Cord blood banking is a niche service and industry that continues to grow. With the option of private storage available directly from the hospital, new parents are more informed than ever before. Cord blood banking is the process of storing your baby’s umbilical cord blood for future use. Research has shown that this type of stem cell is beneficial in treating as well as preventing certain types of diseases. Cord blood banks can be accredited by national standards organizations such as The Foundation for Accreditation of Cell Therapy (FACT), International Standards for Cord Blood Banks (ISCB) or The Council for Accreditation of Adult and Children’s Blood Banks (CACBB). These standards ensure that services provided are safe and effective, while protecting the rights of donors and their samples. This article will detail what you should look out for when choosing a cord blood bank, including cost, location, insurance coverage, storage capacity and accreditation status.
What To Look For In a Cord Blood Bank
The first thing to assess is what kind of cord blood bank you’re choosing. There are two types of service providers: Private and public. Private banking means you pay to store your cord blood for your own future use. Public banks allow for donation, where your sample is used for others in need. Private banks will typically store your sample for you for upwards of 20 years. Public banks, however, only store samples for a few years, with the end goal of distributing them to those in need.
Reputation and track record
The second thing to look at is the reputation of your potential cord blood bank. While anyone can open a cord blood bank, it’s important to ensure you’re partnering with a reputable organization. For example, a quick Google search for “cord blood banks near me” will surface a list of potentials. You can then check out their websites to assess their track record. There are also platforms such as Trustmarks that allow you to search for specific organizations based on your needs such as location or accreditation status.
Cord blood storage cost
While selecting a cord blood bank, it’s important to also consider cost. Cord blood banking is not covered by insurance companies, so you will have to pay for the sample upfront. The cost can range anywhere from $2000 to $5000, depending on the type of service provider you choose.
Cord blood bank location
If you’re expecting a child that has a genetic disorder, then you may consider using a public bank. These banks will accept all samples regardless of the health of the baby. However, if you’re expecting a healthy baby, and want to store a sample that you can use as an adult, you may want to consider a private bank. Private banks typically require you to be in the same vicinity as the hospital you give birth in, as they may want to collect the sample at the same time.
Cord blood bank insurance coverage
Some hospitals or health systems may offer insurance coverage to help offset the cost of cord blood banking. This will vary depending on the hospital or health system, so it’s important to check with your provider. If your provider does not offer coverage, some private insurance providers may cover the sample. Keep in mind, however, that typical insurance only offers about $3000 for the sample, whereas private banks can often be upwards of $5000.
ISCB or FACT accreditation
Blood banks are accredited by national standards organizations such as The Foundation for Accreditation of Cell Therapy (FACT), International Standards for Cord Blood Banks (ISCB) or The Council for Accreditation of Adult and Children’s Blood Banks (CACBB). These organizations ensure that services provided are safe and effective, while protecting the rights of donors and their samples. You can check the accreditation status of your potential cord blood bank to ensure you’re partnering with a reputable organization.
Another accreditation to look for is the Council for Accreditation of Adult and Children’s Blood Banks (CACBB). This organization accredits individual blood banks according to their standards for sanitation and safety. If you’re selecting a public bank, then CACBB standards are the minimum you should be looking for. If you’re selecting a private bank, however, CACBB accreditation would be the minimum standard you should be looking for.
Lastly, when selecting a cord blood bank, it’s important to assess reputation and track record, as well as location, cost, insurance coverage and accreditation status. Blood banks are accredited by national standards organizations such as FACT, ISCB or CACBB, and you can check the accreditation status of your potential provider. For our list of the best cord blood banks in the country, check out https://bestcordbloodbanks.com/.