Expecting a new child to join your family is often an exciting time for many. There are countless things to think about and prepare for, but it's no surprise that insurance should be on the list of things to pause and consider. Here are five things you should consider when welcoming a new child to your family.
Aim for In-Network Care When Possible
If your health insurance uses a network, call the insurance company to make sure the doctors, hospital, or facility you’ll use are in the network. Your coverage might let you use doctors outside your network, but it will be cheaper for you if they’re in the network. Also, ask how much you’ll have to pay in copays and coinsurance and what your estimated deductible will be.
Know Ahead of Time Roughly How Much Delivery Will Cost
While you can't plan for every birth situation, doing your homework and knowing what is covered by your insurance ahead of time could save you money in the long run. Be sure to check if how you or the birthing person plans to deliver is covered. Some births plans, such as homebirths with a midwife, may not be covered under your policy. If the plan is to have a hospital delivery, even if your hospital is in your network, some of the specialists who work there might not be. So have a plan in place to address, modify, or cover any surprise medical bills.
Your Insurance Might Cover Other Things Related to the New Baby
While you're asking about in-network care, ask your insurance agent or company about what they cover for services that you or the birthing person might need before or after the child arrives. This can include items such as a breast pump, breastfeeding support, or pre or post-partum counseling. Although brand choices may be somewhat limited, most health insurance companies must pay for a breast pump if you go through them to purchase it.
You'll Need to Add Your New Child to Your Health Insurance
Call your health insurance agent or company soon after your child is born or after you adopt. Some plans require you to add new family members within 30 days. It is a good idea to set a reminder on your calendar so you don't forget to call during those first few hectic, sleepless weeks.
Life Insurance is Important
It is never too soon or too late to consider life insurance. What would your child need if you were to unexpectedly die? Life insurance can cover things like housing, child care, education, medical care, and more. If applicable, we recommend buying life insurance for both parents, not just the primary earner as there will be a need to provide funds to cover additional care costs in the event of one parent's passing.