Define Coverage Amounts for Basic Life Insurance Plans

Life insurance is the second most popular plan category among our customers (medical is first). In fact, almost half of current Benefits Administration customers have a basic life plan set up in their accounts. This update is part of our ongoing effort to streamline the process of getting your benefit enrollment data to carriers. It also helps lay the foundation to add cost calculation and improve employee education for basic life insurance in the future.

You can now compile coverage amounts for basic (employer-paid) life insurance plans in BambooHR, so you can more easily get those amounts to you carriers - you no longer need to compile these amounts outside of BambooHR.

This update is specific to life insurance, so it only affects the life insurance plan settings. We have separated the "Life Insurance Type" field into two different fields:

• Plan Type
  • Basic
  • Voluntary
• Life/AD&D
  • Life
  • AD&D
  • Both Life & AD&D

Once a plan is completed and finalized, both of these fields will be locked down and can't be edited. This is mainly to prevent issues with getting correct plan enrollment data to carriers.

A few more notes about these fields:

• When duplicating a plan, both the "Plan Type" and "Life/AD&D" fields will be editable (until you save and finalize the plan).
• When creating a revised version of the plan for a new plan year, "Plan Type" will be locked down and "Life/AD&D" will be editable (until you save and finalize the plan, when both will be locked down).
• When reactivating a plan, both "Plan Type" and "Life/AD&D" will be locked down.

Admins can edit any of these Coverage Options settings after they've finalized a plan. If/When they do so, elections awaiting approval are automatically updated to reflect the changes to who's covered and the coverage calculation, but approved elections or saved enrollments won’t be updated.

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.