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Your credit union is simple!
After operational expenses are determined DIVIDENDS are distributed to members in good financial standing with the credit union.
All members can vote at the Annual General Meeting, members vote on who they want to be their officers, on some polices and even investments.
Members can borrow every 3 months.
When you take up financial products from a bank, you do so as a customer. Banks are owned by their shareholders and are run at a profit to provide the highest possible dividends to those who hold shares.
Alternatively, when you take up financial products from a credit union, you become a member, and therefore a part owner, of the credit union. Credit unions exist to provide financial products and services for the equal benefit of their members, rather than to produce profits for shareholders. As a member of a credit union, you have a right to attend member meetings and comment and/or vote on matters concerning the constitution, management performance and financial reports of the credit union.
We give dividends to our members annually, based on the surpluses the Company would have made for that particular year. Our dividends are usually 4.5% per year. As our investment portfolio continues to grow so too will our dividends. It should be noted that the more shares purchased on a monthly basis, the more dividends would be paid.
After two (2) months members can access the Jumpstart Loan to start building their savings. Generally, members are entitled to access the loan facility of the credit union after three months.
The following payment methods are available, but may vary based on loan type:
We can only release information on a loan to the borrowers or with their written permission to discuss with someone else.
Documentation varies on the type of loan needed.
UCR means the charge or fee determined by the Company to be the general rate charged by others who render or furnish such treatments, services or supplies to persons whose injuries or illnesses are comparable in nature and severity.
The Company will consider such factors as; complexity; degree of skill needed, type of specialist required, and the range of services or supplies provided by the facility. For example, if a doctor charges $3,000 for a surgical procedure and the usual fee for the procedure is $2000 then the plan will reimburse you based on the charge of $2000 and applicable co-insurance will apply.
Exclusions and Limitations refer to services, equipment, procedures and types of treatment that are not covered under the plan. These are listed in the policy contract.
A letter from the treating Physician or Medical facility with an itemization of the charges and the type of treatment/procedure recommended or scheduled must be sent to your TTPCU plan administrator, who in turn will send to GENESIS.
Pre-certification is a notification of anticipated or schedule medical services that is required in advance of the actual medical treatment. Before you actually receive treatment or incur the medical expenses, BEACON upon request by the Provider, issues a pre-approval letter stating whether the anticipated service is eligible for coverage and the level of charges that would be reimbursed from the health plan.
When an individual is covered under more than one health plan and is able to claim for the expenses incurred from both plans, the benefits under this policy will be reduced to an amount which when added to the benefit of the other plan will equal 100% of medical expenses incurred.
The following will determine which plan will pay first:
This is the annual dollar amount of covered expenses for which the Insured is responsible before benefits can be payable under the Policy.
Coverage is only applicable to your spouse (common-law included) and children (step, legally adopted + incapacitated over the age of 25 years included). Children are covered without exception up to age 19. Between the ages of 19 and 25 children can continue coverage; however, they must be in school full-time as evidenced by a letter from the respective institution at the start of each academic year.
A pre-existing condition is a condition resulting from illness or injury for which a Covered Insured has received a diagnosis, consultation, medical treatment, or drug prescription prior to the effective date of the policy or date cover was effective; OR for which a symptom and/or sign of illness, if presented to a physician prior to the effective date of the policy would have resulted in the diagnosis of an illness or medical condition whether or not the patient was aware of the condition.
This plan will not carry a swipe card option and will be a reimbursement plan as opposed to a network provider plan. Members will receive a membership card which can be presented at any SUPERPHARM location when purchasing eligible prescriptions where they will only pay 20% of the cost.
New members wanting to join the new GENMed plan will need to complete the Enrolment, ACH and Medical Questionnaire forms which are available at your closest AGRICOLA office.
It is intended to have a one (1) month open enrolment period where anyone can sign up to the plan with no Medical Underwriting. There will be conditions for new persons who are now signing up with Pre-Existing conditions. This open enrollment will be decided upon by your Credit Union.
All existing members will be automatically transferred to the new plan, without any medical underwriting. You will therefore be automatically included with no waiting period, no breaks in coverage and no medicals required.
The only document you may need to complete is a BEACON ACH form which will now allow your claims to be sent directly to your bank account. In the event you do not have a bank account, the reimbursement cheque for your claim will be sent to AGRICOLA for collection.
All claims for services incurred up to October 31st 2021 will be settled by TATIL. The standard time of 90 days from your date of service to submit a claim remains.
Beacon will be settling claims for dates of service from November 1st, 2021.
GENESIS Insurance Brokers and Benefits Consultants Ltd (GENESIS), was appointed as the Broker on Record for Agricola Credit Union on July 23rd, 2019 and as such your Group Health and Group Life Plan (GENMed) will be administered by GENESIS.
Your new Insurer is The Beacon Insurance Company Limited (Beacon).
Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
Your credit union is simple!
After operational expenses are determined DIVIDENDS are distributed to members in good financial standing with the credit union.
Members can attend the Annual General Meeting, vote for officers and participate in decisions relating to policies, investments and the management of the credit union.
Members may generally apply to borrow every three months, subject to the credit union’s lending requirements and approval process.
A bank serves customers and operates to generate profits for its shareholders. A credit union is owned by its members and provides financial products and services for their shared benefit.
Credit union members can also attend meetings and vote on matters relating to its management and performance.
Dividends are generally paid annually and are based on the surplus earned by the credit union for that financial year. The amount received may depend on the number of shares held by the member.
Members may access the Jump Start Loan after two months. Other credit union loan facilities are generally available after three months, subject to eligibility and approval.
Available payment methods may include:
Payment options may vary depending on the loan type.
Loan or account information can only be released to the borrower or to another person who has received the borrower’s written permission.
The required documents depend on the type of loan being requested. Contact Agricola Credit Union or review the requirements for your preferred loan before applying.
UCR is the general fee established by the insurer for comparable medical treatments, services or supplies. Factors such as complexity, skill level, specialist requirements and the services provided may be considered.
Exclusions and limitations are services, equipment, procedures or treatments that are not covered under the medical plan. These are outlined in the policy contract.
A letter from the treating physician or medical facility is required. It should include an itemised list of charges and details of the recommended or scheduled treatment.
Pre-certification is advance notification of an anticipated medical service. The insurer reviews the proposed treatment and confirms whether it is eligible for coverage and the amount that may be reimbursed.
Coordination of Benefits applies when a person is covered by more than one health plan. Payments from the plans are coordinated so that the combined benefit does not exceed 100% of the eligible medical expenses.
A deductible is the annual amount of eligible medical expenses that the insured person must pay before benefits become payable under the policy.
Eligible dependants may include a spouse or common-law partner, stepchildren, legally adopted children and qualifying incapacitated children.
Children are normally covered up to age 19. Coverage may continue between ages 19 and 25 if they attend school full-time and provide confirmation from their educational institution.
A pre-existing condition is an illness or injury for which a person received a diagnosis, consultation, treatment or prescription before the policy became effective.
The plan operates primarily as a reimbursement plan and does not include a standard swipe-card option. Members may receive a membership card for use with eligible prescription purchases at participating locations.
New applicants may need to complete enrolment, ACH and medical questionnaire forms. These forms can be obtained from an Agricola Credit Union office.
Medical underwriting requirements may depend on your membership status and the enrolment period. Contact the credit union for the current requirements before applying.
The group health and life plan is administered through GENESIS Insurance Brokers and Benefits Consultants Ltd.
The insurer listed for the plan is The Beacon Insurance Company Limited.
