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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, at least a little bit.
Questions? Call us at 800-553-1444 or click the orange "Apply now" button!
| Companies We Currently Recommend | ||
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| Authorized Agent for the following carriers: | ||
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Assurant Health Time Insurance |
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Reason to buy:Simply the best individual maternity plan in Colorado. Only a 3 month waiting period to get pregnant. Offers a 3 year rate guarantee—the longest in the industry! |
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| Comparison Spreadsheet | |
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| Comparison Chart for Plans with Maternity Benefits | |
All health policies in Colorado cover you for "complications" of pregnancy, such as a medically necessary C-section. While complications of pregnancy are extremely expensive, they are relatively rare. With this in mind, most women are looking for a policy that pays not only for the complications, but also for the routine delivery. A routine pregnancy will cost an average of $7500 to $10,000 in the northern Colorado area. (Prenatal, doctor's delivery charges, and hospital charges.)
The best way to get maternity coverage is on a group basis—either through your job or through your husband's work.
If group insurance through work is not available, the next best option is a special plan for self-employed individuals. This may work if either you or your husband is self-employed. In this case you may qualify for a plan called a "Self Employed Business Group of One" or "BGO" for short. These are true group plans mandated by the state of Colorado. Click here to learn more about BGO's.
If neither of the above is available for you, then you can apply for an individual policy with a maternity rider. Unfortunately, individual plans with maternity coverage are all expensive and have waiting periods. We have identified one company with the best price and benefits that we have found, and have put together a spreadsheet below comparing the features of three of their plans.
After looking at the benefits, the waiting period, and the price of a policy with a maternity rider, some people might think about simply going without coverage for a routine pregnancy and pay for the maternity out of pocket. While this may seem like a somewhat reasonable option, I need to warn you of a potentially huge issue that you must be aware of before making a final decision.
Remember that earlier I stated that "complications" of maternity are covered under all policies, even if you do not have a routine maternity rider? This means that if there is a medically necessary C-section or some other serious condition that is either life threatening or presents a grave danger to the health of the mother, then the policy will pay. But if the medical threat is only to the unborn baby, then the policy will pay nothing. This can present the parents with a heartbreaking dilemma—either let the unborn baby die or pay out of pocket expenses that could amount to $30,000, $100,000, $300,000 or more. I have personally had clients with such bills! What would you do if faced with such a choice?
The only way to avoid this Catch-22 situation is to actually have a maternity rider on your individual policy.
This is a complex, emotional, and difficult decision and needs to be discussed with an experienced, caring and dedicated agent. Call us for a free consultation—we'll be happy to answer all your questions and help you make an informed, intelligent decision as to what is the best course of action for your particular situation.