Cord Blood Storage Fsa

Thus expenses for banking cord blood to treat an existing or imminently probable disease may qualify as deductible medical expenses.

Cord blood storage fsa.

A letter of medical necessity must state that the cord blood will be used to treat an existing or imminently probable. 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. 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. The blood is sealed in a bag and sent to a lab or cord blood bank for testing and storage.

Umbilical cord blood banking costs are covered when used in the treatment of a medical condition. 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. However banking cord blood as a precaution to treat a disease that might possibly develop in the future does not satisfy the existing legal. 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.

Many different baby items are healthcare fsa covered expenses but not all. The process only takes a few minutes and is painless for mother and baby. Your plan administrator may deny any claims for cord blood banking when done for future use. Even if the cord blood storage is a qualified medical expense the terms of an hra or fsa arrangement may not allow reimbursement.

Today family banking is not an fsa or hsa eligible expense. Fsa and hsa accounts will sometimes cover cord blood banking when medically necessary. Cord blood contains stem cells that doctors may use to treat disease.