Step 1:
So you’re expecting?
I’m going to assume that you
have health insurance for you and your wife.
If you don’t, then get some. The
primary cause of bankruptcy tends to be lack of health insurance. Don’t get caught in that trap. If your employer doesn’t offer health
insurance, then by all means find a new employer. That being said, I suggest calling your
health insurance provider and asking them for the specifics: what’s the most you would be expected to pay
for the delivery of a child, whether it’s a normal (vaginal) or a cesarean
delivery? What are your deductibles? Also, ask if there is anything that you need
to do for the insurance company associated with the delivery. This
is important. Many insurance companies require you to call them within 24 –
48 hours of the hospital admission to “pre-certify” your delivery. It’s a bunch of insurance mumbo-jumbo, but
what it means on your end is that if you don’t give them that call, in the time frame
that they require, they could penalize you an extra $500 or so. Considering that the day you get that “It’s
time!” scream of panic from your wife you will already be very distracted, I
suggest writing down the phone number for your insurance company, any case
number they give you, and the time frame in which they require you to call on a
piece of paper. Put that piece of paper
in the hospital bag that your wife has prepared for her delivery. This will make it very convenient when you
remember, about three hours after the delivery and the fog settles, that you
were supposed to call your insurance company.
You’ll have the numbers on hand.
Step 2: Pick your hospital
This may be already decided for
you depending on your insurance or your doctor, but in the event you have
options, choose wisely. Browse the
hospital’s website for their billing department. Look for anything along the lines of financial assistance or charity care program. They have
different names at different hospitals, but most hospitals do offer some kind
of discount to the parents who qualify for it based on your income levels. You might think you make too much, but you’d
be surprised. Even if you only qualify
for a 25% discount, that could be several thousand dollars that you wouldn’t
have to pay. If you don’t find anything
online about this, call their billing department and ask them if they offer any
kind of financial assistance program.
This could be the best financial call you make throughout the entire
pregnancy. I was able to save over
$5,000 with my first child by doing just this.
Step 3:
Call the Doctor’s Billing Department
Do this early on in the
pregnancy. Ask them to estimate your
after-insurance costs that you will be responsible for after all is said and
done. Don’t be surprised if this number
is several hundred dollars. Ask them if
they allow you to start paying monthly payments on this now. Some do,
some don’t, but this will help you out a lot when your child is born. This could be $500 that you don’t have to
worry about paying later, after all of the other medical bills come in. Remember, you’ll have to pay bills from the
hospital, the doctor, and the anesthesiologist.
None of these will be small bills.
If you can get a head start now, then you’ll be much better off. If the doctor’s office doesn’t do this kind
of thing, then start setting aside roughly $75 each month to cover this
upcoming bill. You’ll be very glad you
did, trust me.
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