The newest industry to gain momentum via crowdfunding platforms is fertility treatments and adoption. Parents are beginning to test the waters and seriously consider crowdfunding as an effective alternative in getting funds to solve issues with infertilities. It was almost unheard of until 2011 when a couple started a campaign to raise money to support their fertility treatments. The project has successfully raised more than $8,000 and Landon Haley is the first baby born by means of crowdfunding.
More and more parents are looking for other ways of getting financial aid when it comes to fertility treatments. One of the many reasons is the ever increasing cost. In the United States, it can cost anywhere between $6,000 and $10,000 for one cycle of in vitro fertilization. Unfortunately, not many insurance companies are willing to provide any coverage because it is highly possible that a woman may need several rounds of treatments before able to conceive.
Although adoption may seem like a better route for other couples, this process can be very expensive. According to the U.S Department of Health and Human Services, the cost of adopting a child can vary between $2,500 and $40,000. Consequently, many couples cannot afford it and those who decide to proceed with their decision to adopt find themselves in debts.
Crowdfunding sites such as GoFundMe can be considered as one of the more popular websites for couples who are seeking funding. More than $1 million dollars has been successfully raised since May 2010. However, due to the growth of this trend from public awareness, couples have begun to seek funding from other sites too such as Indiegogo and GiveForward. Not just that, AdoptTogether is the first ever crowdfunding based website created specifically to collect donations in order to support families who wish to adopt. All donations towards this organization are tax deductible because they are considered to be for a philanthropic cause.
Seeking funding via crowdfunding platforms for fertility treatments and adoption purposes is still a relatively new industry. There are many mixed feelings as well as opinions regarding this issue. Nevertheless, it is undeniable that couples are seeing hope at the end of the tunnel and are slowly but steadily moving towards crowdfunding as an alternative to traditional methods to get financial aid.
[Source: Nicole Chow, CFB Staff Writer]