Saving for Maternity Leave in California (And I'm Self-Employed!) | Summary and Q&A

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October 30, 2020
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Debt Free Millennials
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Saving for Maternity Leave in California (And I'm Self-Employed!)

TL;DR

Maternity leave in the U.S. is a challenge, especially for self-employed individuals. This video explores different options for maternity leave and the speaker's personal plan.

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Key Insights

  • πŸ–€ Maternity leave in the U.S. lacks a universal standard and is a significant challenge for self-employed individuals.
  • 🀳 Self-employed individuals in California can enroll in disability insurance elective coverage for maternity leave benefits.
  • 🀳 The cost of premiums for state programs may not always be worth it for self-employed individuals, who may opt for personal cash savings instead.
  • 🀳 Planning and saving ahead of time can provide financial security during maternity leave for self-employed individuals.
  • πŸƒ Alternative options, such as adjusting budgets and income levels during maternity leave, can help stretch savings further.
  • πŸ‘©β€πŸŒΎ Maternity leave in the U.S. is far behind other countries in terms of support and benefits for women and their partners.

Transcript

one of the biggest challenges of being pregnant and being pregnant in the u.s is that maternity leave just sucks and it really sucks when you're self-employed because you don't have an employer who is going to give you maternity leave so in this video i am going to be covering the different options that there are for maternity leave especially if y... Read More

Questions & Answers

Q: How does maternity leave work in the U.S. for self-employed individuals?

Maternity leave for self-employed individuals in the U.S. is not standardized. They usually have to rely on personal savings or state programs like disability insurance elective coverage.

Q: What are the options for self-employed individuals in California?

In California, self-employed individuals can enroll in the disability insurance elective coverage program and pay quarterly premiums based on their net profit. They are eligible for benefits during maternity leave, calculated based on their net profit from the previous two years.

Q: How long does the disability insurance elective coverage program last?

To cancel the program ahead of time, you would need to dissolve your business, become someone else's employee for more than 50% of the time, or incorporate. Otherwise, you have to be enrolled in the program for two calendar years.

Q: What are the speaker's options for maternity leave as a self-employed individual?

The speaker decided not to enroll in the disability insurance elective coverage program due to the high quarterly premium payments. Instead, she relied on personal cash savings, which she had been setting aside since April, to fund her maternity leave.

Summary & Key Takeaways

  • Maternity leave in the U.S. is inconsistent and lacks a universal standard. Self-employed individuals do not have the benefits of employer-paid leave.

  • In California, self-employed individuals can enroll in disability insurance elective coverage to receive benefits during maternity leave, based on their net profit from the last two years.

  • The speaker calculated that the cost of premiums for this program outweighed the benefits, leading her to rely on personal cash savings for maternity leave.

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