Caring for Motherhood: Finances

A ReadNPlay Production

Health insurance can help both you and your baby get screenings and preventative services for better health. It can prevent you from spending so much money, and provide financial protection if you have a serious accident or injury. Health insurance can also help you get access to preventive services like vaccines and screening tests at no cost to you.

You can apply for insurance through the Federal Marketplace.

• Medicaid provides insurance for eligible low-income adults, children, pregnant women, the elderly, and people with disabilities.
• Medicare provides insurance for people 65 years and older and for certain younger people with disabilities. Just under half of Americans receive health insurance through their employer.
• The Affordable Care Act created a federal marketplace designed to provide insurance access. It includes low-cost options for obtaining health insurance for people who aren’t eligible for insurance through their employer or Medicaid.

Enroll in health insurance and find answers to your questions by exploring Resources.

• Resources

  •  HealthCare.gov Federal Marketplace and links to state Medicaid agencies. Call 1-800-318-2596
  • Tenncareconnect.tn.gov self-service portal for TennCare. Call 1-855-259-0701
  • CoverVa.org for Virginia Medicaid questions and information
  • Commonhelp.dss.virginia.gov to apply for Virginia Medicaid. Call 1-855-635-4370 for help applying by phone.
  • Agency on Aging and Disability: Call 1-866-836-6678  for help for persons with disabilities.
  • Ssa.gov/benefits/Medicare to apply for Medicare online or call your local social security office.
  • Mint is a free budgeting app for Apple and Android devices.

Tips

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  Get a free breast pump from your insurance company.
• Reduce your credit card and other loan debt.
• 
  Create a budget. Start by making a list of your expenses.
• 
  Try paying bills with cash, using an envelope system.
• 
  Try to find ways to save for baby.
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  Use a bank or credit union that is federally insured and research online reviews to find a trustworthy financial planning advisor.
• Track all spending for a month to discover ways to tighten up your budget.
  
  
• Safely request a credit report from Equifax, Experion, or Transunion.

Did You Know? Quitting smoking can save $3,650 in one year! That’s $18,259 in five years, and over $36,500 in ten years!

Ways breastfeeding can save money

• No need to purchase formula (save up to $1,500 during the baby’s first year of life).
• Save on purchase of whole milk (save up to $300 during baby’s second year of life).
• Reduce provider visits (save $200 or more) and miss work less often due to your baby being ill.

Total Savings: $1,500 + $300 + $200 = $2,000