In the US, we pride ourselves on the American dream of working hard and earning based on our merit. Our economy today, however, shows that many people who work hard are earning less and are not as well off as their parents. Truth be told, the real old fashioned way of earning money still works – inherit it. In addition to younger generations earning less, another difference that is becoming more evident is when having babies the old fashioned way doesn’t work either. People are now turning to their parents to pay for infertility treatment.
The Future Grandparents Club
In vitro fertilization (IVF), which now accounts for a percentage of births in the US, is becoming more common. However, its affordability is not. The average out of pocket expenses for a round of IVF exceeds $24,000 and the average spent on treatment over all exceeds $60,000. So where are people turning to get this kind of cash to fund their IVF? Hopeful grandparents.
One of the remaining stigmas of infertility is that it is mostly older wealthier women who are likely to have infertility treatment. However, at least half of the women seeking IVF are under 35. Infertility has many causes. Hasidah has had clients facing PCOS (Polycystic Ovarian Syndrome), premature ovarian failure (at age 27), genetic diseases, cancer, recurrent pregnancy loss, and one of the most frustrating situations, unexplained infertility. Infertility affects young and more mature, rich and poor alike.
What’s A Parent to Do?
Hopeful grandparents seem motivated regardless of the situation. When it is a late bloomer, they want to help. When the couple is young or maybe doesn’t have any savings yet, the future grandparents are often there. One hopeful grandparent called Hasidah for help because she had already dipped into her retirement savings to help her daughter and still wanted to find additional ways to help. Not all parents have the financial capacity to help their children, and not all children are comfortable or able to turn to their parents. However, the vast majority of people Hasidah has seen that have spoken to their parents get some funding from them. When it is their own child looking for help to have the same blessing of having a child, it is a pretty sensitive heart string to pull.
To be sure, funding from grandparents has it draw backs. It is complicated to have financial ties to family members and IVF has no guarantee. However, one thing is for sure. More and more grandparents are going to have earned their title the new old fashioned way. They will have paid for it.
Check out this article in Fast Company for more about IVF funding from grandparents featuring Rabbi Idit Solomon.