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The Short Answer

Financial First Steps After Having a Baby

Here is a new bundle of things to consider for your financial bassinet.

The arrival of a baby is an exciting time for a family. Not only does the birth of a child bring many of exciting firsts--baby's first smile and baby's first trip to the park, among many others--it also involves a radical lifestyle change for most households. In addition, the birth of a new baby brings additional financial challenges and decisions for the whole family. Below, we've outlined four key financial considerations to help new parents prepare for many of life's unknowns.

Prepare for the Unexpected
Baby-proofing your home may be on your to-do list, but electric sockets and mini-blind cords aren't the only risks you need to guard against once a new baby comes into your life.

Start by checking your individual health insurance policy for specific guidelines on adding coverage for your newborn. Most plans give parents 30 days after the birth of their child to add him to their health insurance plan. Missing this deadline may require waiting until the next annual enrollment period to add your baby to your plan.