Babies, Budgets & Benefit Plans
Important Advice for New Parents
More than 4 million babies are born in the United States each year, and for many of their parents, the expense of welcoming a new family member can be a bit of a shock, especially if they have not taken the time to revise their family budget.
Expectant mothers often spend more time decorating the nursery than evaluating how their growing family will impact their health benefits. In fact, a new national survey conducted by Aetna and the Financial Planning Association (FPA) found that 71 percent of expectant mothers say they've spent practically no time reviewing their health benefits.
"It's important for expectant and new parents to thoroughly review their health benefits and family budgets. Pregnancy is the ideal time for combing through the details of their health plans, for example, to make sure all the bases are covered. Fortunately, there are resources and experts available for new moms and dads to get great advice planning for their future," says Sandy Jones, co-author with Marcie Jones of Great Expectations: Your All-in-One Resource for Pregnancy & Childbirth.
Here are a few helpful tips:
Review Your Health Plan Benefits
Know what your plan covers during pregnancy to fully maximize your health
benefits.
· Schedule time to look closely at your coverage, in between reading
baby-related books and magazines and shopping for baby accessories.
· Find out if your health plan covers genetic counseling and other
new, cutting-edge services as well as traditional services.
Revise Your Family Budget
While health insurance may cover many medical costs, there are other expenses
to consider. Don't forget that these additional expenses should
also be included in your overall family budget.
· Create a new budget to include baby-related expenses.
· Estimate daily expenses such as diapers and formula to include
in your budget.
· Account for health care expenses such as health insurance, non-covered
medical expenses, life insurance, additional doctors' appointments,
deductibles, premium costs, coinsurance and co-payments.
· Speak with your doctor about the cost of a normal delivery vs.
a complicated one and what your insurance will cover.
