Written by Pradeep
Caring for pregnancy, leading up to the delivery is undeniably a very taxing process. It takes the maximum toll on the mother’s body and mind, and also affects the bank account heavily. Though nothing beats the thrill and joy of having a baby, it cannot be denied that finances do have a major role to play when it comes to making a baby. You cannot help either of it really!
In case, you are option for assisted conception such as IVF, IUI, or even surrogate pregnancy, the charges at the facilities are going to be high. Mothers are prone to have a wide range of medical issues such as urinary tract infection, light bleeding, etc. Each visit to the doctor is going to be costly.
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After the baby arrives to the world healthy, parents now have to maintain several additional mandatory tabs in their budget. Baby foods, diapers, pediatrician visits, and later admission to the school etc. all cost money. Infact, there are so many unknowns that you will be caught offguard more than you’d like. Baby expenses cannot be anticipated fully, so, it is always best to have a solid planning in place to accommodate the extra expenditure.
You can consider insurance options such as life plans. Most importantly, parents can definitely plan ahead and find a suitable health coverage that especially covers pregnancy expenses, which can again be quite high. The better you plan, the lesser chances of you being worried about your bank balances while in such a thrilling and important phase of your life.
[Read : A Glance At Baby Costs]
Foremost, it is crucial to plan the pregnancy reasonably. If you are sure that you cannot handle the expenses right now, wait for a few more years to bring the baby to the world. Plan well in advance. This would require excellent communication and understanding between partners, which is totally easily achievable!
Obviously, the decision is always up to you. The above suggestion only attempts to provide a simplistic view of the situation, helping parents take an informed decision.
[Read : Financial Planning A Must]
The health insurance plans are most commonly chosen by couples, soon after their marriage usually when they want it to cover pregnancy. Several providers offer maternity insurances, so you will have to compare the benefits and choose the most suitable plan with a range of benefits for you and your family.
The usual coverage areas include:
Do confirm whether the terms and conditions are comprehensive in including everything from cost of medicines, doctor visits, anesthetist, surgeon fees, room rent, boarding charges, and nurse fees.
Ambulance charges for emergency transportation.
Check the time allowed in pre hospitalization clause.
Look up the limit specified in the post duration.
This clause should also cover potential pregnancy complications.
Check the term period, as always.
Check whether Medical diagnosis costs and Pre-existing illness cost all are covered in the insurance.
Health plans such as these are eligible for tax exemptions under Section 80D of the Income Tax Act. Always verify the basic aspects such as cashless hospitalization, availability of in-house claim settlement (no third party administrator), extensive medical network with good facilities, and a competent customer support staff.
The life insurance plan is usually chosen by the father as a long-term assurance of the child’s safe future, even when he is not around by an unfortunate and untimely demise. No one can predict life, and you should always plan ahead to make it ultimate safe for the people who love you. Even after your unwanted demise, your absence should not be a hindrance to the happy life of your family.
This is totally the biggest responsibility a man can take! You can definitely subscribe to a good plan before having the baby. In that way, your child will be automatically included in the safety net right from the moment he is born. Look around and shop the best life plan from the hundreds of options available.
Read Also: Unborn Baby Life Insurance