The Real Cost of Freezing Your Eggs (and How To Save for It)

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Every woman’s journey to motherhood (if that’s the path she chooses) looks different, and for some, this will include egg freezing. The fertility procedure has become increasingly common in recent years, but it’s still prohibitively expensive for many women. If you are considering freezing your eggs, it’s just as important to be financially prepared as it is to be physically and emotionally prepared for what this decision entails. In this “Financially Savvy Female” column, we’ll explore the true cost of freezing your eggs and how to realistically save for it.

How Much It Costs To Freeze Your Eggs

Although some companies now cover the cost of egg freezing as part of their employee benefits, most women will end up having to pay for at least some of the costs of the process out of pocket.

“The total cost for egg freezing is comprised of multiple variables, such as the treatment and number of cycles, medication and storage,” said Todd Watts, CEO and co-founder of PatientFi, a point-of-sale fintech on a mission to promote procedure accessibility and affordability. “We’ve seen total costs average $15,000 to $20,000 per egg-freezing cycle, with many patients needing two cycles.”

Here’s a look at how those costs break down, according to FertilityIQ:

  • Treatment (monitoring, egg retrieval, anesthesia and other): $11,000
  • Medication: $5,000
  • Storage: $2,000 (presumes five years of storage with the first year free and $500 per year after)
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Since most women need two cycles, that brings the average cost to $30,000 to $40,000.

Planning Ahead Is Key

Since many women don’t have an extra $30,000 to $40,000 to spare, it’s smart to begin saving for egg freezing well in advance of when you actually plan to get the procedure.

“Given the significant cost, women would need to save roughly $2,500+ a month for one year to afford two cycles of egg freezing,” Watts said. “Therefore, depending on disposable income, saving up for this procedure may take several years.”

If you save over the course of three years, you’d need to save roughly $800 per month to cover costs; if you save over the course of five years, you’d need to save roughly $500 per month to cover costs.

How To Realistically Save for Egg Freezing

“Saving for an expense of this nature can take some time and everyone’s journey is different,” Watts said. “Whether it’s purely budgeting and saving, utilizing patient financing, a combination of both — or something more creative like crowdfunding — the good news is there are options and flexible ways to achieve your goal.”

If you plan to pay for your procedure without financing, figure out your timeline and how much you will need to save each month. Once you have that number in mind, use these tips from Jane Voorhees, CFP, director of financial planning at ALINE Wealth, to reach your goal.

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1. Track your spending and look for ways to cut back. “The first thing to do is to look at your spending and make a list of the bills you absolutely have to pay every month: rent, mortgage, utilities, car, insurance, phone, etc. Then make a list of everything else you have been spending money on. Look to see where you can cut down or eliminate spending.”

2. Make a budget and stick to it. “Prioritize saving as part of your budget.”

3. Automate your savings. “Open a bank account away from your checking and debit card. Have a portion of your paycheck direct deposited into that account.”

4. Cut down on impulse purchases. “Pause before you spend money on nonessentials and ask yourself: ‘Do I really want to spend this money?’ [and] ‘Does this put me over my budget?'”

5. Increase your savings whenever you can. “If you get a raise, increase the amount you direct deposit into your savings account. If you come into extra cash, throw it in your savings rather than splurging on something you don’t really need.”

GOBankingRates wants to empower women to take control of their finances. According to the latest stats, women hold $72 billion in private wealth — but fewer women than men consider themselves to be in “good” or “excellent” financial shape. Women are less likely to be investing and are more likely to have debt, and women are still being paid less than men overall. Our “Financially Savvy Female” column will explore the reasons behind these inequities and provide solutions to change them. We believe financial equality begins with financial literacy, so we’re providing tools and tips for women, by women to take control of their money and help them live a richer life.

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