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[equality-wealth]

Hidden costs facing LGBTQ+ parents.

For LGBTQ+ people, starting a family can prove to be particularly emotionally and financially challenging. Both private IVF and surrogacy involve high costs, as well as the potential impact of having children on earnings and pensions. It’s invaluable to seek financial advice from an adviser you can trust who understands what you’re going through.

No matter who you are, having kids presents challenges, whether they’re physical, emotional or financial. But for LGBTQ+ people, the route to starting a family can be especially complex. LGBTQ+ couples who want their own children typically have fewer options available to them, and the processes that are available can be both expensive and emotionally stressful.

Cost of starting a family via IVF

Some LGBTQ+ couples may go through IVF treatment to have children. However, the chances of a round of IVF being successful is just 32% for women under 35, falling to 4% for women over 44.1 What’s more, the number of NHS-funded rounds of IVF that are available is something of a postcode lottery.

Although NICE guidelines suggest three rounds of IVF should be available on the NHS,2 it’s the local Integrated Care Board (ICB) that assigns healthcare budgets in local areas and ultimately decides how many – if any – IVF treatments can be funded by the taxpayer. The necessary criteria to qualify for NHS-funded treatment can often be strict, too – including being within a certain age or weight range, and not having children from a previous relationship. For example, some ICBs will only fund IVF for women under 35.3

The cost of private IVF treatment can vary, but the NHS advises that one round of treatment can cost £5,000 or more.4 Given the success rates, this could mean some couples end up spending high sums of money to start their family. For some, the only way to pay for this will be by taking out loans. Then there is the impact to earnings from taking parental leave and caring for a young family, which can affect everything from future earning capacity to pension values in retirement.

Cost of starting a family via surrogacy

Another option for same-sex couples looking to have children is surrogacy – where a woman carries a baby for someone else – although this is complicated to achieve in the UK due to the legislation surrounding it. Many decide to go overseas to fulfil their wishes of having a family.

Whilst many won't regret the costs associated with commercial surrogacy, the outlay can be extremely high. In the US, costs start at around $100,000 per child, including medical expenses, insurance and legal fees (5). That’s in addition to the expense of bringing up children, regardless of how you came to have them. Recent figures put the cost of raising a child in the UK, including housing and childcare costs, at more than £150,000 for couples and £200,000 for a lone parent (6).

Work with an adviser to cover costs

An adviser can help both same-sex and opposite-sex couples, to understand the benefits, difficulties and costs associated with surrogacy, plus the wider costs of funding childcare.

People need advice and they don’t always know where to find it. It’s about the cost of bringing up a child, and the value of saving for your children. It’s important to understand how to make best use of your tax wrappers and tax allowances.

It’s important to be sure that you and your adviser can work together, no matter what your goals and aspirations are. But if you’re dealing with the specific issues you face as an LGBTQ+ person – or considering IVF or surrogacy – then it’s great to speak to someone who understands what you’re going through.

There are not many people doing this type of advice, but as always, it’s about finding someone you can trust and talking to them honestly and openly.

If you need help navigating the expenses of starting a family, contact us today - https://kathwilkinson.co.uk/contact

#lgbtqparents #rainydays #canalstmcr #gayvillagemcr

[roundtheworldmagazine]

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[irritableloveablelesb0]

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