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Planning For Your Medical Costs

Planning For Your Medical Costs

Having a baby is expensive, and the financial costs can be overwhelming if you do not plan ahead. With careful preconception planning, you can manage the costs of being pregnant with less stress to your finances.

First, you need to look into your medical insurance. If you are employed, you may be covered by your employer's health plan. Find out if your plan covers all aspects of pregnancy, as many do not pay for things like midwives, genetic testing or Caesarean sections. These can add up quickly if you do not have medical insurance to cover them, so determine what you are eligible for so that you can look into other options if you need to.

There are many considerations when it comes to choosing medical insurance for your pregnancy. Some plans will charge a hefty deductible, or refuse to cover any preconception visits to your doctor. If you require anaesthesia for an emergency C-section, your plan may refuse to cover it. Do not opt for the least expensive pregnancy plan spend the extra time and research what costs will be covered, and which ones you will be responsible for.

You can buy personal health insurance, but be very careful of the plan that you buy before you sign any papers. If you are buying a brand new insurance plan, it is important to ensure that previous conditions are covered. You could buy a medical insurance plan after conception only to find that it won't cover your pre-existing condition pregnancy so avoid the hassle and pay close attention to the fine print.

If you have alternative services in mind such as a midwife or doula, make sure you see what amount, if any, is covered by your insurance plan. Some states will cover the cost of a midwife, while others will require that you pay for these appointments and services out of pocket.

The last thing you want to think about is disability or life insurance, but it is a necessity. In case something happens to you or your partner, you want your baby to be taken care of. Long term disability insurance provides you with income in the case of serious injury. Life insurance will make sure that your assets go to your child, and can even provide your baby with an estate guardian to disburse funds over their childhood. It is also a good idea to choose a legal guardian for your child, in the event that you or your partner are unable to provide care at some point.


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