Everyone knows that having kids can be an expensive prospect. As they get older, these costs continue to rise, especially with school and other necessities. That doesn’t mean that these expenses start after you give birth, however. Instead, there can be multiple pregnancy costs to take care of.
While some of these can be obvious, some can be unexpected. These can add up quite quickly, and that’s without considering the likes of the IVF cost. If you’re planning on a pregnancy, then a financial plan will be needed.
You’ll typically assume that these costs will relate to setting up your baby’s room, alongside a few other things. When putting this plan together, however, you should keep a few of the below in mind. You could find them adding up more than you’d like otherwise.
Largest Unexpected Pregnancy Costs
Days Off For Doctor Visits
Pregnancy will naturally mean seeing the doctor more than you’d typically be used to. If you have insurance, then you mightn’t have to worry about paying for your medical treatment. That won’t be the only cost associated with going to the doctor, however.
Unfortunately, the majority of doctors are only available during normal work hours. While there are exceptions for emergencies and other reasons, you’ll have to visit them during the working day. That will usually mean taking some or all of the day off.
Though this could be minor at the beginning, it could increase over time, especially if there are any pregnancy-related issues. The lost work hours could end up proving to be a noticeable loss in income compared to if you had worked those days.
While many employers will be nice enough to keep this time off paid, some aren’t. You should budget to see a reduction in overall income, regardless of how minor this can be.
Higher Food Budget
‘Eating for two’ is more than just a saying. When you’re pregnant, you’re going to be hungrier. If you’re working with a midwife, then you’ll be given a recommended meal plan. You might be surprised at the number of servings you should have, especially fruits and vegetables.
That’ll be the case regardless of how healthy your diet was beforehand. The number of servings you might need could see your food budget increase significantly. Once they hit their teenage years, you could end up seeing that go up even further.
When it comes to the pregnancy itself, however, you should budget for more food. Then there are pregnancy cravings, which could hit you much more than you’d expect.
Out-Of-Network Service Expenses
Thankfully, insurance should cover the majority of medical expenses related to your pregnancy. You mightn’t be completely free of high costs, however. You might have to think about out-of-network service expenses. That’ll be true of most Obamacare-compliant insurance policies.
This will depend significantly on the policy you have. If you don’t have insurance already, then it’s recommended that you get it as soon as possible, preferably before your pregnancy. While these will include a certain amount of prenatal care, there’ll more than likely be specific exemptions.
Knowing these in advance will help you reduce any unexpected medical costs. By knowing what you may be liable for and how much this might cost, you can play in advance. Most of these potential costs will come nearer the end of your pregnancy than the start.
That’ll give you some extra time to put money away from them if you need to. That’s vital for the delivery itself. After all, you wouldn’t be in a position to make sure that medical professionals are in-network. Having funds to cover this, if needed, will save you a lot of stress.
Extra Insurance Deductible
One thing many people forget about when planning for a child is insurance and its related expenses. If you have medical insurance, then you’ll have to consider that they’ll have separate a insurance deductible from you. While this mightn’t seem important straight away, it is something that you might have to worry about once they’re born.
Following the birth, your child could be billed separately from you. Many people aren’t aware of this and don’t expect the extra bills. At least, that’ll be until your new child has met their deductible and other relevant criteria.
You’ll also be responsible for their insurance for years afterward. Typically, this will be until they get health insurance of their own or you decide to remove them from yours. Knowing this in advance will protect you from any surprises.
It’s recommended that you speak to your insurance agency as soon as possible. That will let you know exactly what medical costs you’ll be liable for.
How To Financially Prepare For A Baby
If you’re worried about being prepared financially for children, then you’re not alone. In fact, you could find yourself worried ahead of specific events during their life, such as starting school and college. There are multiple ways to prepare for this.
While some will depend specifically on your circumstances, there are a few common things to keep in mind. These are:
- Get health insurance before your baby is born, preferably before your pregnancy.
- Research your company’s parental leave policy and take full advantage of it.
- Get life and disability insurance to cover any unexpected changes in the future.
- Have a savings plan.
- Have a thorough and realistic budget.
You can adjust and adapt these to your needs specifically. Doing so will help keep you as financially prepared as possible.
There can be many pregnancy costs over the course of your term, some of which you wouldn’t expect. Thankfully, keeping all of the above in mind should make sure that you don’t get any surprises.
Taking the time to budget and prepare financially will add to this. It’s always recommended that you put away more money than you think you’ll need. Regardless of how prepared you are, there can always be surprises.
Ensuring you have the money to cover this can get rid of a lot of stress. That will be especially welcome during your pregnancy.