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Financial Planning For The New Responsibility

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Becoming a parent means new financial responsibilities. If you and your partner are thinking of having a baby, plan your finances ahead of time to ensure a smooth ride later on. Here are some tips to guide you.

Friday, December 2nd, 2016

Make a Budget for New Expenses for Your Baby and Start Saving

If you have a health insurance, remember to ask whether your health insurance covers:

• A pre-pregnancy planning visit to your doctor
• Prenatal care, if so, then what tests are covered
• Delivery

Saving even small amounts helps, so start saving as early as possible. You can do that by creating a list of all possible monthly aspects that must be attended to.
If your monthly budget is going above the threshold of your financial strength, cut down your expenses now. You can ask your friends or family as to what could
be the probable expenses. Opening a savings account to cover pregnancy-related expenses is also a good idea.

Check Whether You’re Health Insurance Covers Pregnancy

If it does, then check whether it meets your needs and requirements.

  • Check if the insurance covers blood tests, medications, hospital stay before, during and after delivery.
  • Check if your health insurance company covers cost in the event of your or your newborn’s post-pregnancy complications.
  • Check if it covers vaccinations for your child in the first year.
  • If you are planning to undergo infertility treatment, check if your insurance company covers it or not.

Switch to a Different Policy

It is a good option to switch to a different policy if you feel the current policy is not meeting your needs and requirements. Moreover, check if your company insurance covers maternity insurance and other types of paid leaves after your baby is born.

Check with the HR department of your organisation

Find out more about your company policies on maternity leave, benefits that your company offers for new parents.

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