The news is in, your going to be a parent! This can be both exciting and a little scary. Scary because there is a lot of unknown, especially as a new parent you are overwhelmed with information. I wanted to write this article because I too was scared as a new parent. I didn’t have all the information and I relied on other people’s advice. The truth is not all the advice was good advice.
All of these tips I’m sharing most I wish I knew before that’s why I’m happy to share. As a result, financially as a parent there are new challenges new and it’s more like a journey. The journey can be a roller-coaster but the high points are so worth it. Baring another human being to give your love to is the greatest gift we were given. My gift to you is this complete financial guide, all the tips pre-baby planning.
Maternity leave at most can be 12 weeks so if you were employed, you will be looking at a single income coming in for this time. The United States does not require all companies to offer job security for maternity leave. You and the company your work for would need to meet certain criteria. If your employer does comply with the FMLA then check to see if you meet the requirements. Keep in mind, if you were employed for a short amount a time, you may not be eligible. Speak with your employer to see what your options are.
If eligible you are entitled to insurance coverage and job security according to the FMLA guidelines. Please visit this resource for more detailed information. Then visit your employers Human Resource department.
The Real Cost of “Having a Baby”
Even though this may come without thought, delivering a baby has its medical expenses. It might not be the first thing you think of when you’re amazed by bringing someone else to love in your world. The expense will surprise you, believe me, I was looking at a big $10,000 bill after my insurance. So how do get prepared for this? Talk to your insurance company and get familiar with your premium. Ask your employer if HSA or FSA is available with your healthcare to fund out of your payroll. HSA accounts can also be purchased as well, they are available if you have a high deductible for insurance coverage.
These accounts are non-taxable and you won’t have to pay them when you file your taxes. What else is good about it? You can earn interest on this account. And what you don’t use by the end of the year rolls over to the following year. An HSA account is good to cover bills your insurance didn’t completely cover and regular monthly medical expenses.
Still can’t cover the cost? Take advantage of any financial assistance the hospitals offer for large bills. Call the hospital or speak to your doctor about what options are available to you. Offer to do a payment arrangement if you don’t have insurance or a settlement.