Prospective parents must join a medical scheme and gap cover well before conceiving, as any pre-existing conditions, like pregnancy, can be excluded by a medical scheme for 12 months.
Ensure the medical scheme option you select has no overall limit on the hospitalisation, as unexpected costs like neonatal intensive care unit can be an enormous expense.
A short-term insurance gap product may be taken before conception to cover expenses in hospital that your medical aid doesn’t cover in full.
Many gynaecologists, anaesthetists, paediatricians and midwives charge in excess of medical scheme rates. Check if your medical aid plan covers C-Section delivery if not medically necessary.
Your option may also prescribe which hospital and doctors you need to use to obtain full cover.
Some medical scheme options have specific benefits for maternity prenatal care, which means your normal savings account is not affected.
Parents must add new babies to their medical aid within 30 days of birth, or risk having your child excluded for existing conditions.
Find out how many months of maternity leave you are entitled to and if you get paid a full salary.
Claim your Unemployment Insurance Fund benefits.
Once you return to work, you need to pay someone to look after your baby.
Don’t forget to budget for this.
Draft or update your last will and testament, review your life cover benefits and set up an education policy as soon as possible.
Tracy Janssens is Health branch head and Rita Cool is a Certified Financial Planner at Alexander Forbes