BEFORE Getting Pregnant: Health Insurance Checklist
One item a couple should never overlook before getting pregnant is a health insurance checklist. The reason is simple: having the proper coverage in place is vital to the health of mom and her newborn, and once you are already pregnant it will be too late to get a policy. Pregnancy is a pre-existing condition for virtually any insurance policy that covers pregnancy.
Putting the right health plans in place before getting pregnant should be the number one tip at the top of every preconception checklist. Nothing could be more important, but overlooked at the same time. From this writer’s perspective the top three tips on everyone’s preconception checklist should be:
- Getting maternity insurance - not every policy sold to small groups or individuals covers normal pregnancy. Every single one does require that you buy a policy before getting pregnant.
- Replacing mom’s income - Remember that after getting pregnant comes a maternity leave that is often unpaid. Buying supplemental insurance before getting pregnant creates maternity leave pay.
- Cutting your costs - Many couples trying to conceive can cut the costs of infertility treatments by understanding how the tax code works for growing families.
Maternity Health Insurance Before getting pregnant make sure having the right maternity coverage is at the very top of your checklist. No other question could be more important for the health of mom and her baby. No one could take enough prenatal vitamins to overcome a lack of proper coverage. Once you become pregnant it will be too late, and sometimes you need to plan a year in advance.
|
Preconception Advice: Check Your Maternity Coverage
The most important preconception advice for couples is to verify their maternity coverage on their health plan. Most couples working for employers with more than 15 employees will have the coverage they need. The Pregnancy Discrimination Act makes it unlawful for health plans to exclude coverage for normal pregnancy.
Couples buying coverage as individuals or as part of a small group may not be so lucky. Many of these plans only cover pregnancy if you purchase a maternity rider. Check out the insurance laws in your home state to see what if anything is available.
No matter where you look, one rule will remain the same: your maternity coverage must begin before getting pregnant. Some will often include a waiting period of up to twelve months before a pregnancy will be covered. So make sure getting the right coverage in place is on your preconception cheklist. Don't fool around with something this serious.
Supplemental Maternity Insurance Make sure to purchase supplemental maternity insurance before getting pregnant. There is a nine month exclusion for normal delivery, so you can't get coverage once you are already with child. Supplemental insurance replaces mom's income during maternity leave, and pays benefits for her hospital admission. More importantly, extra coverage is provided for complications prior to delivery, and premature birth.
|
Before Getting Pregnant - Purchase Supplemental Insurance
Supplemental Health Insurance allows you to create maternity leave income, and protect your family in case of complications, premature birth, postpartum disorders, accidents, and illnesses.
* Short Term Disability Insurance replaces your income during your maternity leave for normal delivery and provides added protection in case of complications and postpartum disorders.
* Hospital Indemnity Insurance also covers your normal labor and delivery, and provides extra protection in case your child is born premature, and spends time in Neonatal Intensive Care.
But your coverage must begin BEFORE getting pregnant. Don't miss out.
Preconception Question: How Can You Cut Infertility Costs
Another important question to ask before getting pregnant is “how can I cut my costs of infertility treatments, pregnancy, and child care. Make sure to understand how to use the U.S. tax code to maximum advantage before going off your birth control, or starting any infertility treatment. Your costs for Artificial Reproductive Techniques (ART), pregnancy test kits, ovulation kits, prenatal care, child care and more are all tax deductible expenses.
Depending upon your financial circumstances, and the amount of costs you incur before getting pregnant and after conception, one of two tax savings vehicles may work best: Flexible Spending Accounts provide first dollar tax savings with a limit to what can be contributed. Know how the plans work to cut your costs throughout the time prior to conception, during your pregnancy, and after your delivery.
Schedule A allows for deductions on bigger expenses typically associated with couples using IVF in order to get pregnant. Make sure you understand the deduction floor of 7.5% of Adjusted Gross Income (AGI) before your next cycle, or if thinking about purchasing multiple cycles as part of an IVF refund program.
IVF Expenses Tax Deductible Your deductible medical expenses for infertility, IVF, other costs that you may incur before getting pregnant, and while caring for your baby may all be tax deductible. Depending upon your circumstances an FSA may provide better tax savings compared to taking deductions on Schedule A, but there are rules you need to understand.
|
