Disclaimer: This post is sponsored by PSECU, a Pennsylvania-based credit union.
Preparing to have a baby is bound to be one of the most exciting times of your life. However, as you furnish the nursery and go to doctor appointments, you may see costs stacking up. Though most people know raising a child to adulthood is expensive, it can be surprising to learn how much it can cost just to have a baby in the first place.
Having a child is a cause for celebration, but it can also be expensive, and if you’re not sure you’ll be able to fund the process, it can be stressful too. Understanding how much it costs to have a baby can help you prepare so that, when the time comes, you can focus on your little bundle of joy and not your wallet. There are three types of costs you should keep in mind: prenatal costs, delivery costs and exceptional costs that can be associated with having a baby.
PSECU created this chart that depicts costs of having a baby and raising a child or multiple children.
How Much Does Prenatal Care Cost?
Before your baby arrives, you will first have to conquer costs associated with prenatal care. Ultrasounds, doctor visits and other routine care are important to assure the safe delivery of your baby, but healthcare costs today are expensive. What you’ll pay for prenatal care depends on where you live and where you go, but the biggest factor determining the cost of prenatal care will be your insurance.
Health insurance companies today are legally required to cover pregnancy and maternal care. However, if your insurance policy was created before 2010, it might not cover these costs. If your plan doesn’t cover prenatal costs, or if you don’t have insurance, you’ll be paying for prenatal care out of pocket.
The best way to plan for prenatal costs is to contact your insurance company and find out what you’re covered for.
How Much Will You Pay for Delivery?
When the time comes to deliver your baby, you’ll likely end up paying for a doctor, hospital stay and anesthesiologist. Costs vary depending on where you live, your insurance and unique health situations, but a normal birth with no complications costs on average $9,700. If you end up needing a C-section, that number jumps to $12,500. If there are complications with the delivery, costs can get even higher, up to $300,000. Insurance can reduce delivery costs, but it is a good idea to plan for them ahead of time anyway.
What About Exceptions and Other Costs?
Of course, not everyone is going to have a baby the same way. If you are having in vitro fertilization, you’ll likely have costs associated with conception, which may not be covered by insurance. There are also costs for adoption. Internationally, adopting a baby costs $42,000 on average. In the U.S., this number is only slightly lower at $37,000.
No matter how you and your partner plan on having a baby, financial planning is key. By saving, anticipating costs and avoiding them when possible, you can give your baby a strong start without draining the bank.