XP(IF) Use 401K to pay for IVF?

NYBrideInWI

Has anyone borrowed from their 401K to pay for ivf? How does that work? I know there is the cost of lost time not in the market to be considered, but are there other fees?  One of my coworkers once told me that the interest you pay on the loan you are paying to yourself (it goes into your 401K account) - I don't know if that's true.Thanks for any input!  We just met with a new RE today and IVF is our only option (or adoption) so now DH and I have to figure out how we want to pay for it. We have some cash savings available, but are trying to figure out if we'd be better off keeping savings and financing the IVF. One IVF wouldn't deplete our cash but multiple IVFs would.We are TTC #2, I am 31, have high FSH (14.5) and DH mysteriously and suddenly has no sperm (at canceled IUI had 20 dead sperm). September SA was normal.

beebe929

Talk to your HR dept, it would be the same as any loan.  Ours (my work) is set up to pay back weekly with each pay period.

Sorry i can';t be more helpful.  Good luck!

Dochas

Definitely talk to HR.  But one important thing - if your employment is terminated by them or you - the total must be repaid immediately.  If not it is considered a withdrawal and you will be hit with taxes and penalties.  Do you own a home?  Personally I would have taken a 2nd mortgage but only you know what's best in your situation.

Soon2beMrs.Sivert

You may want to check into a early dispersment if you are considering that. I offer no advice here other than I read on our tax software this year that you can avoid an early withdrawl penalty if it was for medical reasons and it exceeded a certain percentage of your income.I also don't know if IVF qualifies as a medical reason for purposes of this.  

Again, I'm not advising that and if you considered it perhaps you could talk to an accountant first. Also, like the previous poster mentioned if you lost your job you'd have to pay it back or it would go out like an early dispersement.