Expecting a baby is a joyful occasion, not just for the parents-to-be but family and friends too. Every visit to the doctor adds to the excitement; hearing the baby’s rapid heartbeat and seeing indistinct images in sonography all build up thrilling anticipation of the great day when the baby will be born. The family and well-wishers hope that all will go as perfectly as possible; and rightly so, since the birth of every little baby is, to an extent, still a magical work of providence.
A baby is a precious part of any family and requires proper preparation, with finances being a big part of it. The truth is, the bigger the budget for the delivery, pre-and post-natal care, and facilities available, the more memorable the experience is likely to be.
Did you know that your RF&G Life Health Insurance plan carries a maternity benefit? This has a fixed value which allows you to know exactly how you will meet the budget for your new addition to the family tree. The maternity benefit takes care of you whether your delivery is normal or caesarean. Focus on the baby and not the finances! Let us at RF&G Life Insurance help you to plan for your little one, today.
Tips when planning for a new baby:
When you are expecting a child, there are many things that might be on your mind during your pregnancy. One of those concerns could be healthcare coverage for your baby. Fortunately, this is one concern you may put to rest. Here are a few tips to help you with the planning process:
- Look at monthly budget again: Everyone knows that after the arrival of a baby, there is a need to spend more; but most people do not realize that the increase will be significant. Apart from the significant expense on diapers, infant food, medicines, and regular visits to the pediatrician, expenses pile up quickly in parenthood. More than ever, it is important to take a second look at your monthly budget and increase it at least by 10% for the first year to cover these expenses.
- Generally, if it is your first child, your cash will go towards one-time purchases: swings, cribs, car seats, toys, etc., will be big expenses. Revise your monthly budget accordingly. Similarly, do not underestimate the day-care or nanny expenses if both parents are working full-time. It may add another $8,000-$10,000 yearly easily to your cash outflow.
- Update medical and life insurance: Generally, it is rare to see insurance policies that cover the child from the day of birth. But, when the baby completes 90 days, the baby becomes eligible for health insurance. Adding the child to your existing health insurance policy is a must. Have a detailed discussion with your Life Insurance Agent to get a new policy or update an existing policy and make certain that both spouses are covered for any situation.
If you have any questions or need help understanding your Insurance Policy or Maternity Benefit, call us at +501-221-5143