Are you or someone you know expecting a new addition to the family? Well, congratulations! Bringing a new baby into the world is an exciting time, but it can also be overwhelming, especially when it comes to thinking about future expenses. Let’s discuss a few ﬁnancial considerations to keep in mind.
First of all, let's talk about health insurance. When you ﬁnd out you're pregnant, it's a good idea to call your insurance provider and ask if prenatal appointments, labor & delivery are covered under your plan. Make sure you understand your deductible and out-of-pocket costs, so you can plan accordingly. And if you don't have insurance, it's deﬁnitely worth looking into your options.
Research health insurance pricing for your new baby. You'll typically have 30 days after the birth to enroll them in a health plan, so it's a good idea to start researching now. You might want to consider things like cost, what the enrollment process looks like, and whether your baby will be added to your employer plan or if you qualify for a state plan like Medicaid.
Childcare is another big consideration when it comes to going back to work. Will you have help from your family or your signiﬁcant other? Or will you need to look into daycare options? Daycare can be expensive, so it's important to budget for that and check availability and policies for infants.
If you're breastfeeding, it's important to think about your pumping needs and plans when you go back to work. Make sure you have a breast pump and check with your health insurance to see if it's covered. Communicate with your employer about your pumping needs during your shift. And consider purchasing extra pump parts and supplies to keep at work.
If you're using formula, consider asking your pediatrician for samples and/or sign up for samples from diﬀerent formula companies. Use coupons and research diﬀerent local stores to see which is oﬀering the best deal on the formula that you need. And if you qualify, you can apply for WIC (Women, Infant, and Children Program) to help with the cost of formula, food for your family, breastfeeding support and supplies.
Finally, let's talk about diapers. They're a necessary expense, but there are ways to save money. Look into reward plans with diﬀerent diaper companies, consider using store-brand diapers, and ask your pediatrician for free diaper samples and resources for local programs that provide free diapers to qualifying families.
Bringing a new baby into the world is an exciting time, but it's also important to take ﬁnances into consideration. Ask yourself: Have you considered all of these ﬁnancial considerations for your expanding family?
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