Age-Banded Rate Calculator for Voluntary Life and Disability Plans

Currently, we offer a rate calculator for standard/composite rate disability plans and age-banded medical plans. This release adds the rate calculator to age-banded voluntary life and disability plans, expanding automated cost calculations across benefit plans in Benefits Administration.

Providing a rate calculator for various benefit plan types helps you minimize the manual work required to calculate and input costs. Additionally, this update will allow your employees to understand better how much they will pay for the plan without having to search plan documents or reach out to HR.

Disability insurance plans
In the Eligibility & Cost step, admins can add age groups and a monthly rate for each group. For short-term disability plans, the monthly rate is per $10 of weekly coverage. For long-term disability plans, the monthly rate is per $100 of monthly coverage.
To help maintain the accuracy of monthly rates inputted, we have provided you with an example calculator. This is where you can enter an age up to 100 and a salary amount. The system will then calculate the monthly premium based on the plan setup.

Once you save the plan and add it to an enrollment window, employees will be able to view how much they will pay per paycheck.

Voluntary life insurance plans

You can set up age groups and a monthly rate for each age group (per $1,000 of coverage) in the Eligibility & Cost step of an age-banded voluntary life insurance plan. If the plan covers the employee’s children, there will be an additional field below the Age-Banded Rates table where you can enter the monthly premium amount.

If the plan covers the employee’s spouse/partner, there will be a checkbox above the Age-Banded Rates table where you can specify if the spouse/partner rate should be based on the employee’s age instead of their own.

During benefits enrollment, employees will be able to view how much they will pay per paycheck within the voluntary life plan card. When the employee is determining coverage amounts, the cost per paycheck will automatically adjust based on the rates in the plan setup.

As always, we love your feedback! To provide product feedback on this feature and more, head over to our product feedback page and let us know how we’re doing.