If you're having your first baby (or adding another kid to your crew), you're probably busy tackling all the things on that mile-long-to-do list. But is cord blood banking one of them?
So, what’s the deal? How much does cord blood banking cost? And is it something you need to think about? Let’s break it down.
Recap: What is cord blood banking?
Basically, cord blood banking is saving the blood left in the umbilical cord after birth. This blood is packed with stem cells — powerful cells that could help treat certain illnesses if your child gets sick later on. It's a kind of safety net, and it has a bunch of other benefits too.
Let’s talk money
Cord blood banking isn't exactly cheap, but knowing the numbers ahead of time helps. You’ve got two main expenses: upfront costs and yearly storage fees. And many banks have more than one pricing option.
To give you an idea, the most popular option at Cord Blood Registry (CBR) (the largest private newborn stem cell bank in the world) is annual storage at $1,795 upfront, then $400 a year. Or, you can pay it all at once: $7,385 for 18 years (no yearly fees). Or, if you want to avoid fees altogether, you can pay $11,385 upfront and get lifetime storage.
It’s not pocket change, but it’s not just for the super-rich either. Places like CBR have payment plans to fit different budgets and sometimes run special deals or discounts. And the best part? At CBR, your first payment isn’t due until after your baby is born. Talk about a relief!
What you’ll pay upfront
The first chunk of money is for initial enrollment and processing. If you’re not paying annually or in full upfront, CBR’s payment plans start at $52 per month for initial fees. Those costs cover a bunch of stuff:
- Collection kit they send you to take to the hospital
- The actual cord blood collection
- Transporting the sample safely to storage
- Processing and testing of the cord blood
- Initial freezing and storage
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The yearly storage fee
So, after you pay those upfront costs, there's a yearly fee to keep the cord blood stored. If you don’t want to pay annually or in full upfront, CBR’s annual storage payment plans start at $200.
Some cord blood banks offer payment plans — CBR, for example, lets you split up that initial cost over six months, 12 months, or even a full four years. Keep in mind, you'll be paying it for as long as you want the cord blood stored — and that could be for decades!
Other costs that might pop up
The initial and yearly fees cover the main stuff, but there are a few other things that could cost extra — like cord tissue storage (if you choose), additional shipping costs, and withdrawal fees.
Public vs. private cord blood banking
The big difference here? Cost.
Public banks are free. Your donated cord blood is available for anyone who needs a match. The downside? Public donation doesn’t guarantee your cord blood will be there if your family needs it later.
Private banks store cord blood for your family only. That's where the costs we talked about earlier come in. You're paying to guarantee your cord blood will be available if you need it.
Ways to make cord blood banking more affordable
Since insurance usually doesn't cover private cord blood banking, it's an actual out-of-pocket cost. You can check with your healthcare provider to see if public donation is an option. Or, if you’re worried about the price, here are some tips:
- Compare prices
- Look for deals
- Ask about payment plans
- Double-check with your insurance
Companies like CBR try to make it more affordable with financial aid programs and payment plans. CBR also has some cool extras:
- Gift Registry: You can set up a registry so friends and family can contribute!
- Rewards Program: Refer other expecting families, and you can get a free year of storage (worth $400!), and they can get up to $200 off yearly storage for cord blood and tissue or $100 off of just cord blood or just tissue. That's some extra cash for diapers!
So, is cord blood banking worth it?
The decision is entirely up to you. It really depends on your family's medical history and your budget. If there's a history of certain blood disorders, immune problems, or some cancers, cord blood banking might be a worthwhile investment.
It's also important to know that the chances of actually needing to use the stored cord blood are pretty low, but they’re not zero. According to the Cord Blood Association, out of the roughly 4 million privately stored cord blood units worldwide, over 400 have been used in transplants. Plus, hundreds more are used in exciting research for things like brain injuries.
Still have questions? Talk to your healthcare provider about cord blood banking for personalized advice. There's no right or wrong answer here — it's all about what's best for your family's health, values, and budget.
Blair Sharp is a freelance writer who lives in Minnesota with her husband and son. Her words have been published in various publications, including Parents, SheKnows, The Bump, and Insider. Find her writing daily on LinkedIn and check out her weekly newsletter, Hey Freelancer! Head to her website www.blairsharp.com for more.