The Communal Co-operative Credit Union Ltd is the first credit union in Grenada to offer a comprehensive Group Health and Life Plan; the Life benefit can be used as collateral to secure a loan.
The plan, as of November 01, comprises three different types of coverage: individual, individual and a dependent and individual and family, with varying premiums.
The health component, which covers dental, medical, vision, etcetera, provides coverage up to $250,000.
For the life component, which covers dismemberment, basic life and accidental death, if the primary insurer passes on, the death benefit of up to $25,000 goes to the beneficiaries.
General Manager of the credit union, Phil Antoine, who took up the post in July, told The Grenadian Voice that this plan was born out of the “toll that COVID took health wise” on members and their loved ones, noting the exorbitant cost for medical expenses.
Though the credit union already has other avenues to provide medical assistance to members such as The Communal Foundation and the Erma Whint Health Fund, he noted that they are limited as to the amount of financial assistance that can be obtained.
Speaking to the importance of having insurance coverage, Antoine said “you never know when things can happen. Issues with your health are not things you plan, they may sometimes pop on us unexpectedly and with the high cost of health care in and out of Grenada, having that coverage is a big benefit for members.”
The plan was launched at The Communal’s annual general meeting on August 24, with an open enrollment period that ran for two months where anyone could have signed up, “no questions asked including persons 60 years and over.” The general manager stated that usually, people that age are not able to sign up for new insurance, noting that the premium for people over 60 vary from those 59 and under. But, this offer attracted new members including people over the age of 60, he said.
Antoine explained that during the open enrollment period all administrative fees on the plan were waived and members only had to choose the coverage type, sign up and complete a standing order form to enable the credit union to make automatic monthly deductions of premiums to be remitted to the insurer, Guardian Life of the Caribbean.
However, now that the Open Enrollment period has ended, members can still sign up but will have additional forms to fill out which is standard procedure. And all administrative fees will be waived for the rest of the year
With the plan in effect less than a month, the general manager said they have already started receiving claims. He explained that claim forms can be dropped off at the credit union’s broker, Agostini Insurance Brokers (G’da) Ltd or at any branch of The Communal for processing.
Communal offering members Group Health and Life Insurance Plan
The Communal Co-operative Credit Union Ltd is the first credit union in Grenada to offer a comprehensive Group Health and Life Plan; the Life benefit can be used as collateral to secure a loan.
The plan, as of November 01, comprises three different types of coverage: individual, individual and a dependent and individual and family, with varying premiums.
The health component, which covers dental, medical, vision, etcetera, provides coverage up to $250,000.
For the life component, which covers dismemberment, basic life and accidental death, if the primary insurer passes on, the death benefit of up to $25,000 goes to the beneficiaries.
General Manager of the credit union, Phil Antoine, who took up the post in July, told The Grenadian Voice that this plan was born out of the “toll that COVID took health wise” on members and their loved ones, noting the exorbitant cost for medical expenses.
Though the credit union already has other avenues to provide medical assistance to members such as The Communal Foundation and the Erma Whint Health Fund, he noted that they are limited as to the amount of financial assistance that can be obtained.
Speaking to the importance of having insurance coverage, Antoine said “you never know when things can happen. Issues with your health are not things you plan, they may sometimes pop on us unexpectedly and with the high cost of health care in and out of Grenada, having that coverage is a big benefit for members.”
The plan was launched at The Communal’s annual general meeting on August 24, with an open enrollment period that ran for two months where anyone could have signed up, “no questions asked including persons 60 years and over.” The general manager stated that usually, people that age are not able to sign up for new insurance, noting that the premium for people over 60 vary from those 59 and under. But, this offer attracted new members including people over the age of 60, he said.
Antoine explained that during the open enrollment period all administrative fees on the plan were waived and members only had to choose the coverage type, sign up and complete a standing order form to enable the credit union to make automatic monthly deductions of premiums to be remitted to the insurer, Guardian Life of the Caribbean.
However, now that the Open Enrollment period has ended, members can still sign up but will have additional forms to fill out which is standard procedure. And all administrative fees will be waived for the rest of the year
With the plan in effect less than a month, the general manager said they have already started receiving claims. He explained that claim forms can be dropped off at the credit union’s broker, Agostini Insurance Brokers (G’da) Ltd or at any branch of The Communal for processing.
