Cord Blood Storage Fsa

The process only takes a few minutes and is painless for mother and baby.

Cord blood storage fsa. Umbilical cord blood banking costs are covered when used in the treatment of a medical condition. Your plan administrator may deny any claims for cord blood banking when done for future use. In order for cord blood banking or any service or product that falls under the category of ineligible expense per irs sec 213 d 1 to qualify under a plan or program a health care professional must provide evidence of medical necessity with the infant or other family member covered under the hsa fsa for the cost of. Many different baby items are healthcare fsa covered expenses but not all.

Thus expenses for banking cord blood to treat an existing or imminently probable disease may qualify as deductible medical expenses. In general cord blood banking may be covered by medical insurance recompensed by a health reimbursement arrangement hra or eligible for pre tax dollars from a health savings account hsa or flexible spending account fsa if it is going to be a part of a proven treatment for an existing or imminently probable condition. Fsa and hsa accounts will sometimes cover cord blood banking when medically necessary. According to the fsa store account holders are eligible for cord blood storage with a letter of medical necessity from a physician.

The blood is sealed in a bag and sent to a lab or cord blood bank for testing and storage. For example many hras are designed solely to reimburse out of pocket expenses imposed under an employer s major medical plan such as copayments and cost sharing. Cord blood storage is sometimes eligible with a letter of medical necessity lmn from a physician if it is to treat an existing or imminently probable disease with a flexible spending account fsa health savings account hsa or a health reimbursement arrangement hra. Today family banking is not an fsa or hsa eligible expense.

A letter of medical necessity must state that the cord blood will be used to treat an existing or imminently probable. Cord blood contains stem cells that doctors may use to treat disease. Umbilical cord blood storage is sometimes eligible with a letter of medical necessity lmn from a physician if it is to treat an existing or imminently probable disease with a flexible spending account fsa health savings account hsa or a health reimbursement arrangement hra.