The cost of Cord Blood Banking is usually the major factor for parents in deciding whether or not to bank umbilical cord blood, as collection and ongoing storage fees can amount to a significant amount of money. There are several different costs associated with cord blood banking which must be considered before signing a contract with a cord blood banking service.
Here is a summary of fees with a detailed description below:
When you are expecting a baby, one of the earliest and important decisions you must make regarding your new child is whether to bank his/her cord blood. Decisions regarding cord blood banking must be made before your baby is born. This is necessary so that the medical personnel at the hospital where your baby is born can collect the blood from the umbilical cord immediately following the birth of your child.
The first cord blood banking cost is for the collection procedure. While the blood will be collected by the obstetrical nurses, there may be a fee for the drawing of the blood and the supplies used by the medical personnel to collect the blood. Because most cord blood banking services are handled by private companies, the company may also have a collection, preparation and processing fee. During the first year, you can expect the highest fees, which will range from $600 to more than $2,000.
After the initial collection and first year storage fee, you will need to pay an annual storage fee for the continued preservation of the cord blood. Most cord banking companies require a fee of $100 to $150 per year for storage of the cord blood. Each year you have the option to continue or discontinue storage of the blood. Once your baby reaches adulthood at the age of 18, you can expect the total cost of cord blood banking to run from $2500 at the low end to more than $4500 at the high end. Some facilities may offer cord blood banking discounts if you bank cord blood from more than one child or if you prepay.
Banking cord blood allows stem cells from the blood contained within the umbilical cord to be stored for the potential use as a treatment for severe, debilitating or otherwise fatal health conditions including leukemia, diabetes, multiple sclerosis or Parkinson’s disease in the child, his siblings or parents. Many families wonder how much is cord blood banking, given the potential benefits. Given the possibility of lifesaving treatment, many families feel that no cost is too great. However, for most families, a clear understanding of the associated costs of cord blood banking is a necessity.