For decades, couples experiencing in vitro fertilization have had to spend tens of thousands of dollars on the procedure without guaranteeing success.
It's not only an emotionally draining process, but also a financially exhausting process.
San Francisco-based startup Future Family wants to help ease some of the burden on couples with new US IVF insurance products. New products with support from Munich Re Venture, a venture arm of global reinsurer Munich Re, essentially offer money back guarantees to those who are experiencing IVF.
CEO and co-founder Claire Tomkins is relaxed with insurance. Before starting the IVF cycle, the couple will pay 20% insurance upfront. If the baby is not present after two cycles or loses the baby within two weeks of birth, it can be argued that it will be refunded.
The cost of two IVF cycles can reach $40,000 depending on the location. For the new product of Future Family, Orange Shield, the average cost of protection is $3,000 and $999 per month for five months. If treatment is not successful after two rounds, the family can get a refund under IVF insurance.
Orange Shield is available at participating clinics nationwide. Families can pay in monthly installments or in lump sum payments. Overall, this policy covers all IVF related costs up to the selected coverage limit, up to $50,000. All eligible treatment costs can be included.
“Our goal is simple: helping IVF to build more families with success, room and less stress,” says mother of three born through IVF. Tomkins said. “IVF insurance works just like any other type of insurance. In addition to car insurance, you buy coverage in the hope that you don't have to file a claim.”
Eligibility criteria are based on a variety of underwriting factors, including age and medical history, she said. Additionally, patients over the age of 38 who plan to use their own eggs are currently eligible for compensation. However, patients age 38 and older are eligible for compensation if they use donor eggs. Other eligibility factors include lifestyle habits such as tobacco use, intended egg/sperm sources, and history of infertility.
Since its inception in 2016, Future Family has been offering over 10,000 products to help navigate the IVF process with a variety of products, including IVF freezes and egg freeze fertility funding, and one-on-one coaching. He says he has worked with his family. He also said he has distributed $200 million in credit.
In total over the years, the Future family, a battlefield company for startups, has secured $150 million in funding, including $100 million, at a 2018 credit facility. , at.inc/, and ourrcrowd. That final salary increase was the $25 million Series B, announced in April 2022.
In vitro fertilization is an area that startups have been working on for a long time. Recently, a new fertile wellness company, Lushi, has emerged with $5 million in funding.