Birth of a Dependent Child
The birth of a child should be a joyful event for your family. However, the realization that your child will be under your direct care for almost two decades can be a cause for stress. The planning and care begin even before your child is born, as soon as you know you are expecting. Although you will be busy with day-by-day adjustments to your life immediately after your child is born, you should start considering long range concerns for the future, including savings and college financing. Parents with more than one child also have decisions to make dealing with optimizing the use of family resources to provide for their aging, changing and growing family. At this time, your benefit plans become increasingly vital to your family's well being.
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 Additional Information:
Health & Welfare SPD
Pension SPD
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 Planning Notes:
Financial planners recommend that when you have a child you should update a number of personal plans and documents. Here is a checklist of some items which you may need to update, revise, or consider:
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| Benefit Plan Checklist
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You must complete a new Enrollment Card as soon as possible after the birth. You must also include a copy of the birth certificate. Note that if you are enrolled in one of the HMO programs, you must notify the HMO within 31 days of the birth or your child will not be covered for medical care.
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You will want to review your designation of beneficiary for the life insurance under the Health & Welfare Trust. If you are unmarried, you will also want to review the designation of beneficiary in the Pension and Retirement Savings Plans.
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Review the rules for coordination of benefits. Coordination of benefits rules govern who will have the primary coverage for your child if both you and your spouse have group health coverage. |
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If you think you might be taking Family/Maternity/Paternity Leave you should contact the Plan Office to find out about how your benefits may be affected. |
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 External Related Links:
(These are listed for your convenience. The sites and the contents
of the sites are not sponsored or endorsed by your benefit plans.
Use them at your own risk.)
- iVillage - -A comprehensive reference site providing links to articles and other
websites concerning issues of interest to parents. It offers a broad range of
information; everything from online help on being a parent, single, traditional, or otherwise.
The advice covers the entire age range for children.
- parenthood.com - -Articles and web resources of general interest to parents of children of all ages.
Deals with topics such as education, health/medical, safety, motherhood &
fatherhood, support, etc.
- kidsmoney.org - Site set up to show parents ways they can teach their children the value
of money. Presents ideas on how children can earn money. Best of all, the
site is available in several languages.
- College Board - -As a national nonprofit association it serves to connect students and
their families with colleges. Features information on financial aid
services, admission & enrollment, placement & advising, and testing (SAT &
ACT).
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