An important decision you need to make before the birth of your baby is whether you want to bank the cord blood--the blood remaining in the umbilical cord and placenta soon after delivery. Rich in stem cells, cord blood may be useful in the treatment of diseases and conditions such as leukemia, multiple sclerosis, Parkinson’s and diabetes in the child, her siblings and others in the family.One of the most important factors you need to consider in banking cord blood is the cost involved in collecting, processing and storing it. Cord blood is collected within 15 minutes of birth and needs to be processed shortly after, usually within 45 minutes, in order to be useful. Several private storage facilities offer this service for a fee. There are various costs involved in cord blood banking, payment options and pros and cons to consider.
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1. Cord blood banking is a fairly expensive proposition and requires careful consideration and planning. Since you will incur the expense at a time when you may be faced with other substantial expenses, such as medicines, hospital costs, nursery and baby items at the very least, you should definitely think about how this will affect your budget.
2. How much does it really cost? Do the math. There are two different types of fees associated with cord blood banking. The first is the one-time fee that covers the collection, processing and storage of cord blood for the first year. This ranges $600 to $2,000, depending on the bank you choose. The second fee is the annual storage fee, similar to the fee on your bank’s deposit locker. Most cord blood banks charge an annual fee in the range of $90 to $120. So if you consider storing cord blood for 20 years, your total cost would be approximately $3,300, assuming the initial fee is $1,300 and the annual fee is $100.
3. Yes, you could still afford it. Banking cord blood is similar to getting medical or life insurance. Knowing you have it makes you feel safer, just in case you ever need it, even though you hope that never happens. This security comes at a price and affordability often determines the decision. In most cases, it is the initial fee that is the most daunting. However, many facilities offer low interest financing options that enable you to pay in smaller installments. Even though the total amount you end up paying may be more than the one-time payment, you will get the benefit of spreading out your expenses over a period of time.
4. Some critical factors to consider in choosing a facility are its accreditation by health agencies like American Association of Blood Banks, proximity to where the child will be born, the reputation and experience of the facility and its financial stability. You need to give the choice of facility careful consideration since the stored cord blood could be a potential life saver down the line, and you want it to be readily available when you need it. Although cost is an important deciding factor, these other aspects need to be taken into account in finding a reliable facility.
5. Know the odds. Is the cost worth it? Only you can answer that question. What do you base your decision on? Here are a few pros, cons and pointers to consider. Statistically, the chances that your baby or anyone in the family will ever use the cord blood vary from 1 in 2,700 to 1 in 1,400. Take into account your family’s history and genetics. Also, if there is someone in the family currently suffering from a serious condition and cord blood research shows promise in that field, then you should not overlook the possibility of using the cord blood to treat that person. Remember, cord blood may not be beneficial for diseases that are genetic in nature since the cells in the blood would have the genetic code for the disease. may be useful to treat illnesses like Parkinson’s, stroke and leukemia, not just in the child, but also in his parents, siblings and immediate family members. However, studies show that a baby’s cord blood may not have a sufficient quantity of stem cells to treat an adult weighing over 100 pounds. Even if you decide not to bank cord blood, remember that there is still a fairly high chance, 75 percent according to some studies, that you will find a match in the public or non-profit cord blood system.
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