Sounds like my son. He didn't have hardly any words at his two year checkup - the doctor wanted at least ten, he had four or five. (total sidetrack, there's a video on YouTube that I found the other day of him talking, he was about two and a half at the time, iirc -
http://www.youtube.com/watch?v=6HPEMmACOAw ) The doctor referred us to the Early Intervention program here (we're in Dallas, Texas) who evaluated him and assigned a speech therapist and a whatevershewas (speech pathologist?) therapist that came out to our house twice a week for an hour and a half, ish. We did that for a year, then at age three (when he'd progressed to around 20-25ish distinct words) he tested into the PPCD program through the school district (it's a program for children with any kind of delay or disability). It's a half day class five days a week at our local elementary school.
We're in Texas, which doesn't have a dedicated Pre-K program for everyone (you have to speak another language as your family's primary language, be active duty military, or be on food stamps/welfare, none of which we qualify for), so his teachers have kept him in PPCD this year so that he'll continue being in school until Kindergarten next year. He's pretty much caught up with all the rest of the kids his age, his vocabulary is HUGE (he won't ever shut up..

), and he's only got a few problems aside from enunciation ('l' sounds, 'th' sounds, adding a 't' sound after a word that ends with an 'N', and another one or two that don't show up as often).
I'd say it's very much totally worth mentioning to your doctor at the very least. If you can get your child into any kind of program with or without other children, it'll help - and the earlier you catch a speech problem, the easier it is to fix from my understanding. My youngest sister was in speech therapy from age 5 until when she graduated from high school. :/
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