In an article published to provide new parents some budgeting tips by money.usnews.com, Co-Founder Zach Morris offered his insight and expertise on how childbirth may influence your health insurance plans. Here’s a snip of the article:
Revaluate Your Health Insurance Coverage
Spend time analyzing your health insurance plan to understand all your potential out-of-pocket costs. You may also want to consider switching plans. For instance, opting for a low-deductible plan may cost more on monthly premiums but may reduce your total out-of-pocket spending on baby-related medical expenses.
“Childbirth creates a qualifying event that allows you to update your employee benefits selection,” says Zach Morris, a wealth advisor and co-founder of Paces Ferry Wealth Advisors, a financial advisory firm based in Atlanta. “This can also allow you to start saving more toward a flexible spending account or health care savings account, which are tax-advantaged savings accounts that can be used to pay for health care costs.”
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Paces Ferry Wealth Advisors, LLC is a registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). This material is intended for informational purposes only. It should not be construed as legal or tax advice and is not intended to replace the advice of a qualified attorney or tax advisor.