Manage Premium Rates By Age

Use the Manage Premium Rates By Age screen to set up insurance premium rates for employee age ranges.

If your company has benefit plans for which premium amounts differ by age group, you can use this screen to set up the insurance premium rates as they relate to the ages of the employees. These rates are generally used only for life insurance plans. You can use this screen to set up codes, related descriptions, and other information that will be used in determining the premium for plans that are based on age rate tables.

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 Manage Benefit Plans screen under the following conditions

  • You selected the Rate Table option in the Premium Calculation Method group box in the Coverage Options subtask of the Manage Benefit Plans screen;
  • You selected the Age option in the Premium Table group box in the Coverage Options subtask of the Manage Benefit Plans screen.

Enter the premium rates by age information before setting up a benefit plan that will be using this table. However, you can add to this table any time, and you can establish an unlimited number of records.