What a special occasion! Take time to review how this life-changing event may affect your employment benefits (as well as your sleep patterns).
Insurance As soon as you know a child is on the way you should notify the insurance company. It is important for you to work closely with managed care to ensure maximum utilization of benefits during the pregnancy, delivery and neonatal care. Contact information is on your ID card.
If you are going to put the new person on your insurance, you must complete a change form in the benefits office and possibly also some other insurance-related paperwork. You should notify the insurance company immediately upon the birth or adoption. Your calls to the insurance company and the benefits office should rank right up there on the short list with your calls to the grandmothers. A delay on your part may delay or jeopardize the child’s coverage.
Leave Maternity and paternity leaves are included in the University leave policies. For details check the appropriate sections of the faculty and staff handbooks. Generally the college has a baby-friendly tradition and can work with you regarding your family’s particular needs. It is important, however, both in compliance with federal law and out of stewardship of college resources, to work within certain guidelines. For example, leave expectations of faculty, administrators, and support staff are not identical. As with any leave, your maternity or paternity leave intentions must be documented with your supervisor. You must work closely with Human Resources regarding leave, and maintain communication of your status.
Tax withholding allowances Addition of a new member of the family may affect your tax exemptions. Remember to review your W-4 and NC-4 designations.
Beneficiaries Again, a change in family status may affect your designation of beneficiary on many areas such as pension, life insurances, trusts, bank accounts, etc.
Will Have you reviewed your will since your family changed? Conventional wisdom is that you should review your will every ten years or whenever you experience a change in status.