During the calving season, South African storks work overtime as many babies are born. South Africa has a collective “baby brain”, so some of the most important financial planning considerations need to be addressed before, during and after pregnancy.
It is important to develop a comprehensive plan in advance by consulting with your partner, employer, healthcare provider, and financial advisor. Preparing for your biggest costs is an important part of ensuring your safety now and in the future. We will outline the costs to consider, but of course the exact amount will depend on whether you choose public or private services, which medical aid you choose, and which specific provider you use. it’s different.
Before pregnancy:
Arrange for medical assistance: Ensure that you receive timely and sufficient medical assistance to cover your pregnancy-related expenses. Be sure to consider possible waiting periods (medical aid and coverage gaps are often only effective after the 12th month of pregnancy) and coverage limitations. Fund medical consultations and prenatal supplements such as folic acid.
Everyone’s journey to pregnancy is different and you may need to consider a range of fertility treatment options, from ovarian stimulants and intrauterine insemination (up to R10,000) to in vitro fertilization (IVF). IVF can cost up to R100,000 per cycle. This will cost her R90,000 for the procedure and medication, plus another R10,000 depending on the number of embryos that need to be frozen (about R1,500 per straw). To be on the safe side, you should have a budget of up to R100,000 for IVF.
During Pregnancy:
First Trimester:
During the first trimester, women often underestimate the profound impact of pregnancy on their physical and mental health. At your first doctor’s visit, you will undergo a series of tests to monitor your health and your baby’s growth. These tests may not be covered by medical aid and may incur significant costs (up to R2,500 or more). This includes evaluation of blood pressure, blood sugar levels, rubella, and initial sonar scan.
Checklist:
Find a gynecologist you feel comfortable with and ensure their services are offered at a competitive price. Make sure it matches your desired birth plan. For example, some obstetricians specialize in C-sections rather than natural births.
Antenatal consultations can cost up to R2,500 for mandatory appointments and up to R850 or more for intermittent consultations, depending on the provider.
Familiarize yourself with the maternity benefits offered by your health insurance company.
Start setting aside money for large purchases like baby cribs and strollers, which can cost anywhere from R500 and R10,000 apiece. To see if you can save money, look at used options. The market for used “mom” products is enormous and well worth exploring.
Your doctor may recommend that you start taking additional supplements during this pregnancy, such as omega-3s, calcium, and multivitamins. Certain products designed specifically for pregnancy can cost up to R350 per month.
Additionally, it is important to thoroughly research your obstetric services and hospital/gynecology options. Some maternity units offer hospital tours where parents can evaluate the facility and inquire about specific policies. Questions about your partner’s presence and supportive accommodation during the birth should be clarified.
Before you go home with your newborn, it’s important to understand hospital rules and legal requirements, such as the need for an infant car seat. Additionally, enrolling in baby programs offered by medical facilities, hospitals, and stores may provide valuable resources and discounts. Additionally, considering possible sensitivities and adjustment needs, we recommend not stocking up on baby essentials before the baby is born.
Second Trimester:
Once you get past the morning sickness stage, use your extra energy to take care of yourself. Review your long-term financial plans, including updating your will, reviewing your estate plan and appointing a guardian, adjusting your life insurance, and setting up education funds.
During this period of pregnancy, you may also choose to have additional tests for fetal abnormalities such as Down syndrome. These are often not covered by medical aid and can cost up to R2,400.
Checklist
· Chat to your HR manager to make sure you fully understand maternity pay
· Prepare to submit a UIF claim. Depending on your company policy you may only receive a portion of your gross salary for up to four months (there are agencies that can help you manage your UIF)
· Start staggered baby shopping. Ask your close “parent” friends what they think is important and make sure you stick to it.
Third Trimester:
Now is the time to start budgeting for final baby preparations, including maternity leave, living expenses, taking childbirth classes and creating a birth plan.
Checklist:
Find out about hospital medical aid coverage and out-of-pocket costs for advanced amenities such as a private room.
Consider taking a childbirth class to learn important information for expectant parents and make new friends.
If you need non-clinical birth support during your birth and in the weeks before and after, find a certified doula you can trust. This can cost her over R3,000.
Book your delivery at the hospital of your choice and start filling out the necessary paperwork.
Just before birth:
It’s great to have a birth plan, but don’t forget to consider hurdles like your baby’s health and the possibility of having to go for a C-section.
Make sure your birth team knows your desired birth plan and have a budget for any “curve balls.” For example, a vaginal birth in a private hospital costs about R20,000, while a caesarean section costs her R25,000, and an emergency caesarean section may cost more. This is very important when professionals charge high prices for medical services. Talk to your obstetrician to find out the prices up front and see if they offer discounts if you don’t have GAP insurance, for example.
Be financially prepared for additional costs such as: If the baby has jaundice, for example, the hospital stay will be longer and additional care will be required.
Keep packing your baby bag simple.
Your baby is here!
Having a baby brings changes. Don’t underestimate it. Be kind to yourself during this season and take time to heal. Monitor your mood to see if you need help with postpartum depression.
If possible, consider scheduling an extra helper to assist you during the first few weeks and months. Childcare fees range from +R6,500 for a nanny to +R2,200 for a nursery.
It’s easy to assume that after your baby is born, you’ll be the same person you were when you started this journey. But the reality is that you have changed, and so have your circumstances. By carefully planning your finances every step of the way, you can enjoy this special time as much as it should.