying for any type of medical treatment can be | | | | aside a limited amount of pre tax dollars from their |
| separated into three basic options. Healthcare | | | | paychecks into a savings account, and then use |
| plans usually offered by your employer or | | | | those funds to reimburse yourself once you have |
| professional organization. From your own savings | | | | paid out of pocket for medical care. Each plan has |
| or other private arrangement such as a bank loan. | | | | limitations on the amount that you can set aside, |
| Grants and other programs offered by some | | | | what constitutes a reimbursable medical expense, and |
| patient advocacy groups and clinics. | | | | the time frame (usually these need to be used |
| Unfortunately, with many healthcare plans limiting | | | | annually). |
| coverage the second option is often the only option | | | | The IRS has defined what is allowed to be |
| for many couples wanting to conceive their own child. | | | | reimbursed from these accounts, and some to most |
| Couples will pull funds from many sources to cover | | | | fertility treatments do qualify. Exactly what is allowed |
| out of pocket expenses in treating their infertility as | | | | for reimbursement depends upon the type of |
| well as attempt to gain coverage through their health | | | | account. The rules for these accounts and eligibility |
| insurance coverage. The most common out of | | | | are complex and should be discussed with your |
| pocket solutions are cash reserves, home equity lines | | | | Human Resources or Benefits department. Speak |
| of credit, secured or unsecured loans, and retirement | | | | with your Financial Advisor or Accountant to make |
| savings plans. Section 125( c) medical savings plans, | | | | sure you understand all of the possible tax |
| employer sponsored savings plans, are a type of | | | | implications of using the health care flexible spending |
| hybrid of these two funding sources. | | | | account. |
| Even though flexible medical spending accounts are | | | | Of all of the ways to personally fund infertility |
| limited in what types of treatments the account can | | | | treatment Section 125 ( c) plans offer the most |
| be used to pay for and amount of money that can | | | | benefits with the least restrictions and penalties. Why |
| pass through them in a single year, they are excellent | | | | dip into your cash reserve and risk your financial well |
| venues to pay for some medical expenses. Health | | | | being, or whittle away at your retirement when other |
| savings accounts have two big benefits. | | | | options have not been exhausted. Ask your Infertility |
| Pre tax dollars set aside | | | | Consultant to point you to a financial expert if you |
| Non taxable withdraws | | | | don’t already have one. Often just reducing |
| Even though these are many slightly different | | | | the stress that finances put on infertility treatment |
| programs which your employer may offer the idea | | | | can help increase your chances of success. |