Financial Planning For Pregnancy
1. Is Your Partner Planning To Quit From Job – Say, your wife is employed and is planning to resign during pregnancy or post delivery. The amount of income that would come through her will significantly go down. Depending on that you need make the right savings and make a budgeting for baby.
2. Maternity Insurance – To obtain a coverage for medical services, you can opt for a maternity insurance. Carefully check for the policy conditions and coverage. The insurance may not have a coverage for certain health care option during pregnancy so seeking help from the experienced would be better. For maternity services like IVF and surrogacy, this may be of great help.
3. Company & Government Allowances – All the common wealth countries provide allowance for maternity and even companies do. The parenting allowance is a health care card that contains a list of hospitals which give discounts (upto some percentage) on services. The value of the card depends on the individual monthly earnings and investments.
4. Ambulance Cover – During the eight or the nineth month of pregnancy, the baby delivery can happen any moment. And for that, the lady (your wife) may have to be rushed to hospital by an ambulance. If your insurance doesn't cover it then it may become an expensive and inevitable solution. So try to know if your insurance has the ambulance coverage.
5. Child Care & Baby Essentials – There are a lot of baby stuff that need to be bought for easy baby care. These products cannot be ignored as they are a necessity. You may also paint your baby's room and carry out some renovation work.Hence the baby essentials need to be listed under budgeting for baby plan.
Pre pregnancy is the right time to financially plan and prepare a budget. If the planning is smart than your baby arrival is only a happy moment and not a burden.