We have compiled a list of common questions to help you understand the many benefits of a credit union.
Your credit union is simple!
- We invest your money into common funds.
- You elect your members as directors at Annual General Meetings to manage your funds.
- Lend members money from your funds
- You are charged interest on loans acquired.
- Interest earned and profits from investments is your credit unions’ income.
- The Board of Directors along with the General Manager pay the cost of running your credit union with the credit unions income.
After operational expenses are determined DIVIDENDS are distrusted 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:
- Banker’s Order
- Salary Deduction
- Over-the-counter/OTC payment at the Credit Union
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. See our list of loans to find out the details that pertain to your request.
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:
• The plan covering the insured as an employee;
• The plan covering the insured as a Dependent of a Male employee; and
• If the above do not establish an order of priority, the plan which has covered the insured for the longer period of time pays the benefits 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).