Articles From Experts
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Express Newsline Articles From Experts |
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It has become a hard fact of American life that having a child is becoming ever more expensive everyday. No one can deny that parents don’t want to base this decision of there life solely based on their financial situation. But in the present day, today it would be common sense of the person to be financially prepared to welcome the new member of there family. The changes that accompany adding a new little member to your family can be stressful, but you can reduce the stress greatly by minimizing the financial factor. The management of reduced income caused by time off for the pregnancy and birth. · Check with your employer to see if you're covered by short-term disability insurance, which covers pregnancy. A typical policy will pay 60% to 70% of your gross income for approximately six weeks following the birth of your child (there may be a waiting period of a week).· Even if you don't have disability insurance, your employer may be required to grant you time off under the Family Medical Leave Act (FMLA), but they're not required to pay you during that time.· Make sure you know what to expect from your medical insurance coverage. Pregnancy must be treated as any other medical condition, meaning it can't be excluded, but the general provisions of your policy will determine how much money you'll end up paying out of your own pocket.· Also, find out how much it will cost to add an additional dependent to your group medical insurance policy.· If both you and your spouse have health insurance available through your employer, look at the terms and costs of both policies and decide whether it makes more sense financially to have you all covered on one plan or to split coverage between the two plans.· If your employer offers a flexible spending account, it would be wise to put some money into it to cover un-reimbursed medical costs.
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