I am a married student, how can I afford pregnancy insurance?

Question

I am a 22 yr old married college student. I have been married to my wife for 2 years. We don't plan on having any kids until after we both graduate from school, but there is a problem with this: accidents happen. I've looked all over the internet and we cannot afford a regular insurance plan, (especially one that includes pregnancy coverage). My wife and I aren't very sick-prone people, and we tend to do the chicken-soup/home remedy thing, so all we really need is an affordable "emergencies" health plan, which I've already researched and we can afford. Unfortunately, none of the emergency plans cover pregnancy. So, my question is: Can my wife and I sign up for a health plan with pregnancy coverage AFTER she has become pregnant?

Thank you for your answers.

Answer 1

No, none of the individual policies will accept anyone, not even just the father, if the wife is pregnant. Group policies will so you'd have to get a job with benefits.

The reason policies that include maternity is so expensive is only people who might get pregnant buy maternity coverage. Maternity is more of a pre-payment plan. The insurance company knows that it may have to pay out and they're not going to take in less in premium than they expect to pay out. This is why all maternity policies have either a waiting period or reduced benefits.

With most people I do not recommend maternity. You're better off saving the money in a savings account. If you don't have the discipline to save then maternity coverage may be beneficial.

You do need health insurance even if it doesn't have maternity. All good individual policies cover complications of pregnancy, such as a C section.

You might want to consider an HSA qualified plan. This will cover you for catastrophic problems and you can open a separate HSA savings account.

Answer 2

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Answer 3

No.

Trying to purchase maternity coverage after you're already pregnant is like trying to insure your home the day after it burns down.  

If your wife were to get pregnant and you didn't have existing maternity coverage (and were past the waiting period), your only options would be to qualify for Medicaid or to get a job with group insurance benefits.  Or pay for the prenatal care/delivery out of pocket.