Bill Submitted to Treat Amounts Paid for Umbilical Cord Blood Banking Services as Medical Care Expenses

On March 25th, 2009 a bill was submitted for consideration into the House to amend the Internal Revenue Code of 1986 to treat amounts paid for umbilical cord blood banking services as medical care expenses. Should this bill (H.R. 1718) pass, families would be able to use tax advantaged dollars to pay for the preservation of stem cell rich umbilical cord blood with accredited cord blood banking providers. This bill could open the door for families to absorb the cost of stem cell banking, pre-tax, through such programs as flexible spending accounts (FSAs), health savings accounts (HSAs), health reimbursement arrangements (HRAs) or the medical expenses tax deduction.

On March 25th,  2009 a bill was submitted for consideration into the House to amend the Internal Revenue Code of 1986 to treat amounts paid for umbilical cord blood banking services as medical care expenses. Should this bill (H.R. 1718) pass, families would be able to use tax advantaged dollars to pay for the preservation of stem cell rich umbilical cord blood with accredited cord blood banking providers.  This bill could open the door for families to absorb the cost of stem cell banking, pre-tax, through such programs as flexible spending accounts (FSAs), health savings accounts (HSAs), health reimbursement arrangements (HRAs) or the medical expenses tax deduction.

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