Have you thoroughly looked over your health insurance policy as far as how much of your labor & delivery and hospital stay will be covered? If you haven't, you'll definitely want to study the fine print after hearing about what happened to an Australian couple.
Rachel Evans and her husband were on a trip to British Columbia when she went into labor prematurely and wound up delivering their daughter at only 26 weeks, which ultimately led to her having to stay in the neonatal intensive care unit for 90 days. And during those few months, the couple racked up a hospital bill of around $1 million! Geez! I thought million-dollar babies were something that only existed in movies!
Had Rachel gone into labor in her home country of Australia, all of the medical costs would've been covered by her insurance plan. But she and her husband purchased travel insurance before their vacation -- and they didn't realize that Rachel's pregnancy was not covered past her 27th week. And in order to pay off part of their whopper of a medical bill, the couple paid $10,000 up front, and will be sending in $300 a month for the rest of their lives. That's a lotta cash.
Even though this situation was a bit different because it involved travel insurance, not regular health insurance, it still serves as an important reminder to read your policy very carefully -- and to go over it well before you give birth so that you have an idea of what your costs might be.
I must be the most aloof person on the planet, because I was shocked when I received a hospital bill for around $1,800 a few months after my son's birth. I had always just assumed that our insurance would cover every last cent of my labor and delivery. We were fortunate enough to be able to pay the bill at that point, but it still would've been nice to have known that it was coming so we could have planned for it.
Having a newborn is life changing enough without throwing any added financial stress into the mix. Do your homework now so you can focus on your beautiful new baby instead of worrying about bills that are piling up in your mailbox.
Have you looked over your health insurance policy in detail yet?
Image via Tammra McCauley/Flickr