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Q&A: Financial prep checklist before baby?

What do I need to do as far as insurance, budgeting, my will, and any other paperwork in order to be ready for my baby?

Re:

What do I need to do as far as insurance, budgeting, my will, and any other paperwork in order to be ready for my baby?

The Bump Expert

These are important questions, and now is the time to start thinking about it. The best time to get your finances in order is long before baby arrives. This checklist will help you get started.

[ ] Health Insurance

If you don’t have it, get it. If you are insured, read up on what’s covered and what’s not under your policy (screening tests, vitamins, doulas, etc.). If you need financial assistance, look into government programs like Women, Infants and Children (WIS) and Medicaid. Or, use the Bureau of Primary Health Care to locate a clinic near you that provides care regardless of insurance or ability to pay.

[ ] Disability Insurance

Remember: If you don't already have disability insurance, you cannot get it once you're pregnant. However, your mate can. Now's the time to make sure he has both short- and long-term coverage.

[ ] Life Insurance

Not pleasant to think about, but very important. Should anything happen to you or your mate, this ensures your child's financial security.

[ ] Maternity Leave
Bone up on your employer’s policies as well as your rights under the FMLA Family and Medical Leave Act (FMLA). Also, think about whether you'll take unpaid leave once your paid leave is over, so you can start budgeting (and saving) well in advance.

[ ] Estate Planning
If you have a 401K or retirement account, update the beneficiaries if necessary. The same goes for your will, a must-have once you become a parent. Name a guardian for your child and outline any financial arrangements for after your passing.

[ ] Savings Plan
Figure out how much you need to sock away each month for big ticket items like tuition, summer camp, orthodontics, bar mitzvahs and weddings. (Yikes!) If you need help, ask your accountant or financial planner for advice. Any fee you pay for this service will be well worth it in the long run.

Part of creating a savings plan is making a realistic budget assessment. Consider whether you’ll need to move to a bigger place once baby arrives, what type of childcare you’ll need, and whether you can survive on your partner's salary should you decide to stop working. Then, actually try living on your new budget. Now's the time to see if it’ll really work once baby arrives!

Q&A: Financial prep checklist before baby?

In addition to a will and updating beneficiaries on your retirement plans, another thing you should have is an Advanced Health Care Directive (known as a "Living Will" in some states) should anything happen to you while you are pregnant. This would cover your medical wishes in case you are unable to make those decisions for yourself due to an accident or illness.

Shannon428 |

Q&A: Financial prep checklist before baby?

I'm quite new in this "mommy affair" but I totally agree with the idea of having an insurance for you and your baby's future. Of course this concept is not new at all, and after I found out about this possibility, I started to ask people and check for information on the internet like: http://www.absolutewealth.com/ and it looks like is one of the best choice. So thank you for sharing this information with us!

bulika |

Q&A: Financial prep checklist before baby?

Whew. I have a lot of this taken care of already but this is woooo... alot to take in. Ladies thank you for the info. I have a few more things to do in this case.

debronzeyes12 |

Q&A: Financial prep checklist before baby?

Also not fun to think about, but I know several people who have gotten life insurance policites for their children. Not just in case there was a death. My cousin got life insurance for her son when he was very young, then when he was 10, they found out he has juvenile diabetes. It's extremely hard for someone with Type I diabetes to get life insurance, but now he won't have to worry about when he has his own family, because he already had a policy. I believe he can also borrow money for college off of his policy. Just something to think about.

CarolineRice |

Q&A: Financial prep checklist before baby?

I think many people overlook living trusts when planning...very useful. Power of attorneys are essential as well for both partners....

Cosmocat1212 |

Q&A: Financial prep checklist before baby?

I've been denied any form of benefits because my boyfriend and i make more than 2333.33. yet we don't make more than 3500.00 this is so frustrating and upseting because they don't take into account for normal bills like rent, and things like that im so sad that we have to pat outta pocket for everything and no one will give me insurance because its a "pre existing condition" anyone have any advice?

daydreamer10g |

Q&A: Financial prep checklist before baby?

Check into your state medicaid. If you apply alone maybe you could qualify and they will go back 6 mos....just a thought to get you going.

smeder1 |

Q&A: Financial prep checklist before baby?

Pregnancy is cannot be considered pre-existing under most companies. I think minor exceptions are if the company is super small. But its a HIPPA law that they cannot not cover you.

tholin88 |

Q&A: Financial prep checklist before baby?

@tholin88 - HIPPA has absolutely nothing to do with pre-existing conditions and has everything to do with healthcare privacy laws. The best option is to look into State insurance (like Medicaid and DSHS). Under the Obama administration, people can qualify for Provider One, state-issued insurance, to cover any and all "pre-existing" conditions.

MaraAnne363 |

Q&A: Financial prep checklist before baby?

I tried to conceive a baby a lot of times but without success, the day I found out I am pregnant was the best day of my life, I made a lot of plans for the future and used a Reverse Mortgage Calculator to see how much money I can spend. It took me a while to find a good health insurance, luckily a friend of mine gave me a good advice and I followed it.

miracraig |

Q&A: Financial prep checklist before baby?

Budget, check insurance policy and work leave guidelines.

ooolalalb |

Q&A: Financial prep checklist before baby?

Wow! Crazy to think of saving for a wedding when the baby hasn't even arrived yet :) I appreciate the list...it's good to consider a will also (didn't see that listed up in the list). Making a child a beneficiary on your 401K is not really the same category as assigning a guardian (which can be done in your will).

ladreckman |

Q&A: Financial prep checklist before baby?

get it

AKBlonde3 |

Q&A: Financial prep checklist before baby?

I guess you should think investing some money or open an account for your baby.I was searching some similar ideas when I was pregnant and a friend of mine who works at a Forex Trading company helped me with some ideas.

ioana06 |

Q&A: Financial prep checklist before baby?

I do think it's important to probably read up on what's covered by your health insurance, though I feel so ignorant sometimes because I don't know exactly how to do all of this stuff. My husband usually handles the finances in our house and just goes over them with me. Do we really need to start saving already for tuition and weddings if in this economy it's hard to just make it month to month??

ajh71187 |

Q&A: Financial prep checklist before baby?

add baby to everything, and make sure everything is done in advance

JRiggins24 |

Q&A: Financial prep checklist before baby?

Maybe you should check up the Cohen Asset Mgmt.Who knows maybe you can find something that can help you with your problem.

Maxxxxy |

Q&A: Financial prep checklist before baby?

I also had a lot of questions about the paperwork before giving birth to my first child, luckily I met John Studzinski and he explained everything I needed to know about insurance policies, estate planning or savings plans. Now I have a Living Will insurance and I like it, even if I am perfectly healthy I must be sure that in case anything goes wrong I would receive proper health aid and my son`s life won`t be put at risk.

lamontnoble |

Q&A: Financial prep checklist before baby?

It`s very good to ask your financial planner for advices about the best savings plans, a lot of parents remain disoriented as their budget assessment changes after the baby arrives. My husband made a merchant cash advance after I gave birth to the second child, his friend was involved into this and managed to open a business in our neighborhood.

amyabel68 |

Q&A: Financial prep checklist before baby?

Wow! Crazy to think of saving for a wedding when the baby hasn't even arrived yet :) I appreciate the list...it's good to consider a will also (didn't see that listed up in the list). Making a child a beneficiary on your 401K is not really the same category as assigning a guardian (which can be done in your will) Pakar Seo

jr3074 |

Q&A: Financial prep checklist before baby?

Regarding Savings Plan.... The checklist references the consideration of whether you can survive on your "partner's salary". To all the working ladies out there, remember this also means considering whether your partner and your family can survive on YOUR SALARY! In this day and age, myself and several of my girlfriends are the primary bread winner. Just a reminder that you don't necessarily have to think of the option of staying home as one-sided (the woman's side). Even though I'd like to stay home, I won't be able to... so I am switching my frame of reference from sadness and jealousy of not being able to stay at home to empowerment of knowing that I am supporting our family and feeling proud of that. Just wanting to give a little shout out to all the ladies who might be in the same boat... we can still be great mom's while working and should feel proud of that accomplishment. And to all the mom's who decide to stay home, you have the most important job (and toughest job) in the world. All of us should feel proud no matter our choices on this topic!!

KarynMcMullen |