Introduction
Cord blood banking is one of the latest technologies in the medical industry. It needs new parents to decide whether they want to keep their baby’s cord blood after delivering the child. However, the catch is that cord blood banking is a costly procedure.
Cord blood banking is storing blood from the umbilical cord and placenta. The growing importance of the umbilical cord brings a new promise to all new parents: They can secure their children from several diseases.
However, the expense of this process may be a substantial consideration. In this article, we’ll explore the various factors that impact the cost of cord blood banking. Also, we will look for the options available for parents and what they should choose.
Understanding Cord Blood Banking
Cord blood banking is an effective way to save and preserve umbilical cord blood for several years.
Research has shown that stem cells from cord blood have the potential to treat over 70 life-threatening illnesses, such as the following:
- Leukemia.
- Lymphomas.
- Hereditary immune system problems.
- Genetic disorders.
- Neurological disorders.
Thus, many parents store their child’s cord blood as a form of future biological insurance.
However, it’s important to note that the donated cord blood cannot be used to treat the child who donated it since the underlying condition is already encoded in the stem cell DNA.
Autologous transplants are rare because stem cells cannot cure hereditary disorders or leukemia, a type of blood cancer. If cord blood is utilized, it’s more likely to be used for a sibling, according to a study.
What Expenditure Parents Must Expect?
It’s important to know the costs associated with cord blood banking before deciding to bank blood for your family.
The following are the costs associated with cord blood banking in the US:
- The cord blood collection kit used by your doctor costs $150.
- Between $1,000 and $2,500 for testing, processing, and conserving cord blood.
- A yearly storage price is between $125 and $185.
Pricing for storage may vary significantly depending on the cost of nitrogen or testing. However, some cord blood banks do everything to make this vital process as economical as possible for new parents.
Nevertheless, with the upfront expenditures and the first annual storage charge, parents may expect to pay at least $2,000.
What Are The Types Of Cord Blood Banks?
There are two different kinds of cord blood banks: public and private.
Let us understand these options in further detail:
Private Cord Blood Banking
It’s worth noting that private banks store blood for families. This allows these families to use this blood and its ingredients in the future for their child or their siblings.
However, there’s no guarantee that the blood will ever be needed. Some private banks store samples of varying quality, and research suggests that cord blood stored in these banks may have lower viability and stem cell counts.
Private banks often advertise directly to consumers, promoting cord blood banks as “insurance” against disease.
Most private cord blood banks such as AlphaCord register their service with the FDA and get recognition from the AABB. They operate their laboratories and banks with the utmost safety.
It’s important to note that the American Academy of Pediatrics (AAP) does not recommend saving cord blood due to insufficient scientific data.
Public Cord Blood Banking
Public banks are nonprofit centers where new parents donate their baby’s cord blood for transplantation.
They are more affordable and accessible to anyone in need, but only 26 public cord blood banks exist in the U.S, making it difficult to find one in your area.
Unlike private banks that don’t have to meet the same requirements, all donations undergo rigorous evaluation before storage.
Most doctors recommend the public banking method of saving cord blood. This is because cord blood is rare, and the chances of it being used for transplantation are 30 times greater in public banks than in private banks.
How Do Cord Blood Banks Use The Money?
At first glance, cord blood banking may seem like an unusual process. However, upon further examination, the costs become more understandable.
The first step is to acquire a kit so that your delivery professionals can collect your umbilical cord blood after you give birth.
The cord blood bank allocates some fees to testing the cord blood for illnesses. Most of the costs associated with laboratory procedures help isolate stem cells, utilize cryoprotectants to freeze the cells properly and conduct quality testing.
Additionally, obtaining proper licensing is crucial for running a secure and trustworthy cord blood bank.
