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Claire Tomkins, who holds a PhD in applied economics and finance from Stanford University, transitioned from a career in consumer finance to entrepreneurship after experiencing a common personal journey: in vitro fertilization (IVF).
As a mother of three children conceived through IVF, Tomkins is now the founder and CEO of Future Family, a San Francisco-based startup dedicated to providing financial solutions for individuals looking to pursue fertility treatments.
The reality is that while fertility treatments like IVF can impose significant emotional and physical demands on patients, the financial burden they entail can be equally daunting. A single cycle of IVF can cost anywhere from $15,000 to upwards of $30,000, as reported by the U.S. Department of Health and Human Services.
“We recognized a clear need for a financial product focused on fertility and family building,” Tomkins told Entrepreneur. “Just as you wouldn’t purchase a house or a car outright, financing options are essential for managing the costs associated with IVF.”
Future Family provides a flexible IVF payment plan starting at $300 per month, which covers necessary clinic procedures, lab work, medications, and other associated costs. They also offer an egg freezing payment plan beginning at $150 per month, which includes storage and similar services.
In February, the company introduced its insurance offering, Orange Shield, which provides coverage at three refund levels: $15,000 for one cycle, $30,000 for two cycles, and $50,000 for two cycles with medication coverage. The average cost for this plan is $3,000 upfront and $999 monthly for five months.
“Our aim is to alleviate the financial stress of fertility treatments so patients can concentrate on their emotional experience,” Tomkins remarked. All of Future Family’s insurance plans feature a “Baby or Your Money Back” guarantee, allowing patients to claim a refund if their IVF cycles are unsuccessful after two attempts.
“The IVF process is truly an emotional and financial ride,” Tomkins stated. “Our mission is to help manage the financial aspect so that individuals can focus more on their well-being and care throughout their fertility journey.”
Initially, many in the insurance sector viewed the idea of insuring IVF as radical. However, Tomkins pointed out that as IVF success rates have climbed, the risks associated with underwriting such coverage have become manageable, leading her team to develop a robust actuarial model.
Another significant hurdle was determining the form of the insurance product itself. Future Family had to clarify the specifics and structure of its policies. “We designed a multi-disbursement model for fertility financing,” she explained. “This allows us to handle payments directly to clinics and pharmacies on behalf of our clients.”
The product development phase spanned 18 months, culminating in securing reinsurance from a multi-billion-dollar company that endorsed their actuarial model and documentation.
“I’m thrilled that discussions surrounding IVF are becoming more prevalent on a national scale,” she noted. Since its inception in 2016, Future Family has approved more than $200 million in credit and served over 10,000 individuals. Recently, the company announced it has secured a $400 million program from Clear Haven Capital Management aimed at expanding its lending capabilities.
“I am excited about the national dialogue surrounding IVF and the acceptance of it as a standard method for family building,” Tomkins concluded. She emphasized that both Future Family and future support initiatives—be it through governmental policies or employer-sponsored plans—aim to ensure accessible and affordable fertility care for all.
This article is part of our ongoing Women Entrepreneur® series showcasing the experiences and achievements of women in business.
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