Dynamic Cost Calculator for Voluntary Life and AD&D Plans
Currently, we offer a rate calculator for the following plan types:
- Standard/composite rate disability plans
- Age-banded medical plans
- Age-banded disability plans
- Age-banded voluntary life plans
This update adds the rate calculator to age-banded life and AD&D plans and standard rate voluntary AD&D plans, expanding automated cost calculations across various benefit plans in Benefits Administration.
Age-banded life and AD&D plans
With Voluntary and Both Life & AD&D selected in the Plan Details step, you will be able to select the Age-Banded Rate option in the Coverage Options step. This will bring up a new table in the Eligibility and Cost step, where you can enter rates for each applicable age group and how much they will pay per paycheck.
Once the plan is added to an enrollment window, employees will be able to view cost information during the enrollment process.
Voluntary AD&D plans
If you offer a voluntary AD&D plan (standard rate), costs will be automatically calculated based on the information provided for each coverage level in the AD&D Rates table within the Eligibility and Cost step.
Within the AD&D Rates table, you will need to enter a rate per a specific amount of coverage. Once added, the system will use the inputted rates to calculate costs for employees to view during the enrollment process and admins to review when approving benefit elections.
Offering a rate calculator for different benefit plans reduces the need for manual calculations and date entry. Moreover, this update allows your employees to easily understand their plan costs without needing to consult plan documents or contact HR.
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.