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Cost Of Having A Baby
The cost of having a baby is something very important to consider and to plan for.
As your pregnancy progresses, you will be spending at least one day a month at the doctor's office. As your due date approaches, near the end of the pregnancy you will probably be going 2-4 times a month.
If you have an insurance plan that covers these visits you may have to pay $25-$35 co-pay for each visit. It is important to find out what your insurance covers, In addition to your regular check up each month, there is also the possibility of having to pay for your lab work and ultrasounds.
Most major insurance carriers will pay for these as part of your preventative care, but not all. You may have a deductible to meet or have to pay for part of the tests and doctor visits.
If you currently do not have insurance, don't panic! There are options for you to help cover the cost of having a baby . If you fall into certain income guidelines you may be able to qualify for
Medicaid
during your pregnancy. If so, it will cover any pregnancy related medical costs during your pregnancy as well as covering the baby after it is born. Check with your local Medicaid office, online or at your local health department for assistance in applying for these services.
Local health departments also have excellent programs for expecting mothers some of the assistance they offer includes checkups and lab testing, and
WIC (Women, Infants & Children).
WIC is a government program for low or middle income families that is a tremendous help in lowering your food costs. It provides checks every month you can use at the store for specific items you need during pregnancy for good nutrition such as milk, cheese, juice and cereal.
After the baby is born it pays for formula and infant cereal as well. When the baby is old enough to be off formula it continues to pay for the milk, juice, etc. Just having WIC for these items will save you over $1,000. It is easy to apply for WIC at your local health department. The government programs are there, so why not use them?
Just like your monthly prenatal visits, your baby will also have frequent checkups and doctor visits for immunizations. These visits can become costly, so any amount of money you can put back and save before the baby is born will help. A good idea is to include $25.00 a month in your budget to set aside for co-pays and/or medicines you may need.
A good time to start saving is the month you find out you are pregnant. If your employer offers a FSA (flexible spending account) sign up! When you sign up for a medical FSA, you set the amount you want to contribute, say $1000.00. Your employer takes out payments each paycheck throughout the year, up to the amount you contributed.
However, the entire amount you contribute is usually available for your use at the beginning of each calendar year, or when you start applying your contribution. You can use this money for co pays and medication that is prescription and over the counter medicines.
You can also have a
FSA
for dependent care if you have an elderly loved one you care for, and it also can be used to pay for daycare. FSA funds for dependent care, however, are not available immediately like the healthcare FSA.
The funds are available when they are deducted from your check. For example, you set up a $ 2,000 dependent care FSA, and you get paid every week. They will deduct around $38.50 per week from your check. That is the amount available to you each week. If you don't withdraw it, the amount adds up until it reaches $2,000.
If a FSA sounds like the ideal choice for you, first consult your budget.
Figure up how much you spend on medical and/or daycare expenses for each year.
want to have more in your FSA than you spend because if you don't use it before the end of the year you lose the money left in the account. This is money taken from your paycheck before taxes, so it is a tax advantage as well.
As you can see the cost of having a baby is a lot more intrusive than you probably imagined. Baby budgets are very important. If you are pregnant or planning to become pregnant in the near future take these cost of having a baby money saving tips to heart, and remember the more you save on heath care, the more you can spend spoiling your precious new addition to your family.
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