Financing surrogacy can be a stressful process, causing many parents to feel unprepared to take on. Here’s everything you need to know about the five ways to finance surrogacy.
The surrogacy process consists of a vast number of individuals, services, and legal complexities. Funding a surrogacy journey can bring a lot of financial stress to the parents. Parents should not feel discouraged because five different options are available to finance their surrogacy journey.
What is a Surrogacy?
Surrogacy is a reproductive solution where the biological mother’s embryo is transferred to another woman who agrees to carry the pregnancy for the intended parents.
How to Finance a Surrogacy
1. Surrogacy Loans
Home equity loan:
Parents can use their home as collateral if the home has enough equity to fund the surrogacy journey.
Financing from a surrogacy agency:
Many surrogacy agencies provide a fee schedule option for parents instead of charging the entire amount upfront.
Fertility financing loans:
Many financial organizations receive fertility financing by providing extensive coverage options to help parents with surrogacy expenses.
2. Surrogacy Grants
If parents are eligible and fit the requirements, many online programs exist to provide financial assistance to parents struggling to meet the costs of surrogacy.
3. Crowdsourcing/fundraising
Parents can fund surrogacy through the generosity of family and friends. Parents can raise money by hosting a surrogacy fundraiser, which can be done through online crowdsourcing platforms.
4. Credit Cards
Credit cards are a way for parents to meet the expenses of surrogacy. However, parents can use credit cards as payment to avoid accumulating too much interest, along with any cash either parent saved for their surrogacy journey.
5. 401k plans
Parents have the option to fund a surrogacy using their 401k retirement plan if there are no restrictions prohibiting them from attaining instant access to these funds.
What is a Surrogacy Contract?
A surrogacy contract is a legally binding document to protect both the surrogate and parents, preventing legal disputes down the line. The contract outlines the entire surrogacy process and clearly states the rights and roles of each individual involved.
Related: How to Form a Surrogacy Contract in California
The Importance of Hiring an Attorney to Form a Surrogacy Contract
To ensure fairness and validity of the contract, an attorney can help establish the terms of the surrogacy and prevent any potential legal consequences. An attorney can ensure the requests and interests of both parties are met in the contract. However, both the surrogate and the parents should each hire their own attorneys to ensure the surrogacy contract is balanced. Hiring an attorney to form a surrogacy contract can help protect the rights of both the surrogate and the parents.
Related: 5 Reasons Why You May Need a Surrogacy Attorney
FAQs About 5 Ways to Finance a Surrogacy
How much does a surrogacy typically cost?
Surrogacy is often $60,000 – $100,000, but can exceed in amount.
Related: How Much Surrogacy Costs in California
Can insurance cover some of my surrogacy costs?
Yes, a few insurance options exist to cover the medical costs of your surrogacy, including infertility and third-party reproduction costs. Evaluate the potential medical costs your insurance may cover.
Is it possible to fund my surrogacy journey with more than one payment method?
Yes, parents can fund surrogacy through a combination of payment methods.
Can the surrogate or one of the parents break the surrogacy contract?
It is possible to break a surrogacy contract, but it rarely happens. If a surrogacy contract is violated by any individual involved in the process, the opposing party can take legal action.
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If you or a loved one would like to know more ways to finance surrogacy, get your free consultation with one of our family attorneys today!