When new parent is preparing themselves for the birth of their first baby, they experience a number of different decisions. They encounter a lot of questions.
One of those questions is;
Should they save the cord blood of their baby?
For many parents, the choice depends on the total cost they need to bear for cord blood banking. The whole concept of cord blood banking is a little new. That is why a lot of people do not have the proper understanding and knowledge about it.
Also, they do not know the cost. That is why we are writing this article, to help those parents with an approximation of the cost they need to bear for cord blood banking.
Before jumping into the cost, we like to provide you with some basic information about cord blood banking.
What Is Cord Blood Banking?
The umbilical cord connects the baby to its mother. It is a rich source of hematopoietic stem cells. This can help in treating some particular diseases. The umbilical cord, along with the blood inside of it, is usually discarded after birth.
This is the time when some parents opt for umbilical cord blood banking. It is a non-surgical procedure during which a doctor or trained hospital staff collects the blood inside the umbilical cord. After that, they preserve it and send it to the bank for storing the blood for future use.
Research suggests that the stem cells that are found inside cord blood might help in treating over 70 life-threatening diseases. That is why parents find cord blood banking an attractive option.
Those 70 life-threatening diseases include lymphomas, leukemia, genetic disorders, inherited immune system disorders, neurological disorders along with many more.
Cord blood banking is capable of providing many families peace of mind. Although it sounds like a miracle procedure, it still has some obvious limitations. A lot of parents think cord blood banking is insurance for the future.
However, they must understand that often, cord blood banking can not be used for the same child whose cord blood it is because the underlying disease will already be programmed into the DNA of the stem cell.
Types Of Cord Blood Banks
Before going into the cost of cord blood banking, you must know the types of cord blood banks.
There are two types of cord blood banks, and they are as follows.
Private Cord Blood Bank.
Private cord blood bakings are for private companies run for profit, which stores the cord blood for future use, specifically for your child or their siblings. Private banks charge for storage for personal use at different costs with various prices for storage and other services based on the company in question. However, there is no guarantee that the blood will never be used for anything.
Public Cord Blood Banks.
These are usually non-profit centers that allow parents to donate their baby’s cord blood. This way, they can be used for anyone who requires a transplant. In case you are thinking about personal use exclusively, public cord blood banking is not a suit for you.
Cost Of Private Cord Blood Banking
Cord blood bank storing for potential personal use indeed costs parents a significant amount. Usually, the cost of cord blood bank cord varies from around $1,000 to around $3,000 for a complete package.
The package includes cord blood, placenta cells, and tissues cells. This cost includes both the initial collection and processing fees.
Once the initial fee is taken care of, then you just need to pay an annual storage fee once after one year of your baby’s birth. The storage fee ranges from around $200 to $700. It depends on the storage package that you are choosing.
Parents who opt for the private cord blood banking route, on average, spend something between $400 and $3,000 for collection, initial storage, and processing. This cost does not include the annual storage fees.
All those additional storage tissues, like umbilical cord tissue or placental tissue, might cost more. On average, it can add around $900 to $1,500 per annum.
Cost Of Public Cord Blood Banking
Now comes the public cord banking, which is completely free and also supported by both private and federal funding. The cord blood bank that is found in public banks is available for anyone. It is more considered a donation instead of private storage.