Tuesday, October 28, 2008

Baby Bills

My wife, Monica, and I have noticed a good number of couples we know are either new parents, almost new parents, or thinking of becoming so.

Some dear friends of ours recently had their first child and we were discussing with them the costs associated with having a newborn. A good portion of their doctor visits and hospital bills were covered through their employer's health insurance plan. But, not everyone enjoys the benefits of a quality health insurance plan, so it might be a good idea to know what expenses to expect if you find you are with child.

Because my wife and I both have our own businesses, we purchased a health insurance plan from an independent insurance agent who compares lots of different plans and helps us find the best fit. We have a high deductible insurance plan (aka disaster relief only insurance) because we are both young and in good health and don't have any children that may need to visit the doctor many times a year.

When we signed up for this plan we had the option of adding maternity coverage that would pay for the costs incurred during pregnancy up to a certain amount. This "certain amount" would increase every year, but ultimately doesn't add up to much more than the premiums we would pay for the coverage. Therefore, if you find yourself in this situation, it makes sense to start putting money away now, so that you will have it when you need it.

I got some information from my insurance agent, Jim, with The House of Insurance. (If you live in the Milwaukee area and are looking for any kind of insurance, do give him a call.)

For a natural birth with no complications you can expect to pay between $5,000 and $9,000. A cesarean can cost up to $12,000. Don't forget about general expenses as well (doing up a baby room, clothes, food, toys, car seat, etc.). Also, think about any time away from work the husband or wife will experience. All of these little things can certainly add up.

1 comment:

Molly said...

When we were researching this topic - a normal pregnancy and birth (so all standard visits and a non cesarean birth) is about 12-15 thousand in Milwaukee. But if you have a complication then it is considered a "medical condition" and will be covered by your normal insurance. We thought that was interesting. Something else to consider too is that there is a waiting period once you add the maternity coverage to your plan before you can get pregnant and be covered. Yes, I know way too much about this. Glad to see you are back!