Newborn Health Insurance.........what do you know about it?
If you’re pregnant or thinking about starting a family, it’s important to have the right health insurance. Finding coverage for maternity care and a new addition to your family, needs to be planned out carefully.
Tackling parenthood without proper health insurance could leave you at the mercy of a catastrophic event or even worse………serious debt. Below are some basics to get you thinking in the right direction:
Things to consider while screening maternity and newborn health insurances:
Maternity and newborn costs
Hospital care (labor and delivery) is expensive when you have to pay out of pocket. Reports from nonprofit advocate Childbirth Connections, estimate average hospital charges billed to insurance providers for uncomplicated birth’s are over $15,000.
Say you need a Caesarean section and have complications (like an infection). A longer hospital stay makes costs skyrocket upwards to around $24,000. Unfortunatly, these price tags don’t include associated costs. Prenatal care, ultrasounds and other forms of testing quickly raise costs.
Obamacare Coverage options
Recently, women earning high incomes could not qualify for federal or state aid. Women did not receive group health insurance through an employer or had very few options for health insurance to cover their maternity care and delivery.
Obamacare has made it easier for women to obtain high-quality maternity coverage, whether they’re pregnant or not.
Law requires health insurance plans include coverage for maternity care. Plans no longer impose mandatory waiting periods before fulfilling claims for maternity-related care.
Insurance premiums and deductibles
With the extremely high costs of having a baby, maxing out an individual deductible on a health insurance plan could happen simply going into labor. If possible switch plans, consider choosing a higher premium but lower deductible payments.
Obamacare health insurance marketplaces (known as exchanges) offer different levels of coverage. Coverages vary between the bronze and gold level plans. Costs range from a few hundred dollars per month (based on your age and location). Yet a bronze plan will only cover 60 percent of your costs, while a gold plan covers 80 percent of costs.
After giving birth, newborns are automatically eligible for coverage from your insurance provider. Under the Health Insurance Portability And Accountability Act (HIPA), you’ll have 30 days to enroll your newborn in your family’s plan.
This doesn’t guarantee all expenses associated with the baby apply to your individual plan. You will be responsible for paying any additional premium for the baby’s health coverage. Prepare for expenses that go beyond what is covered by your plan. Newborn care during your time in the hospital will be applied to his or her deductible.
Based on your household income level, you may be eligible for Medicaid through the course of your pregnancy, regardless if you wouldn’t qualify under normal conditions. If you’re already pregnant when you apply for coverage, if accepted, pregnancy-related medical bills for the past three months will be covered retroactively.
In addition your child may also be eligible for Children’s Health Insurance Program (CHIP) coverage; check out your state’s income requirements to find out whether your family will qualify for free or low-cost coverage.