Most cord blood companies now offer payment plans so that cord blood banking is more accessible to a wider range of people. Financing can be a great option for families that want to bank their child’s cord blood, but do not necessarily have the money to pay for the services up front. Considering the total first year costs of cord blood banking can range from just under $1,000 to just over $2,000, you can see why the payment plans offered by some banks are becoming increasingly popular amongst budget conscious families.
Like with any financial investment, parents should force themselves to do their homework, as not all payment plans are created equal. Make sure to read the fine print and ask all the right questions.
Top 5 Questions to Ask about Finance or Payment Plans Offered by Cord Blood Banking Companies
- Is the financing handled by a 3rd party? If so who?
- Can you be approved for financing before signing the contract to ensure that you can afford the services?
- Are there any interest free options? What is the interest rate for the various types of plans offered? There are usually a couple of choices in terms of financing options so review all of your options to make sure you choose the best plan for your situation. Some cord banks even offer completely interest free financing options (as long as you make your scheduled payments on time).
- What types of penalties or fees are there? Tell them you want a detailed list of all possible fees or penalties associated with this financing plan – you do NOT want any surprises!
- What are the terms and disclosures? Ask for a copy and READ them!
Read this article for a more detailed discussion regarding the cord blood banking costs.