PREMIUM AMOUNTS BY SALARY

If your company has benefit plans for which premium amounts differ by salary group, you can use this screen to set up codes, related descriptions, and other information that will be used in determining premiums for medical benefits. This table contains premium rates based on employee salary.

Use this screen to set up premium amounts for employee salary ranges. You can apply this information to a benefit plan by entering the Rate Table Code in the Rate Table column in the Coverage Options subtask of the Benefit Plan Setup screen under the following conditions:

  1. You selected the Rate Table radio button in the Premium Calculation Method group box in the Coverage Options subtask of the Benefit Plan Setup screen;

  2. You selected the Salary radio button in the Premium Table group box in the Coverage Options subtask in the Benefit Plan Setup screen; and

You should enter the information on premium amounts by salary before trying to set up a benefit plan that will be using this table. However, you can add to this table at any time, and you can establish an unlimited number of records.

Rate Table Code

Enter up to 12 alphanumeric characters to uniquely identify this rate table. This is a required field.

Description

Enter up to 30 alphanumeric characters to describe this rate table code. This field is required.

Table Window

From Salary

After selecting the New Line button on the toolbar, enter up to 12 digits, plus up to two digits to the right of the decimal, for the salary amount at which to start the range. You can enter an amount as large as $999,999,999,999.00. In the first row, this field must be "0."  Subsequent rows must equal the previous row's Up To & Including Salary + .01. For example, for the salary range $0.00 - $14,999.99, you will enter "0.00" in this field on the first row. In the second row, this field will "15000.00."  This is a required field.

Up To & Including Salary

Enter up to 12 digits, plus up to two digits to the right of the decimal, for the salary amount at which the range ends. This value must be equal to or greater than the value in the From Salary field. For example, for the salary range $0.00 - $14,999.99, you will enter "14999.99."  This is a required field.

Total Cost per Month

Enter up to 12 digits, plus up to two digits to the right of the decimal, for the amount of the monthly premium for this salary bracket. You can enter a number as large as $999,999,999,999.00. This is a required field.

Example of Table Setup

If your company offers life insurance at different premiums, based on the salaries of the employees, you could set up a table similar to the one below:

Salary Ranges

Total Cost Per Month

0.00 - 14999.99

$ 100.00

15000.00 - 29999.99

$ 150.00

30000.00 - 39999.99

$ 200.00

40000.00 - 49999.99

$ 250.00

50000.00 - 99999.99

$ 300.00

According to this table, employees who earn up to $14,999.99 per year pay $100.00 per month for life insurance coverage. Employees who earn between $15,000.00 and $29,999.99 pay $150.00 per month, and so on. Annual salary calculations are controlled by the radio button selected in the Salary Calculation Method group box in the Coverage Detail subtask of the Benefit Plan Setup screen.

Table Information

Changes to this screen update the following tables:

Salary Rate - HB_SAL_RT

Salary Rate Schedule - HB_SAL_RT_SCH

Benefit Plan - HB_BEN_PLAN_HDR

                     - HB_BEN_PLAN_LN