Maternity Benefits

The benefits of maternity are different not just between companies but also between countries.

Maternity Leave

The federal government in USA has interfered with the Family and Medical Leave Act (FMLA). In accordance with this act, eligible expectant parents can apply for a maternity leave of 12 weeks without a worry about losing jobs. The FMLA has not made any provision for financing maternity leave.

• Savings
• Loans
• Vacation time and paid sick

The benefits of Canada maternity leave as set by the government of Canada are general in terms of period of time parents may take leave from jobs without any fear of firing out from jobs and with compensation for new parents at the time of maternity leave. The citizens of Canada can be eligible for a leave of 52 weeks and up to 55% of the ordinary salary. The proper amount of leave and benefits of maternity is dependent on the providence and territory in which the parents stay. You can pay a visit to HRSDC for further knowledge regarding this.

Benefits of Maternity and Insurance

All the policies of insurance are not made equally. This is mainly true in case your spouse or you have changed the jobs only recently. Pregnancy is a condition which takes place in advance and your latest policy may possess a period of wait before the company of insurance will include the price of pregnancy. If you are required to pay for expenditure of childbirth from your pocket you can make use of a few options:

Consolidated Omnibus Budget Reconciliation Act (COBRA)

If you were having insurance with your earlier employer, you can carry the insurance coverage under the policy of COBRA. No doubt you will have to make the payment for entire price of policy, involving the part that your earlier employer gave on from your side.

Financial Planning

In case COBRA is not your choice, the insurance of your latest employers is very less expensive, it will be wise to talk to your financial planner regarding the option of investment of a small part of your monthly income every month with the final outcome as the payment of your bills related to pregnancy out of your savings.

Flex Spending (Section 125)

Flex Spending is generally mentioned as a Cafeteria Plan, It can be a fruit provided by your employer. It permits you to possess a part of your income kept aside for medical expenditure before tax. In case, this indicates if you place aside $100 per week, it can decrease your pay by $70. The gap between $ 100 and $ 70 is tax savings. Your savings depend on your own tax bracket. As you gather medical expenditure, you enter in a reimbursement request to the employer, who will provide you a check for part of the flex savings. You require examining your medical costs properly before asking the employer for money. You will not be provided funds for your medical reimbursement if you will not be able to show medical receipts.