2986: Maternity Medical Care: How Much Does It Cost to Have a Baby by Dr. Ashley Burkman with Smart Money Mamas

[00:00:00] [SPEAKER_00]: This is Optimal Finance Daily, Maternity Medical Care, How Much Does It Cost to Have a Baby by Dr. Ashley Burkman with SmartMoneyMamas.com. And I'm your host and personal finance enthusiast, Diana Merriam. Welcome back to our Sunday bonus episode, where I share an article with you from a different podcast in our network. Today's episode's coming from Optimal Relationships Daily. So with that, here's Greg with the post and commentary as we operate on the podcast.

[00:00:30] [SPEAKER_00]: Optimize Your Life.

[00:00:36] [SPEAKER_01]: Maternity Medical Care. How Much Does It Cost to Have a Baby by Dr. Ashley Burkman with SmartMoneyMamas.com.

[00:00:44] [SPEAKER_01]: Tips to Understand Maternity Medical Costs.

[00:00:48] [SPEAKER_01]: The joy of pregnancy can also bring anxiety about the medical costs of maternity and childbirth.

[00:00:54] [SPEAKER_01]: How do you prepare for the financial expenses that come with bringing a new life into the world?

[00:00:59] [SPEAKER_01]: Educate yourself about medical costs.

[00:01:02] [SPEAKER_01]: Many people are surprised by the medical costs of pregnancy and childbirth.

[00:01:06] [SPEAKER_01]: The average cost of an uncomplicated delivery in the U.S. is between $5,000 and $11,000.

[00:01:13] [SPEAKER_01]: But remember, things rarely go as planned.

[00:01:16] [SPEAKER_01]: While you hope to have an uncomplicated delivery and confidently return to work after maternity leave, you can't plan for every scenario.

[00:01:24] [SPEAKER_01]: Even with a birth plan, having a plan B or plan C for alternative scenarios like complications is helpful.

[00:01:31] [SPEAKER_01]: If things don't go as planned, consider questions like, where will you give birth?

[00:01:37] [SPEAKER_01]: What support system will you need?

[00:01:39] [SPEAKER_01]: For example, your plan A might be a birthing center with a midwife.

[00:01:43] [SPEAKER_01]: Will you need easy access to a surgeon in case you require a C-section?

[00:01:48] [SPEAKER_01]: It also helps to learn as much as you can about how your health insurance works for maternity.

[00:01:53] [SPEAKER_01]: Understand what services are covered and not covered, your individual and family deductible, and out-of-pocket limits.

[00:02:01] [SPEAKER_01]: The difference between your individual and family deductibles.

[00:02:05] [SPEAKER_01]: When financially preparing for a new baby, you should understand that your health insurance may have separate deductibles for individuals and the family.

[00:02:13] [SPEAKER_01]: For example, your individual deductible might be $2,500, while the family deductible is $10,000.

[00:02:20] [SPEAKER_01]: That means that every person on your plan may not have to meet the deductible individually.

[00:02:25] [SPEAKER_01]: Once you reach $10,000, you've met your deductible requirement.

[00:02:30] [SPEAKER_01]: Changing your health insurance plan

[00:02:32] [SPEAKER_01]: If you anticipate having children soon, pay special attention to the options your company offers during its annual open enrollment period.

[00:02:40] [SPEAKER_01]: You also have the right to change plans during qualifying life events, such as having a child.

[00:02:45] [SPEAKER_01]: For example, if you're on a basic insurance plan, you may want to switch to a plan with more robust coverage and lower out-of-pocket costs.

[00:02:53] [SPEAKER_01]: If you and the baby are healthy after birth, you might consider moving back to a less expensive plan.

[00:02:59] [SPEAKER_01]: However, keep in mind that babies come with frequent doctor visits.

[00:03:03] [SPEAKER_01]: A mid-range plan might save you more money in the long run.

[00:03:08] [SPEAKER_01]: Deciding between a hospital, birthing center, or home birth

[00:03:12] [SPEAKER_01]: Giving birth at home is cost-effective, since all you need to pay for are your supplies and support staff, like a midwife or doula.

[00:03:19] [SPEAKER_01]: However, if you or baby show any signs of distress, you may need to pay for an ambulance and treatment at a hospital.

[00:03:26] [SPEAKER_01]: So, giving birth close to or in a hospital might be something to consider when comparing medical costs.

[00:03:32] [SPEAKER_01]: If you're lucky enough to live in an area with several providers and hospitals, call them and ask for estimates on how much it'll cost.

[00:03:40] [SPEAKER_01]: If they tell you the average cost is $10,000 and your deductible is $2,500, you can expect to pay the deductible at minimum.

[00:03:48] [SPEAKER_01]: Keep in mind that some insurers provide better coverage at preferred hospitals, making it less expensive for you.

[00:03:54] [SPEAKER_01]: You can also find out if using a birthing center and a midwife is less expensive than the hospital with an obstetrician.

[00:04:01] [SPEAKER_01]: How to find a good pediatrician

[00:04:04] [SPEAKER_01]: Medical care for your baby is a high priority after they're born.

[00:04:08] [SPEAKER_01]: When interviewing pediatricians, remember that they want it to be a good relationship too.

[00:04:13] [SPEAKER_01]: Many providers offer meet-and-greet hours so you can interact with the staff.

[00:04:17] [SPEAKER_01]: Take advantage of the opportunity to get to know the office team.

[00:04:20] [SPEAKER_01]: Other providers might discuss your needs and concerns, like vaccinations, health complications, regular visits, and so forth over the phone.

[00:04:29] [SPEAKER_01]: When it comes to choosing your child's doctor, trust your gut.

[00:04:32] [SPEAKER_01]: But it's essential that you trust them and that they respect your wishes.

[00:04:36] [SPEAKER_01]: Anytime you're concerned about your baby's health, you can request an evaluation.

[00:04:40] [SPEAKER_01]: Even if your doctor is not worried about something, but you are, they should hear you out and look into the next steps.

[00:04:47] [SPEAKER_01]: If your pediatrician does not make you feel supported, pick a different doctor.

[00:04:52] [SPEAKER_01]: Finding support available for special needs families

[00:04:55] [SPEAKER_01]: As a special needs parent, you're not just their mom.

[00:04:58] [SPEAKER_01]: You're also their advocate.

[00:05:00] [SPEAKER_01]: However, your child is not old enough to speak for themselves.

[00:05:03] [SPEAKER_01]: It's your job to insist on help from any doctor who will listen, especially if you find it challenging to get a diagnosis.

[00:05:10] [SPEAKER_01]: The cost for special needs can skyrocket, depending on your situation.

[00:05:15] [SPEAKER_01]: Check to see what resources your state may offer.

[00:05:17] [SPEAKER_01]: Many have a variety of financial or medical assistance programs, including access to a healthcare advocate.

[00:05:24] [SPEAKER_01]: They can help you understand the resources available to you and your family.

[00:05:28] [SPEAKER_01]: Alternatively, your healthcare provider may have care coordinators on site to direct you to resources that may not be available through the hospital or insurer.

[00:05:37] [SPEAKER_01]: For example, suppose your child needs a specialized feeding chair and insurance doesn't cover it.

[00:05:43] [SPEAKER_01]: The care coordinator may have resources to find a charity or organization specializing in that type of help.

[00:05:50] [SPEAKER_01]: Lastly, if your child needs long-term care,

[00:05:53] [SPEAKER_01]: the National Katie Beckett Waiver Program can offer institutional-level care in your home.

[00:05:59] [SPEAKER_01]: Final thoughts on maternity medical costs.

[00:06:03] [SPEAKER_01]: When it comes to medical costs, it's better to over-prepare than to be under-prepared.

[00:06:07] [SPEAKER_01]: Check with your insurance company and medical providers ahead of time.

[00:06:11] [SPEAKER_01]: You can get an idea of how much childbirth might cost with or without insurance coverage.

[00:06:16] [SPEAKER_01]: Of course, always estimate more than you think you'll need because life is full of unexpected events.

[00:06:22] [SPEAKER_01]: Keep in mind that your insurance may cover after-care services like a lactation consultant and therapy to help you through postpartum depression.

[00:06:31] [SPEAKER_01]: Lastly, always listen to your maternal instincts and get support from others, especially after the baby is born.

[00:06:41] [SPEAKER_01]: You just listened to the post titled,

[00:06:43] [SPEAKER_01]: Maternity Medical Care, How Much Does It Cost to Have a Baby?

[00:06:47] [SPEAKER_01]: by Dr. Ashley Berkman with SmartMoneyMamas.com

[00:06:52] [SPEAKER_01]: All right, and thanks so much to Dr. Ashley for this information.

[00:06:56] [SPEAKER_01]: Obviously very important to know, and these practical elements of relationships are part of the journey,

[00:07:01] [SPEAKER_01]: and there are many of them, so don't overlook posts like these as you seek to become more knowledgeable

[00:07:06] [SPEAKER_01]: about the many facets of relationships.

[00:07:09] [SPEAKER_01]: And just a reminder that although this show is really centered on relationships, obviously,

[00:07:14] [SPEAKER_01]: our other shows in the network certainly touch upon them in their own ways.

[00:07:19] [SPEAKER_01]: So, you know, you might find posts about budgeting for a new baby or your whole family on OFD,

[00:07:24] [SPEAKER_01]: Optimal Finance Daily, or a post on Optimal Health Daily about how to stay active as a couple.

[00:07:30] [SPEAKER_01]: We definitely try to cross over when we can to make it easier for you guys,

[00:07:33] [SPEAKER_01]: especially in these new weekly bonus episodes on Sundays,

[00:07:36] [SPEAKER_01]: but we really believe that all of the shows can be beneficial to everyone in different ways.

[00:07:41] [SPEAKER_01]: So make sure to check them all out.

[00:07:43] [SPEAKER_01]: And on that note, we're going to wrap up for the day, everybody.

[00:07:46] [SPEAKER_01]: Thank you as always for joining and making ORD part of your routine,

[00:07:49] [SPEAKER_01]: and I'll see you back here tomorrow for our weekly Q&A,

[00:07:52] [SPEAKER_01]: where your optimal life awaits.

[00:07:54] [SPEAKER_01]: attachment is time to meditate there thus needs.