You are pregnant, anxious and excited about the new addition to your family. You've read all the baby books, are wearing maternity clothes, and took the birthing classes. The baby room is painted and the crib is set. What is left? Let's spend a minute making sure that what could be a multi-thousand dollar event is handled correctly from a financial standpoint.
Having a baby is one of the biggest life changes you will go through, and it is a game changer in terms of your health coverage as well. Even though it is rather routine event in the eyes of insurance companies and medical offices, it is worth having a checklist ready to be sure nothing gets lost in the shuffle. For most young couples, having a baby may be the most important single use of their insurance, so it is important to get it right.
While you are anxiously awaiting junior's arrival, there are a few things that you can do to make sure the financial process behind having a baby is off to a good start.
Most of the steps to be performed during the hospital stay will be made easier if the pre-stay steps were done thoroughly. Still, there are some things that the new parents (in particular, the father who may be in a better position to coordinate) can do to ensure they are in good shape financially. Let's make it clear that we don’t expect the new mom to be remembering these things -- she should be focused on her health and recovery and the new baby.
Once the delivery is over and you've brought the baby home, there are two major activities: Adding the newborn to your insurance, and resolving the bills.