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Plan for the costs tied in with adoption, surrogacy

Parents who cannot - or simply do not want - to conceive a child in traditional fashion can turn to adoption and sometimes surrogacy. While these processes present their fair share of challenges, none of them are greater than the financial strains that can accompany.

Adoption and surrogacy can be very expensive, and even though there are various grants and loans prospective parents can utilize, they generally do not come close to covering the bill. Understanding the financial ramifications of both adoption and surrogacy are very important so that parents do not put themselves in a dicey fiscal situation.

For instance, gestational surrogacy can cost up to $100,000, and sometimes even more. Most common Louisiana residents cannot even fathom mustering up that sort of money. This is when a mother and father donate their egg and sperm, and a surrogate mother offers to house it in her uterus, carrying it to full term.

Parents who are set on going through with the process can seek out loans that are specific to this situation. Some of them are even $100,000 programs. Other medical loans can offer a more modest sum to help defray the costs.

The high costs of surrogacy leave many turning to international adoption, which still is not cheap. This process can cost $25,000 to $50,000. Private and domestic adoption on the other hand can run between $20,000 to $35,000 according to some experts.

In international adoption, fees can vary depending on which country the child is being adopted from. The money otherwise goes to an agency application and home study fee in addition to things like background checks, traveling costs and processing fees. Fees tied in with domestic adoption are similar, but eliminate travel costs and donations to foreign countries.

Furthermore, foster care adoption has very few costs involved.

Parents who can't conceive children on their own have a myriad of options. However, preparation is paramount so that couples approach the adoption process with knowledge and a plan.

Source: FOX Business, "Bundle of Joy: The Costs of Adoption vs. Surrogacy," Janna Herron, Jan. 31, 2013

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