Learning to Launch: What to Know About Insurance If You’re Expecting

June 26, 2023
  • Private Banking
Associate Maddy Pellow covers three types of insurance – health, life, and disability – to review if you’re expecting.

Congratulations! You’re on your way to parenthood. Amid the excitement, there may also be some fear around ensuring your family is secure should unexpected circumstances arise. Whether you are currently expecting a child or are planning for pregnancy or adoption, there are some health insurance options to consider. 

Here, we cover the essentials to help guide your planning – so you can spend more time getting excited for your little one.

Three Types of Insurance to Review If You’re Expecting

  • Health Insurance: If you are pregnant or planning for pregnancy, we suggest spending time understanding your current health insurance plan. As you begin to pick your maternity care team, organize your prenatal care, and coordinate your birthing plan and postnatal and newborn care, it is useful to understand what your plan covers.     

An important question to ask is: Which services and providers are in your network? Familiarizing yourself with the intricacies of your coverage and how it aligns with you and your baby’s care plan can provide greater security and help prevent unexpected medical expenses throughout your journey.

If you are still in the preparation stage of your family planning and considering fertility treatments, you should also consult your current health insurance provider to ascertain whether any fertility treatment benefits are included in your plan. While many providers do not supply benefits for fertility treatments, more states are passing infertility insurance laws that require varying levels of support from insurance carriers.

  • Life Insurance: With a new child (or dependent) on the way, it is best to prepare for any and all life events by setting up a life insurance plan for yourself and/or your spouse.

There are two types of life insurance:

- Term insurance, which lasts for a specific term
- Permanent insurance, which can last a lifetime

Establishing a life insurance policy earlier in life can also allow you to secure a more inexpensive term policy.

  • Disability Insurance: Disability insurance is essential and prudent if you are expecting, as it will replace your income if you become unable to work for an extended period of time either during pregnancy or after giving birth. If you are insured through an employer, it is likely that you already have some form of disability insurance.     

As you begin or plan for pregnancy, take time to understand your existing coverage and/or enroll in the coverage you might need. When reviewing coverage, focus on how complications in pregnant women or during childbirth are covered – statistically, one in four pregnancies have some complications that result in parents taking additional time off work. Work with your insurance provider to understand what is covered under standard parental leave policies and what would be covered by disability insurance.

Monumental life changes, like having a child, can stir emotions and cause confusion. Understanding your current insurance coverage and adding any additional coverage ahead of your new arrival can reduce some of the unknowns and provide greater security for your growing family. Reach out to NextGen@bbh.com to learn more and for help navigating this new chapter in your life.

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Leaving the Workforce to Stay Home with Children

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