Have You Baby-Proofed Your Benefits?

You've painted the nursery, bought diapers and chosen a name...your new baby task list is complete, right? Not just yet. The results of a new national survey of expectant mothers show that some may be neglecting important planning.

Aetna and the Financial Planning Association surveyed 500 expectant mothers with health insurance about their attitudes and habits regarding preparing for their new baby.

• A substantial majority of expectant mothers, 71 percent, spend "no time at all" or less than one hour reviewing their health benefits.
• In comparison, 61 percent of expectant mothers spend five or more hours reading baby-related books and magazines and 43 percent of expectant mothers spend five or more hours shopping for baby accessories and furniture.
• Also, a large majority of expectant mothers, 71 percent, either underestimate or overestimate the average cost of a normal, uncomplicated vaginal delivery, at a hospital. According to Aetna and the Health Insurance Association of America the average cost for this type of delivery is approximately $6,300.

Since moms-to-be have a lot to think about, researching their family's health benefits may not be top of mind. And, experience isn't everything when it comes to budgeting — in fact, first-time expectant mothers are more likely than expectant mothers with children to develop a new family budget.

• About half of expectant mothers with children and expectant mothers over age 30 are likely to develop a new family budget.
• First-time expectant mothers are considerably more likely than expectant mothers with children to include the cost of health insurance in the revised family budget.

Interestingly, of those moms who prepare a new budget, nearly all include expenses such as baby formula and diapers, but more than one third overlook the cost of health benefits, non-covered medical expenses and other less-obvious costs.

Even if expectant parents have health benefits, it is important to take a close look at what the plan covers, and budget for the out-of-pocket expenses.

• The survey shows that nearly all expectant mothers know whether their health plan covers traditional services, but many are uncertain if their plans include genetic counseling and other new, cutting-edge services.
• More than a third of expectant mothers who develop a new budget do not include the cost of health benefits.

One of the best ways new parents can protect their financial future is to plan for their family's health.

• Pregnancy is the perfect time to take a fresh look at your health benefits and overall budget to make sure they're both family-friendly.
• Reviewing health and financial benefits is particularly important for new moms, as nearly two-thirds of women are responsible for family health care decisions.
• Even if you have health insurance, your benefit needs may change as your family grows. Having a baby — even it is your second or third child — is the perfect time to take a fresh look at your benefits and overall budget.

By learning more about your health benefits, new parents can take advantage of all the services their plan offers.