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Have you and your partner just found out that you are pregnant? Congratulations are in order. That gives you nine months to come up with baby names, have your baby shower, decorate the nursery, and begin filling out your gift registry.

You should enroll in a health insurance plan if you are pregnant.

You are perhaps also getting your finances in order, whether it be opening a college savings plan or buying life insurance coverage. Additionally, expecting parents should be developing the right health insurance strategy. Mother’s maternity coverage and your baby-to-be’s care are some of the highest health care costs today. And those expenses can be out of control without an adequate in-network policy. 

As soon-to-be proud parents, you will want to know what’s covered and not covered in your current coverage, what kind of costs and expenses to expect, and if switching health insurance plans is the right decision.

Health Insurance 101

Before we begin breaking down how to assess healthcare plans, it’s vital to review some common health insurance terms. That will make it easier to shop and better understand a healthcare plan you may have already.

1. Health insurance premiums: The monthly payment you pay your insurance provider for coverage
2. Deductible: The amount you pay for services before your health insurance starts; for instance, if your deductible is $2,000, you’ll need to reach that amount out of pocket before your insurance takes over
3. Copay: Fixed amount costs paid by a patient during an in-network doctor’s visit
4. Coinsurance: The percentage of costs paid by a patient covered in-network services before their insurance companies take overpayments.
5. Out-of-pocket expenses: Medical care costs not covered by your insurance that you require to pay in full yourself

Consider a Higher Premium Over a High Deductible

A basic rule of thumb is for expectant parents is to select a health insurance policy with a higher premium and lower deductible.

Although your monthly insurance premiums may be higher, you will hit your deductible more quickly (because delivery is a major healthcare event), saving more money in the long run when your insurer takes overpaying for service.

Examine Your Choices

Shopping around for a health insurance plan when you are uninsured (or your employer does not sponsor a policy), and you are pregnant can introduce lots of stress and make it seem like your choices are limited.

Pregnancy health insurance is important since it will save you costs during check-ups.

Nevertheless, there are options. For beginners, you can buy a plan on Healthcare.gov or your state health insurance marketplace. Federal open enrollment is underway from Nov. 1 up to Dec. 15, though some state exchanges are closing later. 

If you miss your chance to enroll, you are required to qualify for special enrollment. Pregnancy does not count as a qualifying event, but having a child does, so you can enroll for a new plan after giving birth.

You can also register for an off-exchange plan. While not sponsored under Obamacare, an off-exchange health insurance plan still covers similar essential benefits and protections, as well as for pregnancy and maternity care.

According to Healthcare.gov, Medicaid and the Children’s Health Insurance Program (CHIP) are other public health choices covering pregnant women who earn below particular income levels. You can register for Medicaid at all times of the year, not just during Obamacare open enrollment.

Resources and References:

• Children’s Health Insurance Program (CHIP)
• Out-of-Pocket Expenses