Like other forms of insurance, in exchange for a monthly premium, life insurance is designed to financially protect you and your family in the event of your death. If you’re at a point in your life where a spouse, child, or other family member relies on you financially, then the answer is simple: It definitely is. After all, we all plan to be around for many years. When many new parents learn they should buy life insurance, it’s common to question whether or not it’s really worth it. The money in your HSA account can be used for a wide variety of qualified health-related products and treatments, including doctor’s fees, infant formula, breast pumps, and even baby sunscreen. Most people, however, don’t actually max these out, but you should consider it, especially with the increased health and wellness expenses that come with a newborn. If you are a member of a qualifying employer-sponsored health plan, HSA contributions - which have an annual limit of $7,750 for families in 2020 - can be taken out of each paycheck. Most importantly, any money you contribute and don’t use in a given year will roll over to the next year. Health savings accounts, or HSAs, are an often underappreciated pre-tax benefit that lets you pay for qualified medical expenses with pre-tax dollars for a variety of current and future healthcare expenses for you and your family. If done in that time frame, your child should be covered retroactively - meaning anything that would typically be covered under that policy that occurs between birth and enrollment would be covered. Most plans typically require that your child is added within 30 or 60 days post-delivery. Fortunately, however, having a baby is what’s known as a qualifying life event, which allows for an enrollment period during which you can make changes to your health policy or enroll in a new one altogether. After all, the provider should be aware that you had a baby. It’s not unreasonable to think that your health insurance provider might contact you, or better yet, automatically add your newborn to your health plan. Add your child to your health insurance plan Making the necessary financial arrangements now will minimize stress down the road and allow you to spend the most time loving and caring for your newborn. Whether you are expecting or are currently adjusting to your new life as a parent, consider this checklist as a starting point for adapting to your new financial reality. To help new parents prepare for and navigate these changes, we created a checklist of financial to-dos for 2023. Although the range of expenses across families is wide, the truth is that adding a little one to the family is quite expensive. It’s estimated that total child-rearing expenses from birth to age 17 for a middle-income American family is now $310,605.
Both before the baby arrives and in the weeks after, it’s especially helpful to be ready for the financial changes to come.
When getting ready to embark on this exciting (and, perhaps, scary) new adventure, preparation is key. You are suddenly not only responsible for yourself, but also another person who depends on you for everything. Get your quote and find the right life insurance option for you Check your priceīecoming a parent is the most life-changing event that many will experience.
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