With some creativity, frugality, and generous friends you can keep the cost of having a child low. The key is choosing a low out-of-pocket maximum health insurance plan during open enrollment the year before.
| Item | Amount | Notes | ||
| Receipts | Child Tax Credit 2021 | $3,600 | In 2021 this applies even if you do not owe this much in tax. It is a refundable credit. | |
| Hospital Care Coverage or Hospital Indemnity Insurance | $1,300 | You may opt for such supplementary insurance during your open enrollment before your due date and if your employer offers it. This only applies if you deliver in the hospital and are “admitted”. | ||
| Friends and family support | $100 | |||
| Expenses | 2020 deductible | -$468 | Covers first ultrasound to evaluate health of mother and fetus, initial lab tests and initial physician visits | |
| 2021 out-of-pocket maximum for the mother | -$3,000 | We met the yearly out-of-pocket max amount of $3,000, which covered the second and third ultrasound, fetal non-stress tests, and part of the delivery. The rest of the delivery was covered at 100%. | ||
| No copay or free items | $0 | Breast pump, vaccines | ||
| 2021 deductible for the child | -$345 | This deductible came from blood tests, inpatient physician consults, and child wellness visits | ||
| Tongue tie procedure | -$600 | Was not covered by insurance. | ||
| Initial baby supplies | -$300 | Baby monitor, ready to use formula, clothing, swaddles | ||
| Large items | -$285 | Stroller, crib | ||
| Gifted or free | Large baby items | -$285 | Mattress, baby carrier, sling | |
| Initial baby supplies that were gifted | -$465 | Clothing, swaddles, odds and ends | ||
| Used car seat from friends | -$10 | |||
| Total, including value of gifted items | -$758 |
