Crowdfunding sites aren't just for people to raise money for startups anymore. For some innovative parents, it's a chance to invest in their future baby.
Popular sites like GoFundMe, GiveForward and Indiegogo are gaining momentum in the baby business. According to the Huffington Post, GoFundMe has raised nearly $1.1 million, helping couples cut the costs of infertility treatments and adoption. And about 100 couples are trying the new trend on GiveForward.
According to RESOLVE: The American Society of Reproductive Medicine, infertility treatments like in vitro fertilization can be expensive, costing more than $8,158 per cycle. It usually takes several rounds of treatment for a woman to successfully conceive, meaning costs can quickly escalate while insurance companies often only cover a set number of attempts.
According to a 2012 poll by RESOLVE, just 29 percent of couples said their insurance covered their infertility or adoption expenses. More than 79 percent dipped into their savings, and 40 percent were using credit cards.
And although couples can cut costs by applying for grants from nonprofits, seeking aid from employers or utilizing the tax credit for out-of-pocket adoption costs, crowdfunding sites still prove to be valuable for many.
Adoption may not be a cheaper option. The U.S. Department of Health and Human Services reports an estimated cost anywhere from $2,5000 to more than $40,000 per child. Expenses may include home study costs, adoption agency fees and legal and court costs. International adoptions have even more expenses.
AdoptTogether, the first adoption-specific crowdfunding site has provided more than $1 million to 300 adoptive families since it was founded in 2012.
