Using employee benefits to cover costs of giving birth

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Using employee benefits to cover costs of giving birth

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To use some of your employee benefits to help offset some of your medical expenses connected with the delivery. The first one is if your employer offers a flexible spending plan to participate. This will allow you to put away up to $5,000 on a pre-tax basis. This money can be used to pay for any of your outpatient medical expenses. However, the thing to remember with this plan that are accumulated through the year, have to be used in that year. You cannot roll them over. If they are not used, they are forfeited. Another option is using a health savings account medical plan. So switching from a regular PPO to an HSA. This enables you to put away money that is tax deductible on your gross income. For a single person, you can put away $3,500 and for a family, it's $6,150. These monies can be used to pay for out-of-pocket medical expenses and they can be rolled over to the next year. You can accumulate money over time to help in the planning of your birth.

Learn about: Using employee benefits to cover costs of giving birth from Christine Neilson,...

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Christine Neilson

Financial Advisor

Christine Neilson is from London, England and moved to the United States in 1991. She has a BA with honors in Business Studies with an emphasis in  Finance from South Bank University in London. Prior to moving to the United States, Christine worked in the computer industry for seven years as an operator and programmer before becoming a Surveyor specializing in commercial real estate appraisal, acquisition and development.  Having recently obtained her California and Washington real estate licenses Christine is merging her extensive financial advisory and real estate experience to provide unique expertise to clients.

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