A New Parent

  • New Parent

Congratulations!

Becoming a parent is one of the most rewarding experiences you will ever have.  However, it often brings about new financial concerns and challenges.  Here are some steps you can take to optimize your finances as a new parent and a student:

Tax Break, Anyone?

As a new parent, you qualify for more tax breaks because you have a new dependent.  Click here for an informative article by TurboTax that goes into greater detail on these helpful tax breaks.

Health Insurance for Your Baby

The BYU Student Health Center will generally recommend that students put at least one spouse (usually the mother) on the BYU Student Health Plan.  They suggest selecting the family plan so that the new child is also covered.  The students can still stay on their parents' health insurance, but at least one has to be on the BYU plan before they can add the baby.  Here are the reasons as to why they recommend this:

  • The baby is not covered by the students' parents' health insurance, seeing as the baby belongs to a different generation.​
  • The BYU Student Health Center has years of experience working with women's health concerns (particularly with maternity procedures). 
  • The majority of health insurance plans that most students can afford have poor coverage and high deductibles, rendering the health insurance to be worth very little.
  • The BYU Student Health Plan will keep its integrity with the coverage it provides.
  • The BYU Student Health Plan requires low co-pays and no deductibles.

While the BYU Student Health Plan does not meet the requirements of the Affordable Care Act, if you are below the poverty line, as many full-time university students find themselves, you can be on the BYU health plan and may not have to pay the fine for not meeting the Minimum Essential Coverage requirements on your taxes.  Click here to learn more about the exemptions that may apply to you under the Affordable Care Act, and click here to learn more about certain income cut-offs that may apply to you to receive this exemption.

DISCLAIMER: This is not a comprehensive answer for all families, seeing as each family is in a unique situation.  This information is simply to serve as guidance to help jump-start your own research.  Please consult with a financial professional or contact us if you have any further questions or concerns.

When Should I Purchase Life Insurance?

NOW!  Although we all hope for the best, life can be unpredictable.  You'll want to make sure your family is financially safe in any situation.  Click here for more information regarding life insurance policies and benefits to help you find life insurance that meets your family's needs.

Need More Insurance Information?

When you're looking for insurance, it's hard to tell which sources of information will be the most useful and accurate.  The Insurance Information Institute is a website created by insurance professionals to provide accurate information to consumers seeking honest insurance resources.  They are not sponsored by any insurance companies, so they do not have any interest in promoting any specific corporation.  They also provide many online brochures and articles to answer almost any question you could have about finding the right insurance for your situation.

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