TIPS TO MANAGE PREGNANCY AND POST-DELIVERY EXPENSES

Often pregnancy cost is not covered in health insurance at least for two years and in some cases it can be more. It becomes very challenging when you have to bear this cost entirely from your own pocket along with other medical expenses that you come across during this critical period. It is important to make a budget and plan your expenses in case your spouse is pregnant, and you are expecting delivery within a few months.

Managing pregnancy and post-delivery expenses can feel overwhelming, but with some planning and thoughtful strategies, it’s possible to navigate these financial challenges effectively.

Adhil Shetty, CEO, Bankbazaar.com, explains, “Create a budget, factoring in medical consultations, tests, supplements, and potential hospital fees. Consider health insurance coverage that includes maternity benefits or explore additional policies for comprehensive coverage. Explore hospitals and clinics offering maternity packages or payment plans, comparing costs and services. Start an emergency fund to cover unexpected medical expenses. These preparations will help you manage the cost.”

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Here are some tips to help you prepare for and manage these expenses:

Before Pregnancy

Planning: Start by assessing your current financial situation. Create a budget that includes expenses related to prenatal care, doctor visits, supplements, and potential delivery costs. Factor in the loss of income if you or your partner plan to take time off work.

Review Your Health Insurance: Understand your health insurance coverage thoroughly. Check what prenatal and maternity services are covered, including ultrasounds, hospital stays, and postnatal care. Consider upgrading or purchasing additional coverage, if needed.

Emergency Fund: Begin building or padding an emergency fund to cover unexpected expenses related to pregnancy, delivery, or postpartum care. Aim for at least three to six months’ worth of living expenses.

During Pregnancy

Prenatal Care: Early detection and proper management of any complications can potentially reduce medical expenses later on. Try to maintain a healthy lifestyle to reduce the risk of complications. This includes proper nutrition, regular exercise as per your medical advisor.

Compare Costs: Research and compare costs of different healthcare services, hospitals, and birth centres. Some may offer packages or payment plans that could be more affordable.

Utilise Discounted Services: Look for community resources, clinics, or programs that offer free or reduced-cost prenatal care, childbirth classes, or support services.

Preparing For Delivery Costs

Hospital Charges: Review the breakdown of potential costs associated with labour, delivery, and post-delivery care. This will help you anticipate and negotiate expenses if possible. Some hospitals offer discounts for people who have booked in advance or during a particular time when they have offers running.

Maternity/Paternity Leave: These leaves help you save travel costs that you incur. You can use this fund to cater to your medical expenses.

Adjust Your Budget: If you have no health insurance, you might pay have to pay higher premium to get pregnancy included in your policy. It is important to compare and check all the features of these insurance policies before you decide to purchase one. Adjust your budget as needed after the baby arrives. Track expenses closely and identify areas where you can cut back or save.

By proactively managing expenses and seeking available resources, you can alleviate some of the financial stress associated with pregnancy and post-delivery care. Regular communication with healthcare providers, financial advisors, and support networks can also provide valuable guidance and assistance during this time.

2023-12-15T11:44:29Z dg43tfdfdgfd