When looking at your options for creating and building your family, surrogacy should not be ruled out because of the expenses. Although the process can cost at least $60,000, there are many options for families to finance and afford the hefty price tag of choosing surrogacy.
Different types and circumstances of surrogacy can shift the costs. For example, a traditional surrogacy is going to be cheaper because there is no in vitro fertilization that will increase the cost by $10,000-$20,000. Gestational surrogacy is going to cost more money due to the in vitro aspect. Other costs that vary can be whether a surrogacy agency is used, legal expenses, if insurance will cover certain costs, supplemental insurance policies, the surrogate’s need for maternity clothes, daycare costs, cleaning services, travel expenses, lost wages, life insurance policy, and many other considerations.
Two options that can be looked at to help finance the surrogacy are loans or grants. A home equity loan, a 401(k) loan, or even financing a loan through a fertility center should be explored. When looking at borrowing against your home equity, there is an added risk that if you default you could lose your home. It does, however, offer more flexibility than borrowing against your 401(k). If you consider obtaining a 401(k) loan, it is considered a hardship loan and should only be done if no other means is available. It can inhibit your contributions to your retirement until you have repaid the entire loan. Lastly, if you are working with a fertility clinic and/or surrogacy agency, some of them will offer financing programs that should be explored. Speak with a financial advisor about all of these options prior to making a decision because there could be other considerations, including tax consequences. Banks are also now opening up to the option of allowing clients to obtain infertility treatment (secure and unsecure) loans.
When looking to secure a grant, you must be an eligible candidate. Certain religious, cultural, and sexual orientation affiliations offer grants. You would need to research which grant would be the most appropriate fit.
Other options are to have others help contribute to your journey by using gofundme.com and fundraising. This can be a way that others can follow along your journey and can feel like they are a part of it as well.