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Hi Taylor:
My husband and I are expecting a baby in May and while we're
both very excited, I'm starting to get a little freaked out about
all the costs, namely the hospital stay and whatever other practical
expenses pop up unexpectedly during the process. Got any calming advice?
- Hesley
Hi Hesley: Congratulations! I'm happy you and your husband
get to welcome a little bundle of joy into the world. It's unfortunate
that we often have to worry about money during such an exciting time,
but that's how these things go. The good news is you're planning ahead
and that will help you prepare for some of the bills and potentially
avoid a few unnecessary payments.
Having been through this process myself, one of the important steps
I learned was to call both your insurance provider and your care provider
before doing lab work and ultrasounds. Even with great coverage, you
may still have to jump through the seemingly needless hoop of getting
authorization from physicians. For example, your provider may cover
lab tests and blood work, but certain tests will only be covered if
your doctor submits a request for authorization. Even if your insurance
company has stated that they cover these tests, you still need approval.
This is a recurring theme for some pregnancies, so it's possible you
can save yourself a lot of money just by asking questions. Bringing
these matters up may also help you uncover additional means of financial
assistance. Depending on your income, the state might cover a portion
of the hospital stay, so that's definitely worth looking into.
For the practical expenses, just keep thinking about things practically.
Some people pour thousands of dollars into decorating a nursery. If
money is a concern, don't go over the top in your baby preparations.
You also shouldn't hesitate to ask for hand-me-downs and help from
other young parents that you know. People with children are usually
very willing to help out the newcomers, and that kindness is something
you'll want to take advantage of.
While you do your best to avoid huge expenses, make sure you're putting
as much money as possible away for baby needs. As you said, a lot
of these costs pop up out of nowhere, so you'll want money that's
ready to go when something comes up. Without starving yourself, see
how much money you can budget for when the baby arrives.
Keep asking for guidance! Different people will advise you differently,
so keep gathering info as you find your way. As long as you're making
good choices, I trust everything will fall into place. Congrats again
and good luck! |
| Legal Disclaimer:
Information presented is for educational purposes only and is not
an offer or solicitation for the sale or purchase of any specific
securities, investments, or investment strategies. Investments involve
risk and, unless otherwise stated, are not guaranteed. Be sure to
first consult with a qualified financial adviser and/or tax professional
before implementing any strategy discussed herein. To submit a question
to be answered in this column, please send it via email to Question@GoFarWithKovar.com,
or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.
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