As a would-be parent, you probably already have much on your plate. It could be about how to set up your finances or how you want to tackle their schooling.
Apart from these, though, there’s another thing that you should think about: if you should save your child’s cord blood or not.
When considering the benefits of cord blood, it might seem like a no-brainer to go for the banking procedure. However, for most people, it only boils down to the expense.
In this article, we are going to help you have an idea about how much money you have to spend on cord blood banking. But before we do that, let’s focus on something more basic.
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What is Cord Blood Banking?
The umbilical cord, which creates a connection between the mother and her baby, is known to be an excellent source of stem cells. According to a report, these can successfully treat some of the rarest diseases, including cancer and other blood-related disorders.
Cord blood is usually collected after the baby has been delivered and the umbilical cord is cut. However, once it’s collected, it has to be put in a safer place as soon as possible. Otherwise, it might get affected due to temperature changes.
The Cost Of Cord Blood Banking
When it comes to storing cord blood, you can choose between two different options. And the expense regarding the same will entirely depend on what you are opting for:
Private Cord Blood Bank
A type of ‘for profit’ organization, a private cord blood bank can help you store the blood in a safe and secure place. What you have provided to them will be kept with specialized care too.
Nevertheless, in return, you’ll need to pay them a specific amount of cash. It, in turn, will help you get the opportunity to use the same for your personal usage.
In any case, a private bank is quite expensive. For instance, the initial processing fee of the same might range from $1,200. If you want to collect and store cord blood, placenta cells, and tissues, the price of their service might go up to $2,895.
After that, you have to choose a storage package too. In this case, you might get three options, including: a duration of five years, ten years, or twenty years. Depending on the duration you have chosen, your monthly/yearly storage expense can rise up from $150 to $400.
Public Cord Blood Bank
A public bank’s blood collection and storage procedure is almost similar to the choice we have discussed previously. However, in this case, the blood will be kept in private storage and, therefore, can be used by anyone. The facilities might be a little less effective here too.
Due to this reason, public cord blood banking is known to be free. It’s generally supported by both private and federal funding. But, it’s considered more of a donation than storage.
Can Insurance Cover The Cord Blood Expenses?
Health insurance can help you out when you have been injured somehow and are admitted to a hospital. However, that’d depend on the clauses added to your policy.
In any case, generally, health insurance doesn’t and won’t cover the cost related to cord blood banking. If there are several medical cases running in your family, you can use the insurance money for storage. However, before you come up with a decision, always ensure to talk to your insurer first. They can offer you more information on this front.
The Final Say!
Choosing a bank can be difficult, especially if you aren’t making any considerations at all. For instance, before you choose a cord blood center, the first thing you have to know is if the company is stable or not. If they have been working in this arena for around five years, it’ll be even better for them. Another thing is that you should consider the price of the place before selecting it. However, try your best to avoid getting fooled by a good deal.
Finally, always check the specimen requirement policy of the bank. This will help you learn if the organization saves cord blood, even if it is of poor quality or not.
