Today’s bonus episode guest is Mary Beth Storjohann, a certified financial planner who runs Workable Wealth. She has her own infertility story that included male factor infertility, timed intercourse, IUI, and one IVF cycle that was successful. She is the mother of a baby girl born last July.
Mary Beth and Heather discuss everything you need to know about financial planning for infertility:
- Before we get to the heart of today’s interview, I’d love for you to briefly share your own infertility story. How long were you trying, what was your diagnosis, what eventually worked, etc.?
- Before embarking on true financial planning for your infertility journey, you recommend calling your insurance company to see what’s covered and what’s not. How do you recommend approaching this conversation? What questions should we be asking?
- A couple’s next stop should be their fertility clinic. What questions should they ask their doctor?
- What about the financial planning team at the clinic?
- Next you recommend circling back with your insurance company. What questions should be asked at this point?
- Now that a couple has all the information from their insurance company, fertility doctor, and financial planning team at the fertility clinic, you recommend stepping back and relaxing. Any tips for doing so?
- Once all the information has had time to sink in and you’ve stepped back from it a bit, you say it’s time to review your overall financial situation. What things should couples take into consideration and why?
- After reviewing your financial situation, you recommend prioritizing. How can a couple go about doing that?
- Now that a couple has reviewed their situation and identified priorities, what’s next?
- Fertility clinics will almost always recommend going through a lender, but what are some of the downsides to this approach — and what are some alternatives?
- How can couples creatively start saving on their own?
- Your final tip is to “be flexible but know your limit.” Can you please explain this?