There was a time when banks were banks, insurance companies were insurance companies and credit unions were credit unions. You knew what to expect when you approached one.
But in the fight for market share, defining lines have blurred. Services thought to be the exclusive preserve of one or the other are now regular features on each others' list of products.
The PSCU (formerly Public Service Credit Union) Credit Union, for example, offers a major medical programme to its members, an offering that is largely the preserve of insurance companies. Major medical is a form of health coverage that can be bought by indivuduals who do not have access to it through an employer. Typically, it covers those "big" medical care expenses, such as surgeries.
The programme caught the eye of the Sunday BG and we decided to ask the credit union more about it.
"We saw a need for the medical plan so we could better service our members," said Renaldo Williams, health plan officer, "Apart from offering financial coverage for members, there is also that benefit of health. One famous slogan is your health is your wealth. If you are not in good health, you would not be able to enjoy your wealth. It also put the credit union a cut above the rest as we were the first to have the medical feature."
The programme started in 2009, with the credit union's employees being the first to sign up and, eventually, it was expanded to include the rest of the credit union's membership. At the time, the credit union's management began talks and settled on insurance company, Sagicor, to create and underwrite a major medical programme suited to its members.
This membership, according to Williams, is mixed and evenly distributed among younger and more elderly population segments. They are not only public servants, said Williams, as he sought to correct a popular misconception about the organisation.
While the credit union's younger membership may gravitate towards loan facilities, such as that for vehicles, Nequila Atherley, customer service manager said it was important for young people to protect their health while it was affordable.
"We really do encourage people to look at the importance of it at the end of the road," said Atherley, "Even if you are in good health now, a lot of things can happen. People are getting unexplained illness at a younger age. We try to encourage them to still see the importance of joining and covering themselves because good healthcare is very expensive."
Offering healthcare at competitive rates to members was one of the main reasons the programme was started. It offers coverage starting at $184.75 for a single applicant and up to $448.75 for a family application.
Coverage includes an international medical card, a $300,000 major medical benefit renewable every three years, allows claims for dental, vision, maternity, psychiatric treatment, surgeries, ambulance and hospital usage, as well as features group life, accidental death and dismemberment and a benefit for members who contract HIV after the fact.
Being able to afford healthcare will become increasingly important. Throughout his term as health minister, Dr Fuad Khan has warned repeatedly of increasing rates of chronic non-communicable diseases, such as diabetes and cardiac conditions, particularly among the country's young.
He indicated that the enlarged numbers were putting a strain on T&T's health infrastructure and that many may not be able to access public facilities in a timely fashion because of oversubscription.
The credit union's major medical also features a pre-existing condition benefit, where applicants can claim up to a lifetime maximum of $1,000 to treat pre-existing conditions.
"There is no upfront medical criteria," said Williams, "You are asked to fill out an enrollment form. There is also a group health statement, as well as some questions about your health. You answer them as honestly as you can."
Wilfred Holder, the Sagicor agent who assisted with the setting up of the programme, told the Sunday BG there were checks and balances to ensure new applicants did not take advantage of the programme and try to slip past with pre-existing conditions, attempting to pass the diseases off as acquired after the fact.
Participation in the programme requires membership in the credit union for at least three months, although Williams said some adjustments are being made to this criteria and that, currently, people are allowed to join the major medical plan as long as their children are members of the credit union.
The latest one can join the programme is 59. Coverage lasts until the age of 99.