Congratulations! The birth of a new baby can be such a joyous time, filled with wonder and hope. It can also be a time filled with a million different questions as you try to do the best for the new life that has been entrusted to you. You make sure that they have the best diapers, the safest crib and the cuddliest baby blanket. But, what exactly are the insurance needs for a newborn?

Most insurance plans allow for the addition of an infant upon birth, but for peace of mind, schedule a review a few months in advance of your delivery date to be sure of when coverage will begin for your bundle of joy and exactly what procedures will be included.

There are many tests that are performed on even the healthiest infant, as well as some specialized tests that may be asked for based on genetics. If your health insurance does not cover your child, you might look for a plan that covers him; infants have multiple visits to the pediatrician in their first year. Without insurance, this can get expensive very quickly.

But, what about life insurance? No one wants to think about anything bad happening to their child, but tragically, it does. Beginning a life insurance policy at birth can relieve some of the financial burden brought on by an unexpected tragedy, and can have other benefits as well.

Locking in to a low rate term life policy when your child is a newborn will give them a policy that does not increase when they reach the age of eighteen. Paying into some policies can be like buying into a savings plan for them as well, when they reach a certain age, ( 18 for some, 21 for others and some as late as 25), they can choose to continue on with the policy at the low rates or cashing it out. That money can come in handy for college expenses or for off setting the cost of auto insurance on that first car. Either way, it is better that they have the low rates which start at birth, rather than the higher rates of teenagers.

Some children will qualify for state sponsored health care which will cover medical, dental and vision well child visits as well as some emergency treatments. There are limits to what these plans will cover and the parents must usually be income eligible.

There is of course a push to increase the number of children that will be covered by these types of policies, but the change is coming slowly. Some parents will still fall between the line of making too much money to qualify for state sponsored health care, but not making enough to be able to afford private insurance.

If there are special needs with your newborn, the possibility of receiving state health care increases, but not always. If the special needs are the result of a medical mishap during birth, then there might be legal recourse, but that may take years to battle through, all the while bills will be piling up, harming your credit and making stress for the entire family.

Having a baby is expensive, but having an uninsured baby can be even more devastating if illness or tragedy strikes. A grow with me policy can be rolled over to an adult policy with a lower payment and can be kept until usually age 25, or can be cashed out for college or other expenses.

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