re: Health Insurance question about a high deductible plan

Is there a deductible with your current HMO plan? B/c it sounds like you are talking about absorbing the $4,000 deductible to save ~$2,400 in premiums.

You should be able to change your plan elections when the child is born (qualifying event), but your wife's hospital stay would be covered under whatever plan you elect now. The baby is covered under his/her mother's coverage for 30 days. If you keep the same plan and add the baby, things are pretty simple. If you change plans, the baby may be covered retroactively under the new plan (I am not sure; the mother would still be covered under the old plan until the change date). In addition, the baby may be subject to his/her own deductible. And, of course, there are tons of expenses before birth to consider.

I would probably just keep the current plan and have everything covered and not have to worry about insurance headaches at the same time I am dealing with a new baby.

If you are expecting high medical expenses (like a pregnancy/birth), you are almost certainly better off electing the best coverage available (pregnancy/childbirth care is very expensive). The advantage of a high deductible plan is you come out ahead if you don't meet the deductible.