Once you know you are pregnant, the countdown will start: baby’s name, baby equipment, nursery, baby, baby, baby. However, the first step as a pregnant parent is to develop an appropriate health care plan strategy. Maternity coverage and baby care are probably some of the biggest medical costs you will have to incur over time. And these costs can work out to be enormous without the proper health policies. As a proud parent soon, you are surely interested in knowing what is covered under any health plan, what is not covered under the health plan, what costs and expenses are expected, and which is the best healthcare plan for pregnancy. So, let’s take a look.
Considering Higher Premiums over Higher Deductions
The obvious factors that many people think are premiums and deductions while considering the health care plan. The two often move in opposite directions, so they tend to cancel each other out. A low-cost, high-deduction plan doesn’t save you a lot of money. The rule of thumb for becoming a parent in this case is high premiums and low deductions for choosing a health plan. Monthly premiums can be high, but you will reach the deduction sooner because childbirth is a major health event and you can save more money in the long run.
Getting an Assessment of How Much your Baby’s Birth will Cost
An easy way to understand the cost of having a baby with health plans is to read the Plan Benefits and Coverage. Obtain this document from your proposed health company. On the back of the document, as an example of coverage, the cost of having a baby in the plan is listed. These costs can get out of control without proper internal network policies. Emergency measures also need to be taken into account.
According to the Centers for Disease Control and Prevention, 1 in 10 mothers give birth to premature babies. Neonatal lifesaving emergency for newborns can be “astronomical” in cost without proper network planning. Birth protection should be comprehensive throughout pregnancy, not just when the baby is born. Ask your current plan provider about childbirth protection. When choosing a plan, make sure you are familiar with the plan’s provider network, and keep the following in mind when planning your health budget:
- Prenatal care, testing, laboratorywork, ultrasound and prenatal cost
- Unplanned obstetricsurgery, epidural anesthesia, preterm birth, incubation, or Risk factors for pregnancy
- ForNICU or obstetric ward and / or postnatal routine and urgent care, as well as required vaccinations- vaccinations and preventive health examinations for months and years after birth, and general infant illness health plans should Include the following:
- Are optional interventions by gender, such ascircumcision, guaranteed?
- Is childcarecovered?
- Does the health plan take into account the cost of having a baby or using a midwifein a non-traditional surrogacy center?
These options can be up to 60% cheaper if covered in a health plan.
Budget for Your Baby
Your household budget exceeds the health care needs of your new family. You need to budget for diapers, baby food and toiletries, childcare, and even your own transportation (such as upgrading to a larger family car). However, the cost of health plan must be part of the big picture. To save money, try some of the following tips.
Open HSA or FSA or a Health Plan – With a medical savings account or a flexible spending account, you can save pre-tax money on private medical expenses for the whole family from your pocket. The FSA is only sponsored by the employer, while the HSA is available to both employers and individual consumers, but only if you deposit funds for the out-of-pocket costs of a high deduction plan. In the year 2018, the HSA contribution limit for high deductions was $ 3,450 per year, and families with high deductions could deposit up to $ 6,900. However, you can look for cheaper options with the right health care plans. Just find the right health care plan for yourself.
Look into Affordable Options – Whether you choose generic or branded products, new or used baby products, or compare health different plans, always compare cost savings with all the benefits your family buys. Significant savings are possible. Ultimately, by unlocking more cash flow, couples gain more leverage to find appropriate health and maternity insurance.
The first year of parenting brings a lot of health uncertainty and unexpected costs. If you save enough money to get the most out of your pocket before your baby is born, you can be rest assured that everything around you will change.