Loss of insurance coverage is every parents worst nightmare. If you must change jobs or move while your child is on treatment, speak to your employers benefit manager promptly. It is advisable to continue your insurance coverage with your previous employer through the COBRA plan until you are certain that your new insurance coverage is in effect. Although this may impose some financial strain on your family for several months, it will ensure your childs coverage without interruption. Such expenditures are tax deductible.
Speak to your employer about whether participation in a 125-Plan is an option at your place of employment. Such plans generally allow you to have your employer withhold pre-tax dollars from your pay for such things as child-care expenses and non-reimbursed medical expenses. The amount you are allowed to withhold is determined by the size of the employee pool covered.
We had excellent insurance coverage, so we never experienced any major financial difficulties during my son's treatment. However, insurance company literature can be so complicated that I felt I almost needed an advanced degree in rocket science to decipher our coverage. Our hospital has a financial counselor available for families that need help. Given the enormous stress that parents are under, I think it's an invaluable service.
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