Insurance and Other Financial Needs for Expectant Parents
After announcing to the family that a new bundle of joy is coming, many couples run out and start buying nursery furniture, cute baby clothes and accessories. Once reality truly sinks in, they learn that there will be many more expenses before and after the birth. It costs the average family approximately $250,000 to shelter, feed, clothe and provide for a child. This does not include the cost of college.
Smart couples sit down together to create a budget before the baby arrives. For most, the expenditures start well before the baby arrival date. You can decide what items are truly needed and what luxuries you would like to have if everything goes as planned.
Adequate Pre-Natal Health Insurance
When planning an addition to the family, a good health insurance plan can help ease anxiety and unnecessary worries. For the good health of the mother and baby, prenatal doctor visits are recommended. Monitoring the progress of the baby includes blood and urine tests, sonograms, and expert counseling and support. It is recommended that the mother take multivitamins including folic acid to prevent birth defects. Some health insurance plans do not cover all prenatal tests, so it is wise to check exactly what an insurance plan covers. It is also wise to check with the hospital that will be utilized for the birth to make sure they take the insurance you have considered.
Unexpected complications may arise during pregnancy. This may demand cessation of work for the mother and may put financial strain on the couple. Some women experience severe morning sickness (hyperemesis gravidarum) or bleeding. Emergency C-section, premature delivery, toxemia or other medical emergencies cannot be anticipated, so they should be considered in financial planning. Extended hospital stays before or after the birth can really add up.
Once the baby has arrived, there are charges for newborn tests, circumcision, postpartum care of the mother, and pediatric visits. With adequate health insurance coverage, most charges will be covered leaving minimal out of pocket costs.
Daily Baby Expenses
A car seat is required to take the baby home from the hospital. As the baby grows, so do their needs. Once the baby arrives home, there are many items that are required, including cribs, changing table, portable swings, baby clothing, toys, books, strollers or prams, baby carriers, and the list just grows from there.
Another important budgeting decision involves deciding if the mother will continue working. The cost of child care expenses can be prohibitive for some families. As the child gets older, their needs become more expensive. Costs for housing, school, transportation, gear, toys, and food rise substantially.
Life Insurance
Once you have a child, your thoughts quickly turn to protecting them. Meeting with financial planners to find the best insurance coverage for your personal concerns and needs can bring you piece of mind. You can be confident that your family will be taken care of after planning ahead to get adequate life insurance coverage. By budgeting together, an expectant couple can get all necessary finances lined up for the health, happiness and welfare of their family.
It is important to seriously consider all budgeting requirements for a new baby. Financial planning can make the addition of a new baby a joy instead of a burden. Adequate health and life insurance can go a long way in easing worries that come with the addition of a family member.
Lindsay Holland is a professional blogger that provides parents and guardians with information and reviews for after school care programs and day cares. She writes for The Learning Experience, a leading Readington NJ after school program and top child care center in Readington NJ.
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Category: Family Finances
