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Cord Blood Banking Costs
By now you’ve decided that you like the idea of banking your child’s cord blood, but you are probably wondering, ‘How much is the cost of the cord blood collection’? Like most things in life, money plays a factor in your decision. That doesn’t mean however that you should just choose the cheapest cord blood banking option. There are many other variables to consider such as company dependability. Our research has shown that, although costly, cord blood banking costs do vary quite a bit by banking companies.Is Cord Blood Banking Even Worth It?
Before we get into the costs of cord blood banking, we probably need to first establish if it’s even worth it to bank your child’s cord blood. While no one but you can decide if banking your child’s cord blood is something that is worth the cost, you can come to an educated opinion from the viewpoints of others who have banked. Most will tell you that, even though there is a sizable monetary investment involved, they consider banking as more of an insurance policy. These parents feel that it IS worth the time and money involved to provide a safety net of potential life saving cord stem cells for their children. Other parents feel that the cost involved is too high. Neither is right or wrong. It depends on the financial situation of the parents. We will advise this: only bank cord cells if you can afford it. Don’t go into bankruptcy over banking. Therefore, not everyone will feel that banking is ‘worth it’Will we really need the banked cord blood stem cells?
It has been estimated that 1 in every 1,400 samples will be needed. At first glance, not that big of a deal. However, when you realize that just a few years ago it was 1 in every 40,000 samples. What you are seeing is that the medical profession is finding more ways to utilize cord blood stem cells. So, while we hope that your family is never in a position to need cord blood stem cells, new ways of utilization are being created every day.How much does cord blood banking cost?
Although specific costs vary by company, they are all similar in structure. First is the collection fee. This fee is usually over $1,000 and includes the collection, equipment to collect and the first year’s storage. After that, there are yearly maintenance fees usually run a hundred dollars or more a year. The total cost if you bank until your child’s eighteenth birthday can run you around $2,000. Many companies offer discounts if customers prepay several years up front. Some may ask the question of, ‘Is cord blood banking tax deductible?’ For most people the answer to this question will be no. However, if you itemize expenses on your 1040 form, you can claim a deduction for any medical expense that exceeds 7.5 percent of your Adjusted Gross income. If it’s possible that this deduction can be used we strongly suggest consulting a tax professional.Cord blood banking comparison
Free cord blood banking
We know of no free private cord blood banking. However, it is free to donate your family’s cord blood to a public cord bank. If you are interested in either donating to a public bank or if you wish to use blood that has been donated to a public bank, here is some vital information links. While there isn’t a way to privately bank your cord blood there are cord blood coupons from the various private companies that will lower the cord blood banking cost. Here is a great source for all of the cord blood coupons available on the internet.
As you can see, there are a couple of variables that go into how much the cost of banking cord blood. One nice thing is that there is plenty of stiff competition out there from the private banking companies. This causes the companies to routinely offer specials and discounts. That coupled with a discount if you prepay can significantly reduce the overall costs that you pay. For those of you that are still on the fence about the whole thing, it’s easy to keep things in perspective if you think of things in this light, if you could help secure your child’s future for a couple of thousand dollars, would you do it? We think most of you would say yes.