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FOR IMMEDIATE RELEASE
August 31, 2009
Contact: Jason Moon 517-335-1700 LANSING- According to the National Center for Health Statistics, more babies are born in August than in any other month. Today the Office of Financial and Insurance Regulation (OFIR) suggested steps to help Michigan's new parents protect their growing family.
"A little advance planning can save new parents time and money in the long run," OFIR Commissioner Ken Ross said.
Health Insurance
If you and your family are uninsured. The State of Michigan offers MIChild, a health insurance program for uninsured children of Michigan's working families. MIChild services are provided by many HMOs and other health care plans throughout the state. To qualify, children must be citizens of the U.S. (some legal immigrants qualify), live in Michigan, be under 19 years old, have no health insurance and meet the income requirements. Call 888-988-6300 for more information or visit: www.michigan.gov/mdch
Review coverage options. Remember to consider prenatal vitamins, prenatal and neo-natal screenings and tests, emergency procedures, delivery (C-section and traditional) and pediatric care.
Notify your insurer of your new baby. Make sure you are aware of the deadline and requirements to register your newborn with your health insurance company. Similarly, if you are adopting a child, consult your employer and health insurance provider for the requirements to obtain health insurance coverage in advance. For more information, contact OFIR 877-999-6442, www.michigan.gov/ofir
Evaluate your options. If both parents have employee benefit options, compare the health insurance policies to see which one best fits the needs of your family. Review the co-pay amounts and different options carefully to see exactly what is covered ? and what isn't ? for both parents and children. Under Michigan law, if a child is covered under both parents' health insurance policies, the coverage of the parent whose birthday is earliest in the calendar year is the primary health insurance coverage for the child and the other parent's insurance coverage is secondary.
Life Insurance
Plan the contributions of both spouses. Consider covering both spouses with life insurance, even if one is not employed outside the home. In the event of the stay-at-home parent's death, the insurance policy can help the surviving spouse with the financial necessities of the household.
Account for child care costs. In determining the amount of life insurance to purchase, take into account your full child care costs (housing, education, child care, medical needs, etc.), especially for children under five years old or for kids with special needs.
Auto Insurance
Check rates before upgrading vehicles. Auto insurance premiums are linked to vehicle age and type, so if you decide to get a larger vehicle, like a mini-van or SUV, to transport your family, it could affect your premiums.
Homeowners Insurance
Notify your insurer of major additions. Alert your insurance company when making any major home improvements (usually anything over $5,000) to prevent being underinsured.
Protect the backyard. Inform your insurance company if you install backyard items for kids, such as a swing set, trampoline or swimming pool. You might consider increasing your liability coverage ? that protects you in the event that someone is injured while on your property ? with an umbrella policy.
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