Review your personal health insurance coverage
If you’re able to plan ahead before pregnancy, it can be a good idea to evaluate all your health insurance options and find a plan that you can afford that reduces the risk of unreimbursed medical bills.
Plan for parental leave
In addition, some employers offer paid family leave. Check with your employer to understand their policies on maternity or paternity leave, including adoptive parents. Paid or unpaid leave may also be available to adoptive parents before or after their new family member comes home.
Research other potential employer benefits
- Group legal benefits could help with the cost of hiring a lawyer.2 Adoption laws vary from state-to-state and international adoptions can require special expertise as well.
- Consultations with adoption specialists or referrals to adoption agencies are also adoption benefits that some employers provide.
Dependent care ﬂexible spending account
A dependent care FSA allows you to save money pre-tax up to a certain limit to help pay for expenses like daycare or summer camp. Then, as costs are incurred, you submit your eligible child care expenses for reimbursement.
Health savings account (HSA)
If you have a high deductible health plan, saving in an HSA can help you pay for qualified medical expenses now or in the future. Contributions to the account are made pre-tax. Withdrawals of contributions and earnings are tax-free when used for qualified medical expenses. Although state taxation may vary, most states follow the federal tax law.
Life and disability insurance coverage
Life insurance and short- and long-term disability insurance can be critical for young families. Research the deadlines to purchase coverage so you can plan ahead.
If you, the person giving birth, have short-term disability insurance coverage, you may be able to claim benefits to help you recover from labor and delivery. Or, if you’re not able to work due to pregnancy complications, disability coverage would likely apply there as well.
Check your insurance coverage for the elimination period, the benefit period, and the benefit amount to find out when you can file for benefits, how long you may be able to claim them, and the amount. The rules vary by state and by employer—and insurance policies may have specific rules about qualifying circumstances.
Add your child to your health insurance
- 30 days (or 31) to make changes to your employer health insurance and benefits.
- 60 days to enroll in a marketplace plan, add your child to an existing plan, or buy a new plan.