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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