The Family Cord Blood Banking Act (H.R. 1718)
- The "Family Cord Blood Banking Act" (H.R. 1718) amends Section 213(d) of the IRS Code to add cord blood banking services as a qualified medical expense. This change will allow individuals and couples to use tax advantaged dollars to pay for umbilical cord blood banking services through flexible spending accounts (FSAs), health savings accounts (HSAs) health reimbursement arrangements (HRAs) or the medical expenses tax deduction.
- Expectant parents can currently use tax free health dollars for qualified medical expenses such as over the counter cough syrup and antacids, but not for the banking of cord blood stem cells for a yet unknown use.
- Cord Blood is a non-controversial source of stem cells for current and emerging therapies. Stem cells from umbilical cord blood have been used in more than 14,000 transplants worldwide during the last 20 years to treat more nearly 80 serious diseases. Because they have shown distinct benefits over sources of adult stem cells (like bone marrow and peripheral blood), they are preferred by transplant physicians for treating many forms of cancer, blood disorders and immune diseases.
- Cord blood stem cells are also showing promising results in research for regenerative medicine. Because stem cells found in cord blood have proven to be pluripotent, or having the ability to differentiate into every cell type in the human body, cord blood stem cells are demonstrating considerable developmental plasticity for therapeutic use. Researchers have found that in addition to blood cell precursors, cord blood contains many different types of stem cells -- the building blocks of bones, the heart, liver, and nervous system. Clinical trials are currently underway to study use of a child's own cord blood stem cells to treat diabetes and various forms of brain injury including cerebral palsy.
- A child's cord blood stem cells can be stored for family or personal use in a private family bank. The average cost of cord blood banking can be as much as $2,000 for collection and processing and up to $150 a year for storage. Passage of the "Family Cord Blood Banking Act" could reduce these costs considerably for American families depending on their tax bracket.
- The "Family Cord Blood Banking Act" will make cord blood banking more affordable for American families and provides incentives to ensure that this valuable health resource is never thrown away.
- The Coalition for Regenerative Stem Cell Medicine (CRSCM) is endorsing the "Family Cord Blood Banking Act." This coalition consists of a growing number of non-profits, healthcare organizations, businesses, researchers, professional associations, disease advocacy groups and concerned citizens all dedicated to raising awareness and lowering financial barriers of cord blood stem cells.
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