U.S. Reps. Erik Paulsen (R-MN) and Ron Kind (D-WI) introduced the Family Cord Blood Banking Act on Friday, which aims to help families who want to preserve umbilical cord and placental blood and tissue for the stem cells they contain.
The cell can be used later to treat the child and close relatives for blood disorders.
The bill would make the collection and storage of cord and placental blood and tissue a qualified expense for Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs).
“After the birth of a child, parents are often immediately faced with a decision of whether to have blood and tissue collected and stored in case of future illness,” Paulsen said. “Since private blood and tissue banking is not typically covered by health insurance plans, giving families flexibility by allowing them to use HSAs and FSAs will help lower barriers to this important service.”