Some expectant parents spend more time worrying about their newborn’s health than its financial future. Preparing for parenthood is bad enough. But, when you consider all the expenses that go along with being pregnant and giving birth, it is only normal for expectant parents to avoid this task. Preparing for your newborn’s future at this point will not be easy, especially if you are living on a tight budget.
Obtain Health Insurance
There is no doubt that health care costs are increasing at a very quick pace. Some expectant parents who are working part-time jobs will find it difficult to afford health care insurance since it is not offered through their employer. However, without health insurance it will nearly impossible to afford your medical bills. Not only will you be forced to pay for prenatal care for up to 40 weeks, but also you will need to pay for the labor and delivery, as well as pediatric care.
Health insurance will cover a specific percentage of these bills, giving you some relief. It is only to be expected to pay the remainder. Financially preparing ahead of time will make things go smoother. The specialty insurance brokers, La Playahas helped hundreds of expectant parents choose the perfect policy.
Paternity/Maternity Leave Planning
Today, some of the top American companies are taking the initiative to provide their employees paid paternity and maternity leave. However, this is not usually the case for part-time employees. In fact, it is very common for these employees to take maternity and paternity leave without pay. Some fathers will continue to work until their baby is born, just to make sure they have an income coming in.
Stay In Health Insurance Network
It is not unusual for expectant parents to choose an OB/GYN that does not have a contract with their health insurance. While they believe this is the best decision for them, it will result in more expenses because their insurer will not cover out-of-network services. Try to stay within your insurance network if at all possible.
Try To Supplement Your Income
These days it takes two working individuals to survive in a middle class situation. Unfortunately, a new baby means that the mother is going to be out of work for several months. It might even been cheaper for her to stay home full time rather than return to work. Whatever the situation is, this means that there is going to be less money coming in. While it might not be possible to take on another part-time job, there are ample opportunities online. Look into freelance writing, becoming an affiliate, or starting an online store. All of these options require little physical effort and the mother can accomplish them from the comfort of the home.
Get Life Insurance
If you don’t have life insurance now is the time to do so. You have someone depending on you know and you don’t want to leave them with nothing or leave your spouse holding all the financial responsibilities. Sure, no one likes to think about death, but it is going to be a necessary part of planning for the rest of your child’s life. There are a variety of affordable life insurance providers available and you can easily research them online.
