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When you bring home your baby, you can pretty much guarantee that related expenses are going to be far more than you planned. Diapers alone could cost you a couple thousand dollars in the first year, and the constant cycle of buying clothes that fit your child will have you wondering how people get by on a budget when they have a baby.
And of course, there are the myriad of doctor visits to add to the bill. But when your baby is born prematurely, the medical costs can take up a much bigger piece of the pie. So if you’re facing a mountain of medical bills and you need to find ways for saving money, here are just a few tips to help you get back on track while ensuring that your infant is healthy and well cared for.
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1. Contact your insurance provider.
You first step should be to get in touch with your insurance carrier in order to discuss what is covered by your policy. The company likely has a listing of procedures, services, therapies, and so on that will be paid for, in full or in part, and you need to be aware not only of what they will cover, but also what they won’t. See if you can get a comprehensive listing of coverage offered for preemies (or ask if the information is available via web portal so you can print it out) and then talk to your pediatrician about how to proceed so that your baby receives the best possible care with maximum coverage.
2. Work out a payment plan.
Hospitals know that people can’t always afford to pay the medical bills they incur. Often, all it takes is a phone call or visit to speak to their financial services department in order to set up a payment plan. This will ensure that the hospital gets their money (which they definitely want) and that you don’t end up in collections from the birth of your child.
3. Slash the bill.
If the medical expenses related to your baby’s premature birth have spiraled out of control, to the point that you have no real hope of disbursing the debt, then it’s time to find out what can be done to keep you out of bankruptcy court. The truth is that hospitals and doctor’s offices want to recoup anything they can, and they can’t squeeze blood from a stone. So if you tell them that you simply can’t pay the outstanding bill, even though you want to, they will more than likely reduce the amount owed so that you can begin to pay down whatever remains.
4. Cut costs in other areas.
For many couples, having a baby is the ultimate goal, something that they are willing to sacrifice everything else for. So when it comes to paying for your preemie’s medical maintenance you might have to give up a few conveniences. On the baby front, you could use more affordable cloth diapers (potentially saving up to $2,000 per year if you launder them yourself). You might also have to cut some bills, like cable (you won’t have time to watch it anyway) or the home phone (the mobile will be more useful in the long run). But you’ll find that you can make do without these extras when you have a new life as compensation.
5. Prescriptions.
Aside from hospital bills, you’ll likely face some pretty hefty fees for prescription medications. In order to save in this area you should ask the pharmacist about other brands or generics or using an coupon that will provide the same benefits to your baby at less cost. And you can also consider using an online pharmacy, which may offer better prices if you can’t change medications.
