Tips on financially planning for a new baby
Peterson-KFF: Pregnancy, childbirth and postpartum care typically costs about $19,000 for group insurance plans
Published: Jun. 27, 2024 at 2:15 PM CDT
(InvestigateTV) — Peterson-KFF Health System Tracker found that the average out-of-pocket costs of a hospital delivery for mothers with private health insurance was $3,000, just one of the many costs associated with having and caring for a newborn.
Watching Your Wallet pulled together a list of tips for new parents to help plan for the cost of a new baby.
- Talk to the insurance company, doctor, and hospital to see how much the hospital delivery will cost ahead of time. It can be pricey, even with insurance.
- Research maternity or paternity leave policy available from employers.
- Choose an in-network pediatrician to save on healthcare costs.
- Gather realistic costs for diapers, food, and childcare.
- Add the new little one as a beneficiary to accounts and or insurance policies. Also update wills to include them.
- Add the baby to a health insurance policy within the first month.
- Research childcare now: many options have a waitlist.
- Start putting aside money now for future costs.
The U.S. Department of Health of Human Services (HHS) has a free guide to government programs and benefits for your family.
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