Wednesday, February 2, 2011
Babies Change Everything
We knew that kids can be expensive. When we found out I was pregnant with our first baby, I contacted my insurance and the hospital to find out how much I should expect to pay for the baby. I was told it would be around $1500. So we started saving for our little one.
We had a stash of Costco Cash cards saved up to purchase diapers. My sister gave us a crib, and I received wonderful clothes from my baby shower. Nine months into the pregnancy, I thought we were financially ready for our bundle of joy.
Then she came early, and had a bad case of Jaundice. Luckily we didn't have to keep her in the hospital- we just had to rent a "suitcase" for 14 days at a rate of $100 a day. Sure insurance would cover that, after we met the baby's $1000 deductible. My deductible which was only $500 when we got pregnant changed to $1000 three months before baby was born. So that $1500 I planed on paying changed to $4000 after all the bills came due. Goodbye to all our savings and extra money in the bank. I drained our resources and still owed about $1000. I thought it would be best to pay off the doctors and hospital so I put our remaining balance on a credit card. One of the worst mistakes I could have made.
Did you know that some hospitals will work with you? They will set up a payment plan. Some will take a look at your finances and if you qualify they will reduce your bill. I didn't know all this. I thought "The hospitals and doctors say I owe this by May 15th, so I better pay it by May 15th"
Oh how I hated that balance of $1000 on my credit card.