medical costs in first year

[lucy07]

We are expecting our first baby soon and want to estimate our medical costs for the coming year, so we can decide how much to set aside in a flexible savings account. We belong to an HMO that covers most maternity care (including certified midwife care but not doulas) as well as all pediatric primary care visits, specialist visits, non-elective surgery, prescriptions, etc., with pretty low co-pays (sometimes zero). It seems like our medical costs next year should therefore be pretty low, but after all the fertility treatment costs (only partly covered by our HMO) we feel like that's too good to be true and we must be missing something. Are there some possible medical expenses we are forgetting about? Thanks!

[Anonymous]

I don't think so...other than co-pays we haven't had any medical expenses for our 10 month old. It wouldn't hurt to set aside some "just in case" money, though. I got a medicine resistant staph infection in the hospital after delivery and have had so many repercussions that I am still seeing a doctor once a week. Little things like that can add up.

[Anonymous]

I was told by my HR person at work that certain child care/ day care expenses could also be reimbursed through one's FSA, so I would suggest contacting yours to make sure that your employer offers the same.

Also, having a child is one of those special events under the IRS code (similar to getting married or divorced), that permits you to make adjustments to your FSA and dependent FSA mid-year. I was told that I had 30 days from the event (birth of the child) to make new elections. So it is my intent to open a separate dependent FSA for my child when she is born in the spring. Just thought I would share.

[Anonymous]

We have had very, very few medical costs - most HMOs cover well baby visits and those with a medical reason as long as you are going in network. You may want to contact your insurance company to determine exactly what they cover - and compare that with the typical pediatricion visit. Most clinics offer a free one time appointment for parents to be so you can find out their schedule. For saving costs...and estimating costs there is a great book - Baby Bargains which offers a lot of suggestions of a variety of subjects.

Good luck and congratulations!