It’s no secret: Gestational surrogacy is expensive. If you’re considering this path to bring a child into your family, you’ll need to do a bit of financial research. You can’t jump into surrogacy without understanding exactly how much it will cost you — and how you will afford the expenses along the way.
While American Surrogacy does not provide any financing options for our intended parents, we are always willing to point intended parents toward resources that will make this journey a little more affordable. Ultimately, it will be up to you to decide which paths are best for you. When you’re ready to get started, we’ll be there to help.
7 Ideas to Help You Save for Gestational Surrogacy
1. Talk With a Financial Advisor
Before doing anything else, intended parents should always speak with a professional about their finances. Surrogacy requires a large lump sum paid within a few short months, and you’ll need to have that money ready to go when the time comes. A professional is the best way to prepare for that.
A financial advisor can look at your current income, savings and financial requirements to determine which steps will be the most effective and quickest way to gather the funds you need.
2. Set Up a Designated Savings Account
When most intended parents decide surrogacy is in their future, they set up a designated savings account. They allocate a certain amount of their income to it through direct deposit and slowly watch the savings build up over time.
When you set up a savings account, make a budget for your household, as well. What expenses — eating out, shopping, traveling — can you cut down on? Allocate that extra money to your account directly. It may hurt to see your initial paycheck after the changes, but you will quickly adjust to your new normal.
You can also add tax refunds, bonuses and any other extra income to this savings account right away, rather than use it as “disposable” income.
3. Explore Grants and Loans
Many organizations offer help to intended parents pursuing alternative family-building options.
Certain companies — including Prosper Healthcare Lending, CapexMD and New Life Fertility Finance — offer fertility-specific financing loans that can be used for gestational surrogacy. You might also talk to your financial advisor about borrowing from your 401(k) plans or taking out personal loans to pay for surrogacy.
Other organizations offer grants to would-be parents. Take a look at some below, learn more about their eligibility requirements and apply to them, if they’re right for you:
- Family Formation Charitable Trust
- Pay It Forward Fertility Grants
- Tinina Q. Cade Foundation Family Building Grant
- Baby Quest Foundation
- Life Grants
4. Host a Fundraiser
Many of your friends and family may be willing to help you fund your family-building journey, so let them participate with a fundraiser! It could be something as simple as setting up a crowdfunding campaign on GoFundMe, or you could clear out your house for a garage sale or host a bake-a-thon. Get creative, and don’t afraid to ask your community for help. You may be surprised at just how much they step up.
5. Look to Your Real Estate
If you’re fortunate enough to own real estate, consider the opportunities it presents to you. You may want to refinance your mortgage so you are paying less every month (and can save more for surrogacy), or take out a home equity loan. If you have investment properties, you might sell them and use that lump sum as a base payment for your surrogacy expenses.
As always, talk to a financial advisor before making any major changes to your real estate payments and incomes.
6. Consider Consulting or Freelance Work
Do you have any special skills, or can you expand your work schedule from the typical 9-5? If you are handy with tools, consider listing your services to help people complete their home improvement projects. If you are an accountant at your job, consider offering your services to balance books and file taxes.
While it will lead to extra work and less free time, it can be a great way to quickly make some money by doing something you already love.
7. Add to Your HSA or FSA Accounts
Many employers offer Health Savings Accounts (HSAs) or Flex Spending Accounts (FSAs). You can allocate a certain percentage of your income to these accounts, tax-free, to pay for medical costs.
While an FSA expires at the end of the year, you can carryover the money from your HSA year to year. Start putting money in it now, and you may be surprised at the amount you have when you’re ready to start the embryo transfer process.
Contact us online anytime to learn more about our agency fee schedule and how other intended parents have saved up for their surrogacy expenses.