Is Cord Blood Banking HSA Eligible?
One has to look at a few factors that make cord blood banking HSA eligible.
Research shows that cord blood banking costs are around $1,000-$2,000 for the first collection, then from $150-$200 per annum to store the blood.
But it can only work via HSA accounts if it is included under ‘qualified medical expenses.’
Notably, these expenses are explained in IRS Publication 502.
Why Should I Do Cord Blood Banking?
Cord blood banking effectively stores and preserves useful stem cells present in a newborn baby’s umbilical cord, also called ‘hematopoietic stem cells or HSCs.
The cord blood is extracted from a newborn’s umbilical cord at childbirth and is processed in a lab to separate the HSCs for possible future use.
Also, stem cell transplants are FDA-approved for treating more than 80 diseases and infections.
Furthermore, these HSCs from your baby’s stem cells can be stored cryogenically in a chosen cord blood bank.
The hematopoietic stem cells within the child’s umbilical stem cells are very effective for treating toxic diseases like cancers, metabolic disorders, leukemia, and sickle-cell anemia.
Is Cord Blood Banking Tax Deductible?
Under specific cases, cord blood banking can be tax-deductible.
Say yourself or relative is having a severe condition that could require immediate response for an FDA-compliant treatment with umbilical cord blood.
The charge for collection, processing, and saving may be tax-deductible.
However, we recommend that you first confirm that with your agent.
Is Cord Blood eligible for FSA?
There is a possibility of the cost of cord blood banking being a compliant expense with your medical flexible spending account (FSA).
Also, it’s important to note that the costs of cord blood collection, processing, and storage of your baby’s cord blood can be considered an eligible medical expense.
But only if they’ll be utilized for the child or relative’s surgery within a short period.
Is There a Cost to Donate Cord Blood?
Remarkably, there are no fees to the cord blood donor for donating in public cord blood banking.
However, the only costs that occur in a public cord blood bank happen when the patient withdraws the stem cells to be used.
How Do I Donate My Baby’s Cord Blood?
The process is effortless and straightforward.
However, you first need to meet the compliance requirements imposed by government agencies for all kinds of cord blood donations.
After meeting the eligibility requirements, you can reach out to any health agency online or nearby to purchase a collection kit.
Essentially, only the blood in the baby’s umbilical cord is used in this process.
In addition, when you want to donate your newborn’s cord blood to any public cord blood bank, you won’t need to pay any storage fee.
How long can cord blood be stored?
You can store cord blood for over 25 years or even more.
Moreover, since the beginning of cord blood implementation in the 1980s, there has been no record of its storage going beyond this time frame.
So, it’s yet impossible to affirm that cord blood can last longer than this period.