Health Care
It’s not just you and your spouse you need to think about when it comes to health care now. You’ve got a new addition whose best interests you need to factor in.
What’s Covered
Take a close look at your insurance. If you and your spouse still have individual coverage, it’s time to compare who has the best insurance for your baby:
- What birth and delivery charges does it cover?
- How about pregnancy check-ups and baby care?
- Does it cover well-baby visits?
- Immunizations?
- Do you have a PPO or HMO?
- Is your ob/gyn, hospital and future pediatrician on the list of providers?
- Getting new insurance? Make sure any pre-existing conditions are covered.
New Addition
Make sure to add your baby to your insurance as soon as he/she is born. Most insurance companies give you a 30-day grace period, but it never hurts to double-check this before the birth. And notify your employer, along with your insurance company, as soon as possible after the baby is born.
FSA
A flexible spending arrangement, better known as a flexible spending account (FSA), allows you to set aside a portion of your paycheck each pay period into a special account. This money is non-taxable and can be used toward approved medical expenses like doctor co-pays, prescriptions and most over-the-counter medications. It’s like a tax-free medical savings account.
An FSA is usually set up one of two ways. You either pay for the expense, fill out paperwork and get reimbursed or your company may offer an FSA card that can be used like a credit/debit card at the doctor or pharmacy. The annual limit to the account depends on your employer.
Just remember, your FSA is a “use it or lose it” situation, so plan your contributions carefully. If you’re left with any extra money in the account at the end of the year, it doesn’t carry over into the next year. And if you’re not currently enrolled in the FSA at work, you’ll have to be patient and wait for the next enrollment period.