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Maternity Insurance |
How to pay for that new bundle of joy!
Ahhh, the thought of a newborn baby, warms our hearts and sets them aflutter! But wait, how do we pay for that new bundle of joy?! Those thoughts can dampen our excitement, even fill us with dread. Let's explore your options and try to calm those nerves.
Questions? Call us at 800-553-1444 or click the red "Get a Quote" button!
As of January 2011, Colorado H.B. 10-1021 requires that all new health policies -- both group and individual - automatically cover pregnancy in the same way as any illness or injury. This means there are no waiting periods or extra deductibles for pregnancy related charges.
This new Colorado law is a tremendous help for those who do not have group insurance, as routine maternity costs an average of $7500 to $10,000 for pre-natal care, doctor and hospital delivery charges for the birth.
In the past individual insurance policies have always covered complications of pregnancy, but now new policies have routine maternity which gives young families even more support. Even so there is still some pre-planning to do. Here are a couple of pointers to consider:
1. If you have maternity coverage, check your policy for the deductible and coinsurance levels. Then calculate your out-of-pocket costs to see what you will have to pay when maternity claims hit. You may want to apply for better coverage for this time period. Even though the monthly premiums are higher, you may be money ahead.
2. Be aware that although policies have maternity coverage, you cannot be pregnant or an expectant father when applying for a policy. Although there is no waiting period, some companies may ask for the last date of the menstrual cycle or may require a paramed exam to establish the fact that you are not currently pregnant. Maternity claims that occur too soon could be challenged. To avoid insurance challenges we recommend you wait at least one month after the policy's effective date before trying to conceive. Part of family planning is having an insurance strategy in place ahead of time!
Call us for a free consultation. We would be happy to answer all your questions and suggest the best plans available for your situation. We are independent brokers representing all of the major insurance carriers in Colorado. We can shop the market for the best price and coverage. Best of all, you won't pay a penny more for our advice because the premium is the same regardless of whether you buy directly from the insurance company or through us.