Health Insurance, Taxes, and Cord Blood Banking

Health Insurance, Taxes, and Cord Blood Banking

Many families decide to bank cord blood because…well, what if? What if their child develops a condition like leukemia or sickle cell disease that stem cells can cure? Or what if they develop something like Type 1 diabetes that stem cell treatment may help in the future? For parents, it makes perfect sense to take every precaution.

But when it comes to cord blood banking, your health insurance and taxes don’t believe in “What if?” Yes, there are cases when umbilical cord blood storage falls under an HSA, FSA, HRA, or health insurance plan. Yes, it’s possible to claim the expenses as a tax deduction. The catch is that your child has to be ill already.

Think about it this way. You can get help paying for cord blood storage if it’s going to be a part of a proven treatment for an existing or imminently probable condition. So theoretically, your child’s stem cells could be covered to help a sibling with a treatable condition. But until things change, you’ll need to invest your own funds into this resource that could save your child’s life one day.

Should that discourage you? Of course not. No matter the cost, there’s just one opportunity to collect and store the uniquely pure stem cells from the umbilical cord. You’ll never have to worry about finding a match for a stem cell transplant. Your child’s very own stem cells will be cryogenically preserved and ready when you need them.

And things may change. Congress has considered bills to re-classify cord blood banking as a medical expenditure, most recently in 2015. They haven’t been successful, but as the Food and Drug Administration approves stem cells to treat more conditions, the efforts may gain traction. Research trials are exploring the use of stem cells to help cure heart disease, autism, cerebral palsy, Parkinson’s, strokes, and much more.

These are health issues that affect every family. There’s every reason to hope that with enough momentum, health insurance, taxes, and cord blood banking will work together in the future to treat these illnesses. That’s why you should bank cord blood—if everyone did, we’d have quite an arsenal to fight diseases.

At New England Cord Blood Bank, we work with you so that you can have access to your child’s stem cells. There are never any hidden fees, and we offer zero-percent financing. Contact us to learn more about this resource with life-saving potential for your child.