Along with the joy and fulfillment that a new baby brings, you’ll have new financial responsibilities. Some costs are unavoidable, while others may largely depend on your discretion. Sticking to a financial plan could help you provide wonderful opportunities and experiences for your child while keeping your family’s costs under control.
Preparing for the cost of birth. Paying down debt, creating a new budget, building an emergency fund, setting up automated personal finance software and reviewing the beneficiaries on your accounts could all be on your pre-birth checklist. You might not have the time or energy for these tasks once you’re a parent.
You’ll also want to review your health insurance policy and get a clear understanding of your coverage during prenatal care, labor and delivery. Affordable Care Act (Obamacare) and Medicaid plans always cover pregnancy and birth, but copays, coinsurance, deductibles and maximum out-of-pocket amounts can vary. You might not be covered at all if you have a grandfathered plan.
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