Beyond health insurance, I would consider purchasing life insurance and disability insurance. Hold off making any payments! The doctors will adjust the amount due once the insurance has been updated and the claims processed.
There will be this awkward period when your child's doctor is requesting payment before it has been processed by the health insurance provider. Newborns will have several outpatient visits after being released from the hospital, expect the bills to add up in the first few months. Thankfully the medical providers are well aware of this delay and will still provide your baby treatment without insurance. It's also a great opportunity to adjust anything else you've been meaning to tinker with, such as HSA contributions.
60 MONEY MOVES THAT COULD SET YOU UP FOR LIFE UPDATE
When you have a few minutes, simply contact your insurance provider and you'll be able to update your benefits. No need to call that same day (most plans allow 30-60 days) - enjoy your new baby! The birth counts as a qualifying life event, no need to wait until open enrollment. You can give your provider a heads-up before the baby is born, but most simply require a call once the baby is born. Here are the eight money moves that you should make as a new parent:ĭid you know it's up to you to add your newborn to your health insurance plan? I had no idea! I assumed the doctor would notify them, considering they send all of my bills to the health insurance provider. My hope is that it will help you on your journey as a parent. Preparation is key - it will help to maximize investment return and provide peace of mind, allowing you to focus your energy on your family. It’s an accumulation of countless hours of researching online and talking with more seasoned parents on money moves they made (or wish they made). This writing covers the top money moves I recommend making for your bundle of joy. While I wasn’t prepared for all the emotional roller coaster rides I would experience as a new parent (sleep training is the absolute worst), I was well prepared financially. I recently became a dad and absolutely love my fearless toddler, as she makes me better every day. If you don’t get a handle on the chaos early, it can extend into all aspects of your life, including your finances. Put it into savings.Being a parent is amazing but extremely challenging - especially for new parents. Don't let it sit there just to add up or to use it for next month's balance. Now, the next most important step is to put the money you earned through cash back into your savings account. This way, you'll get cash back for what you've spent, but you won't pay any interest on your purchases. And then - this is the most important step - you need to pay off your entire credit card balance before the due date. Then, you'll need to use your card for groceries, gas and even monthly utility bills. If you use your credit card for regular purchases and pay the balance off at the end of the month, it can actually help you save more.įirst, you'll need a credit card that pays you cash back. But credit card debt is different from credit card use. After all, credit card debt is the biggest threat to financial security, right? Well, it can be.
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