Financial basics for new parents before the baby arrives
Review your employer benefits and consider supplemental coverage for gaps. Check medical plans for what is covered and estimate costs with your doctor and insurer. Consider a cafeteria plan or Medical Savings Account to fund noncovered expenses. Ensure newborn coverage and notify your employer of any policy changes. Obtain separate child health coverage if job changes threaten continuity and avoid gaps that could lead to financial devastation.
Checklist for Having a Baby and Benefits Review
A practical guide outlining steps to plan for a baby including understanding maternity coverage and child health care, updating employee benefits and estate plans, saving for education, ensuring a child ready home, reviewing taxes, weighing work versus home life, and setting up a household budget plus life and disability insurance needs.
Thoughtful guidance on beneficiary designations and estate planning
Advises updating beneficiary designations on life insurance IRAs and retirement plans to include a new baby. Warns against naming a minor child directly as beneficiary due to guardianship and access issues. Recommends coordinating designations with wills and living trusts and notes four basic estate planning documents. Mentions education funding planning and potential grandparent involvement.
Financial planning for new parents and babyproofing homes
Advice on home safety for infants, housing options, and tax tips for new parents. Discusses life stages after birth, budgeting, insurance needs, and options like refinancing to fund improvements. Valentino Sabuco of Noverus offers guidance through financial partner resources.
MENTIONED IN THIS ARTICLE
Valentino Sabuco
Noverus
Financialpartner.com
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S.A.J
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Estateplanninglinks
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American Express Financial Advisors
Financial Fitness
American Express Financial Advisors Inc
American Express Company
American Express Financial Corporation
Joyce D. Gamm
American Express
Barnwell Ave
Suite
Aiken
Joyce
D.gamm
Aexp.com
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