JMMB Bank Offers First of its Kind Maternity Loan for Fertility Treatments
JMMB Bank signed an agreement with the Hugh Wynter Fertility Management Unit (HWFMU) at The University of the West Indies, last month (April 2019); to provide up to J$5 million in loan financing, for individual patients, to help offset the cost of infertility treatments and other related services, offered by the unit.
This special, unsecured maternity loan, offered by JMMB Bank, is a first of its kind in the Jamaican financial sector.
Moya Leiba-Barnes, general manager, client partnership, at JMMB Bank, states “This new agreement with the Hugh Wynter Fertility Management Unit, serves to solidify JMMB Group’s commitment to being a financial partner of choice. As such, the loan is designed to provide a financial safety net for potential parents who may need the assistance of fertility experts for various conception/reproductive techniques.”
The agreement comes on the heels of calls from the HWFMU, urging financial institutions to respond to the growing levels of infertility, by providing financial solutions to enable potential parents to better plan their fertility and to make parenthood a possibility for these individuals. Up to 25 per cent of couples in the world, according to statistics, is said to be affected by infertility; while a local study done by the UWI, Mona, in 2002, showed 31 per cent of Jamaican women being affected by fertility impairment. Additionally, such fertility treatment procedures can be especially beneficial for cancer patients, who may wish to freeze their eggs before undergoing treatment, so that they can still have the option of becoming parents through the use of assisted reproductive technology (ART).
Dr. Vernon DaCosta, director of the HWFMU, in welcoming the agreement, stated, “We are happy that JMMB Bank came on board to champion this cause, so that many everyday couples who are interested in raising families may have the opportunity to do so in an affordable manner. This loan facility will also allow them to fulfil their dream of becoming parents without compromising their financial future or achieving their other goals – including planning for the lives of their children hereafter.” He further adds that the inclusion of a financing option will provide patients with a seamless process to receive treatment from the HWFMU.
Individuals will have up to 5 years to repay the loan, at a competitive interest rate of 18% and a low processing fee, starting at 2%; with no penalty for early repayment. Additionally, this maternity loan is backed by a creditor life insurance component, to protect the life of the applicant.
Cost of Fertility Management Services
The fertility management unit offers a range of sexual and reproductive health services to assist couples to achieve pregnancy such as assisted reproductive technology (ART) which includes: in vitro fertilization (IVF), a procedure to treat infertility due to female and male factors, such as, but not limited to, blocked fallopian tubes and low sperm count; freezing of eggs and sperm; among other assisted conception services.
In sharing the average cost of the services, the unit outlined that IVF starts at approximately US$7,500, which includes: medication, ultrasounds for follicular tracking, estradiol blood tests, egg-recovery and laboratory fees. The cost to freeze eggs, for up to the first two (2) years, is US$5,000. This amount covers a similar set of supplementary services offered with IVF. While to freeze sperm for less than a year, the cost is US$300, and an annual storage fee for eggs is US$350.
For individuals to access this special, unsecured maternity loan, the process should begin with a referral letter/notice from the HWFMU detailing the cost of the procedure, followed by an initial conversation with a JMMB Bank representative. Additionally, the following documents would need to be submitted: income verification, tax registration number (TRN), proof of address, and completion of a loan application, would be necessary. The process typically is completed within 7 business days, after the submission of all the relevant documentation.
Forging Partnerships
The financial institution is committed to being in its clients’ world and providing easy, seamless financial solutions that bring innovation to the market and addressing the gaps that exist. The JMMB Bank exec, Leiba-Barnes, indicated that, as such, the Bank is open to exploring additional partnership arrangements, as it seeks to make financing for this process as accessible as possible, for other couples who have fertility challenges.
This newest maternity loan solution is the second such introduced by the bank since the start of the year, having established a similar partnership with The University of the West Indies, to provide an innovative postgraduate education loan. That special graduate loan will make postgraduate education more affordable for students, by providing up to 100% financing with a flexible repayment option.