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Critical Benefits Decisions

More than 4,265,000 babies were born in the United States in 2006, and with each of those births new parents had to make critical decisions about caring for their child. Having the right health and financial benefits is an important part of this process. With an addition to your family on the way, it is the perfect time to take a closer look at your health insurance and identify possible changes that need to be made. Your current health plan may be perfect for you, but not so perfect for the one on the way.

If you are married and both have health benefits through employers, determine whether you or your spouse has a better health plan for families. According to a national Plan for Your Health^SM survey, more than half of women said they have some difficulty choosing a health plan, especially because of "confusing or hard to understand" health plan information. Be sure to seek out resources, such as your HR director and the tools on PlanforYourHealth.com, to help you make these important benefits decisions. Once you have identified the best plan, make sure to add your child to that plan so he or she is eligible for coverage. As a general rule, most employers allow for these types of life changes even though it may not be during the Open Enrollment period. However, make sure you know the time period in which you need to declare a dependent child to your policy; you wouldn't want to miss the deadline! Use Your Health Benefits Priorities to help assess and determine what you really need from your health benefits.

If you don't have a pediatrician, ask for a list of pediatricians who are covered under your insurance plan, or check the health plan's website for participating physicians. If you do have one, make sure your child's doctor participates in your current health plan. And, find out if your insurance covers well baby visits.

Lastly, it may seem like a long way off, but the looming expense of college is closer than you think. The sooner you start saving, the less you have to invest because your money gains interest over time. However, be careful not to sacrifice money that would go into your 401(k) and your retirement savings. For students, there are always state schools, scholarships and financial aid, but you're on your own for retirement.

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