Health Insurance Articles

Medical Insurance Coverage Options For New Parents

2010-11-22

Having a baby is an exciting event for a newly married couple or even for those who have been together for many years. A new addition to the family can affect every aspect of a family's life, especially finances. A great deal of preparation must be done before the baby even arrives, including reviewing existing medical insurance coverage or obtaining quotes for a new policy. New parents often have many things on their mind after the arrival of a baby, but medical insurance is one item that should not be overlooked.

New parents who already have medical insurance coverage in place should review their coverage and inquire about how the arrival of a baby may affect their policy. Ensure that regular maternity and prenatal services are covered in the policy. Pregnant women often undergo such tests as ultrasounds and must visit their physician on a more regular basis than one who is not pregnant. Also, inquire what delivery options are covered; natural birth, administering of medications during labor, or c-sections. Once the baby does arrive, you should immediately inform your insurance company and inquire about how to proceed with adding the baby onto your insurance policy.

Some insurance companies consider pregnancy to be a pre-existing condition so if expecting or new parents do not have a policy in place, they should research companies that will cover related services. Consider any deductibles and co-pay amounts that are required. A deductible is a set amount that the insured must pay before medical insurance benefits kick in. A co-pay amount is a set percentage that the insurance company pays. The insured is responsible for the remainder of the bill.

Some medical insurance types offer tax breaks to plan members. A health savings account, or HSA, is a flexible spending account that allows plan members to set aside funds to be specifically used for health care expenses, including child health care. Ask your insurance agent if this is the right type of medical insurance option for you and your new family.

Children, especially babies, can be susceptible to many common ailments and may not have an immune system developed enough to fight off these illnesses. As a result, they may require more visits to the doctor or more prescription medications. This expense can quickly pile up and many new parents cannot afford such high bills. By adding a newborn onto a medical insurance policy as soon as possible, they will be covered for any unexpected illnesses or injuries. Otherwise, parents will be faced with paying these costs out of pocket. This is an expense that will be added to the already high cost of raising a child.