Hi T. -
I have a 5-month old son and originally, we were going to bank his cord blood. We bought the kit and had it packed for the hospital. After talking with my OB though, we decided against it. If you have a medical reason (family history of cancer etc.), I think there definitely is benefit in storing it....if not, then my doctor implied that the cost outweighed the benefit.
I am not sure of the specifics, but there are certain rules/laws in Michigan...I want to say, but am not certain, that they don't do procedures with it here. You would have to go out of state to use it. Also, there are only certian illness it can help with and it is not every case that you could use it for other family members. I am sorry, I don't remember the specifics. I know people who have done it, but don't know anyone who has needed to retrieve it.
Like anything, I think there are pluses and minuses either way. I would just be sure and research it completely so you can make a decision and be sure.
Good luck and congratulations!!!!