This fall, TruLync Medicare Services is working with 6 credit unions during Medicare Open Enrollment to help their members sign up for Medicare.
Medicare can be an overwhelming and confusing process. And with 20% of credit union members aged 65 or older, we are excited about this opportunity to provide trusted guidance through this new program. Dave Brown, MnCUN Director of Insurance Services, has 15 years’ experience assisting and advising others with finding a suitable Medicare plan. To work with TruLync Medicare Services starting in 2024, contact Dave at dbrown@mncun.org.
By: Ronny Chapman, TruStage Senior Vice President, Fintech Solutions
In the current financial services landscape, consolidation amongst credit unions is a reality and is showing no signs of slowing down. Today, even as the total number of members and assets continues to grow, there are just over 4,700 federally insured credit unions in the U.S. [1] That is a dramatic decline over the last five decades when the industry peaked at over 23,000 institutions. [2] Significant drivers include rising costs and increasingly demanding improvements relating to digital channels, personalization, security and efficiency. Many credit unions are known as the lifeblood to their communities, serving with passion and drive to help promote financial health. The loss of small credit unions endangers the ‘local community’ model that credit unions are often known for, as well as the health and diversity of the financial services ecosystem overall. To remain a key resource to their community’s financial needs, credit unions must seek alternative collaboration strategies that offer ways to scale and grow the reach, sustainability, and impact of not only each organization, but of the credit union system as a whole. Working with large retailers and auto dealers, for instance, is an effective strategy for credit unions to help achieve scale and provide access to a new range of digitally-enabled products and services without having to merge; and most importantly, they can keep their brand. Moreover, the credit union benefits from improved customer loyalty, while also gaining a new source of revenue while retailers have the ability to build out local captive consumer finance options. Application Programing Interfaces (APIs) are the great unifier for enabling credit unions and retailers to connect, share data and functionality, while ultimately creating a more streamlined and interconnected ecosystem aimed to help better serve consumers in their moments of financing need. An API can serve as the single end point that allows individual retailers and large auto dealers to access the ‘credit union system’ and vice versa. As your credit union evaluates technology partners, it is important to consider providers who see value in serving institutions of all sizes – while many gravitate towards large asset credit unions, some recognize the importance and significance of supporting small market credit unions as a key part of the credit union system overall. This article is provided as part of the Minnesota Credit Union Network's parternship with TruStage. For more information, visit the Solutions Directory. [1] NCUA, Industry At A Glance, quarter ending December 31, 2022. [2] Credit Union National Association, United States Credit Union Statistics, 1939-2021. TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate headquarters are located in Madison, Wis. © TruStage In July, the WINcentive Savings program announced statewide winners of the monthly and quarterly prizes of up to $1,000. Members from Affinity Plus Federal Credit Union, Mid Minnesota Federal Credit Union, St. Paul Federal Credit Union, TopLine Financial Credit Union, and Two Harbors Federal Credit Union were the lucky winners of $1,000 quarterly prizes.
Monthly prizes of $100 were awarded to fifty eligible members in the statewide prize-pool. In addition, each participating credit union is guaranteed one $100 winner each quarter. Members participating in WINcentive have saved over $12 million dollars accounts throughout Minnesota. Currently, 8,725 members of credit unions throughout the state have a WINcentive savings account open. WINcentive Savings incentivizes consumers in to save by offering risk-free rewards. WINcentive prizes are awarded on a monthly, quarterly, and annual basis, with prizes ranging from $100 to $5,000. Account holders in Minnesota qualify for up to four chances per month for each $25 increase in their month over month savings balance. More information about WINcentive Savings, including a list of participating credit unions, can be found at wincentivesavings.org. Medica is a valued partner of the Minnesota Employee Benefits Plan. If you are a participant, or considering the Benefits Plan for your credit union, please join us for an insightful webinar. Our presenter is Mark Springer, Senior Strategic Account Sales Executive with Medica. Mark has been instrumental in the foundation and success of the Association Health Plan.
Date: Tuesday, June 20th Time: 11:00 a.m. to 12:00 p.m. Agenda
Please see the event flyer for more details and call-in information (Log in required.) By Eric Hansing, Sr. Vice President, Corporate Strategy, Marketing & Communications at CUNA Mutual Group. This article is provided by the Minnesota Credit Union Network's Partnership with TruStage.
This month marks the beginning of an exciting new chapter for CUNA Mutual Group and the credit unions we serve. After more than a year of massive effort, we are finally ready to launch as a single, unified brand – TruStage. The brand represents all we have to offer, enabling our customers and employees to experience one, cohesive organization. It’s an organization that, like credit unions, has experienced a vast amount of change over the last nine decades. Born into the credit union movement in 1935, CUNA Mutual Group has a long history of finding new ways to better serve our customers. Over the years, we’ve added new brands, new products, even brought fully formed companies under our roof, all with an eye toward making a brighter financial future accessible to everyone. Each of those pieces of our evolutionary story fit together. At times, however, that fit wasn’t as clear from the outside as it was on the inside because many of those pieces had different brand names. We’d become a “house of brands.” How each of those brands fit together was confusing to our customers. By unifying under a single brand, our “house of brands” instead becomes a “branded house,” bringing clarity to the complete, compelling story of the company we have become. We chose TruStage as our brand name. It’s a brand we launched 10 years ago for one of our largest lines of business. Since then, TruStage has developed positive equity, and our research indicated it was highly extensible into the rest of what we do. The name was also selected because it represents our desire to be a trusted partner to credit unions as they help members build financial confidence at every stage of their lives. MnCUN is excited welcome Dave Brown, Director of Insurance Services for our newly formed Trulync Medicare Advisors. After a successful pilot with TopLine Financial Credit Union, Dave and Trulync are in the process of developing a Medicare Insurance program for credit union members. Medicare can be an overwhelming and confusing process. And with 20% of credit union members aged 65 or older, we are excited about this opportunity to provide trusted guidance through this new program.
For 15 years, Dave has loved working with clients in the Medicare space. He is a seasoned veteran in assisting and advising others with finding a Medicare plan that best suits their needs. Dave served two terms as a Minnesota State Senator from 2011 – 2016 and was a strong supporter of credit union policy and legislation. Dave first became a credit union member while he was a senior in high school. Dave enjoys spending time with his wife, two daughters and son-in-law, and really loves time with his first grandson. Please join us in welcoming Dave to our team, and watch for more information about TruLync Medicare Advisors coming this Fall. Vendor due diligence takes up a lot of time, especially if you're performing the same level of due diligence for every vendor. A more effective and less time-consuming approach is only doing the due diligence appropriate for the particular level of risk that vendor brings, such as treating a high-risk vendor differently than a low-risk vendor or a non-critical vendor differently than a critical vendor.
As part of this risk-based due diligence approach, your credit union should define the types, amounts and frequencies of due diligence for the various scenarios. This infographic and matrix explain the steps involved in risk-based vendor due diligence, examples and frequency guidelines to help you out. Download the infographic and matrix to learn:
This article is provided by Venminder through the Minnesota Credit Union Network's relationship with CUNA Strategic Services. On April 10, 2023, President Biden signed a resolution ending the National Emergency (NE) as of that date. While the
NE has ended early, the presidential action does not affect the Public Health Emergency (PHE), which is still set to expire on May 11. How does this affect employee benefit plans? Based on informal guidance from the Department of Labor (DOL), it does not. The NE and PHE affect different aspects of employee benefit plans. As you may recall, the NE sets forth the tolling of deadlines for purposes of COBRA, HIPAA special enrollment, claims submission, claim appeals, and independent third-party review of denied claims. This tolling of deadlines is called the Outbreak Period, which ends the earlier of (1) one year after the individual was first entitled to relief; or (2) 60 days after the expiration of the NE (or another date announced by DOL, the Treasury Department, and the IRS). Once the Outbreak Period ends, regular deadlines are back in effect. Although the NE ended on April 10, the DOL maintains that the Outbreak Period will continue to run through July 10, 2023 (60 days after the anticipated NE end of May 11). The PHE, on the other hand, expired on May 11 and affects COVID-related benefits offered under health plans. The government recently released frequently asked questions (FAQs) to provide clarification and additional guidance regarding the end of both the NE and PHE. Key Takeaways
This information is provided by Lockton Companies, which administers the Minnesota Credit Union Employee Benefits Plan. Login to view the full alert. |
The PulseThe Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information. Archives
April 2024
Categories
All
|