Birth of Dependent Child
The birth of a child should be a joyful event for your family. However, the realization that your child will be under your direct care for almost two decades can be a cause for stress. The planning and care begin even before your child is born, as soon as you know you are expecting. Although you will be busy with day-by-day adjustments to your life immediately after your child is born, you should start considering long range concerns for the future, including savings and college financing. Parents with more than one child also have decisions to make dealing with optimizing the use of family resources to provide for their aging, changing and growing family. At this time, your benefit plans become increasingly vital to your family's well being.
- You must complete a new Enrollment Card within 60 days of the birth. You must also include a copy of the birth certificate.
- You will want to review your designation of beneficiary for the life insurance under the Health & Security Plan. If you are unmarried, you will also want to review the designation of beneficiary for the Retirement Plan and Individual Account Plan.
- Review the rules for coordination of benefits. Coordination of benefits rules govern who will have the primary coverage for your child if both you and your spouse have group health coverage.
- If you think you might be taking Family/Maternity/Paternity Leave you should review the Family and Medical Leave section of the Health & Security SPD and the Leave of Absence sections of the two pension SPDs to see how your benefits may be affected.
Financial planners recommend that when you have a child you should update a number of personal plans and documents. Here is a checklist of some items which you may need to update, revise, or consider:
Health & Security SPD
- Dependent Eligibility and Enrollment
- Family and Medical Leave Act
- Life Insurance and Accidental Death and Dismemberment Benefits
- Participant's Beneficiary
- Coordination of Benefits (COB)
Individual Account SPD