Thinking More Seriously About Parental Leave

My meeting with HR to discuss options for parental leave revealed good news and bad news.  The good news is that per my union contract, I'm allowed to take six months of leave, and with manager's approval, I can take a year.  Anyone familiar with the inadequacy of parental leave policies in the United States will know it's rare to have this much guaranteed time off - with your job protected.  Of course there's a catch.

The bad news is not just that the time is unpaid, (unless I use vacation and sick leave, of which I only have about six weeks) but that my health insurance is only covered by my company during the 12 weeks of FMLA, as required by law.  After that point, the union-negotiated, unpaid Parental Leave applies for the next three months and I will be responsible for the entire cost of my family's medical insurance, which is about $1,500 a month.  My HR rep said that for this reason alone, very few employees take leave beyond what's covered by FMLA.

I carry our family's health insurance, which is a blessing, because I have access to a plan with low premiums, wide coverage and low deductibles and out-of-pocket costs.  I estimate that my hospitalization in May would have cost us at least $2,000 - $3,000 under Chris's insurance, but "only" $700 with mine.  With two kids already and a third whose "minor and correctable" need could require surgery, health insurance is a serious consideration.

I'm thankful for the 12 weeks of FMLA I qualify for and that it'll most likely be financially feasible to utilize every last hour of that leave, but I worry it won't be enough time.  I have no idea what needs our child will have, not just medically, but also from an attachment standpoint.  Will the nine weeks or so left of FMLA after we return from China be enough bonding time with our son?  Will he be ready so soon after meeting his new family to transition to full-time daycare or even a nanny?

Chris and I have a lot of time before we need to make a decision about parental leave.  And once we are matched, we'll hopefully have a better idea of our child's medical needs, which could assuage one part of my worry about adequate leave.