A new baby or child means change and new responsibilities as well as joy. Understanding how your benefits can change, and the resources available to you, will help you make informed decisions. If you have health care coverage, you generally have a limited number of days after the birth or adoption to change benefits, so don't miss the deadline. Otherwise, you must wait for the next open enrollment.

Here are some steps you may take:

• If you're expecting, be sure to take advantage of your medical plan's maternity and well-baby benefits. Be sure to follow plan rules and obtain any needed preauthorization for the hospital stay.
  
  
• If you're adopting, keep track of your expenses because you may be eligible for an adoption tax credit.
  
  
• Check health plan eligibility and costs. Your new child may be eligible for health coverage.
  
  
• Add your child(ren) to your plans if you wish. If you're enrolled in MMBB-sponsored medical and dental insurance, you have 30 days after the birth or placement for adoption to add your new child. Don't miss the deadline or you'll need to wait for the next open enrollment to add your child.
  
  
• Adjust contributions to your health care flexible spending account (FSA). A health care FSA lets you set aside pre-tax dollars to pay family health care costs not covered by another plan. Having a new child may increase your expenses, so you may wish to change the amount you set aside.
  
  
• Begin or adjust contributions to your dependent care flexible spending account (FSA). A dependent care FSA lets you set aside pre-tax dollars to pay eligible dependent care expenses for a child under age 13 or a disabled adult. See if your new child will affect your dependent care expenses.
  
  
• Check your insurance coverage. A growing family may need more income protection. You may want to consider additional life insurance and accident insurance. You may also wish to check into child life insurance, which can be very cost-effective for children. And you may want to check into long-term care insurance.
  
  
• Update your records. Contact your employer if you want to change your tax withholding to reflect the new dependent. Be sure that a Social Security number is requested for your child; this may be done for a newborn at the hospital.
  
  
• Check your beneficiary designations for life insurance and retirement programs to be sure they are up-to-date. You may wish to make benefits payable to a trust for your child(ren). If you're not sure who you've named, you may wish to submit updated beneficiary forms for your MMBB benefits.
  
  
• Speak to your lawyer to create or change your will or other legal documents. You may also want to discuss beneficiary designations, especially if benefits will be payable to a trust for your child(ren), as well as guardianship arrangements.
  
  
• Consider time off. If you serve a church, work with your congregation to ensure that the good work continues while you have private time to bond with your new family member. Otherwise, check your employer's policies for time off and leaves of absence.
  
  
• The Tools section can help you model the effect your new child could have on your future savings needs and how much you want to set aside for a health care FSA or a dependent care FSA.
  
  
• In times of change, be sure to take care of yourself. Watch your nutrition and exercise, and get help when you need it.