Birth of 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.

In addition to the work and celebration that takes place in welcoming a new addition to the family, parents should be aware of the changes that a new child places on their benefits. The following checklist should serve as a convenient guide to the benefit issues that will usually need to be considered. Apart from issues directly involving benefit plans, you may be interested in the web links and notes that are included for the convenience of all parents.

Forms:

Additional Information:

Health & Welfare BenefitTabs™

Health & Welfare SPD

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:

 

 

 

 

Benefit Plan Checklist

 

You must fill out and send a new Family Enrollment Card (FEC) to the Fund Office as soon as possible after the birth. Click here for forms.

 

You will want to review your designation of beneficiary for the Plan's life insurance benefits. You can change your beneficiary or beneficiaries by filling out a new Death Beneficiary Card (located on Family Enrollment Card) and returning it to the Fund Office. Click here for forms.

 

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.

 

If you think you might be taking FMLA Leave, you should contact the Fund Office to find out about how your eligibility for coverage may be affected.

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).