If you are thinking about having a baby, it’s wise to consider how your life will change. You might have thought about less sleep and an increase in household washing, but have you also thought about your financial health?
Preparing your finances in another important step in preparing to welcome a new baby into the world. There are different fees associated with your pregnancy and birth journey, including obstetrician fees, which is a Medicare-subsidised cost and the charge varies between doctors, hospital fees (which may be covered by your private health fund) and any out of pocket expenses which include but aren’t limited to blood tests and ultrasounds.
If you’re self insured (don’t have private health insurance), find out how much you’ll need to pay in fees at your birthing hospital. You can find out more about the fees for Epworth Maternity vaginal or Caesarean section births here.
If you have private health insurance, make sure that you get in touch with your provider to find out whether you’re covered for obstetrics, what type of excess you have, if you have co payments, if your baby is covered for special care. Also make sure to ask if there will be any other out of pocket expenses.
Check whether you have the options of maternity or paternity leave and what entitlements you have. If you are self-employed, it’s a good time to consider how much time you can practically take off work. Have you decided how you will parent your child, particularly in those early years?