Specialty insurer Fortegra Financial Corporation has announced a new partnership with LifeSpring, an organization focused on making fertility treatment affordable, to offer an infertility insurance product. Fortegra will underwrite the product, which is currently available to Texas residents. An expansion to other states is planned for later this year.
“Infertility profoundly changes your life,” said LifeSpring CEO Jason Muesee. “It can impact your marriage, career, friendships, personality, and financial security. As an industry, we have struggled to find the best way to provide coverage and keep it affordable. LifeSpring is dedicated to changing the way infertility is insured by offering an affordable resource for those who may be faced with infertility. Our team, with the help of Fortegra, can now turn people’s dreams of future family into reality.”
One in eight American couples experience infertility issues, according to the US Centers for Disease Control and Prevention. The new insurance product aims to help ease the financial burden presented by infertility.
“The average out-of-pocket cost for IVF is around $10,000-$15,000 per cycle – a huge financial burden,” said Scott McLaren, Fortegra executive vice president and CMO. “We’re proud to underwrite such a unique offering that can help mitigate the cost of treatment and allow prospective parents to realize their dream of having a family.”
The program also provides early-life coverage for children available for purchase through the age of 13. The policy covers individuals well in advance of a potential infertility diagnosis. Should a couple with at least one policyholder experience trouble conceiving between the ages of 18 and 35, LifeSpring will provide up to $50,000 of coverage for medication, doctor visits, in vitro fertilization and other related treatments, with no deductibles or co-insurance. Once coverage begins, the couple has up to 12 months to resolve any treatments made and approved prior to reaching the age of 36, Fortegra said.