The Cost of Having a Baby: What Your Insurance May (or May Not) Cover.

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Delivering a new bundle of joy into the world is an exciting and joyful experience, but the costs of having a baby can also come with an unexpected financial burden. While insurance may cover a portion of the costs, there may be other expenses you’re unaware of and need to stay prepared for.

  1. Give Your Coverage a Once Over The cost of having a baby in a hospital can vary depending on factors such as location, the type of delivery, and your insurance coverage. While most insurance plans will cover a portion of the hospital stay, it’s crucial to review your policy to understand the specific details, such as deductibles and any out-of-pocket expenses you might expect.
  2. Know the Prenatal Price TagPrenatal care is an important part of a pregnancy, and most insurance plans cover regular check-ups, screenings, ultrasounds, and routine blood tests. However, it’s important to be aware of any co-pays, deductibles, or co-insurance you may be responsible for during each prenatal visit.
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  3. Compare Costs and Negotiate Before settling on a healthcare provider, research and compare the costs of different options. Reach out to multiple hospitals or birthing centers to inquire about their prices for delivery and postpartum care. You may be surprised by the cost discrepancies. Additionally, don’t hesitate to negotiate with hospitals and providers to potentially lower your expenses. It’s worth a try!
  4. Supercharge Your Baby Savings A high yield savings account can be a game-changer when it comes to preparing for the costs of having a baby. This is a great way to help maximize your returns since high-yield savings accounts can pay 10 to 12 times the national average compared to traditional savings accounts. MoneyLion offers a convenient marketplace to compare high-yield savings accounts that could help grow your money.
  5. It’s All In the DeliveryThe method of delivery can significantly impact the cost of having a baby. Cesarean sections (C-sections) tend to be more expensive due to the additional surgical and recovery expenses associated with the latter. While insurance plans typically cover both types of deliveries, it’s important to confirm coverage for C-sections and understand any potential cost differences.
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  6. Anesthesia and Pain Management If you opt for pain management techniques during labor, such as epidurals or other forms of anesthesia, it’s essential to inquire about their coverage under your insurance plan. While many plans cover these services, some may require additional out-of-pocket expenses. Familiarize yourself with your policy’s terms to ensure you have a clear understanding of what’s included.
  7. Get Extra Funds If Needed All the unexpected expenses and costs for having a new bundle of joy can add up pretty quickly. You may want to consider taking out a personal loan. MoneyLion can partners can provide loan offers up to $50,000 when you need it.
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  8. Neonatal Care In some cases, newborns may require specialized care, such as incubation, intensive care, or specialized treatments. It’s important to verify whether your insurance covers neonatal care for your baby, as these costs can add up quickly. Understand any potential limits, deductibles, or separate co-pays associated with your baby’s care to avoid any surprises.
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  9. Know Your After Care OptionsPostpartum care is crucial for both the mother’s and baby’s well-being after delivery. This includes follow-up visits, lactation support, and screenings for any potential complications. While insurance plans typically cover these services, it’s important to confirm the specifics with your provider and be aware of any associated costs.
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  10. Stay In Network

    It’s worth noting that using out-of-network healthcare providers may result in additional expenses. It’s important to understand the extent of your insurance plan’s network and consider staying within that network to minimize unexpected costs. However, if the care you require is not available in-network, reach out to your insurance provider to understand the coverage options available.
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While health insurance can be a valuable resource during pregnancy and childbirth, it’s important to understand what your plan covers and what expenses you may still be responsible for. It’s never too early or too late to start saving for your baby and MoneyLion is here to help you along the way.

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