Configuring the Benefit Plan Category Premium Basis
On the Benefit Plan Category lookup detail form, there is a Premium Basis drop-down field which is used to classify plans by premium basis. The following field values are available in the field:
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Per $10,000 of coverage
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Per $1,000 of salary
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Per employee per month
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Per $1,000 of payroll
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Per $100 of MONTHLY payroll
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Per $10 of WEEKLY payroll
Default Premium Basis Assignments
The following default Premium Basis lookup values have been set for each Benefit Plan category listed below. Note that you can overwrite the default settings and assign a Premium Basis. Steps are provided in the next section.
| Benefit Plan Category | Default Premium Basis Value |
|---|---|
| Health | Per employee per month |
| Dental | Per employee per month |
| Vision | Per employee per month |
| Life Insurance (Company Paid) | Per $1000 of payroll |
| Life Insurance (Voluntary) | Per $1000 of payroll |
| Long-Term Disability (Company Paid) | Per $100 of MONTHLY payroll |
| Long-Term Disability (Voluntary) | Per $100 of MONTHLY payroll |
| Short-Term Disability (Company Paid) | Per $10 of WEEKLY payroll |
| Short-Term Disability (Voluntary) | Per $10 of WEEKLY payroll |
| Supplemental | Per employee per month |
| Bond | Per employee per month |
| Other | Per employee per month |
Assigning a Premium Basis
To assign a Premium Basis:
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Go to System Admin
> Lookups > Manage Groups. The Lookup Groups dashboard opens. -
Search for "Benefit Plan Category".
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On the Lookup Group Details window, click Lookup Values.
The Lookups dashboard displays and is pre-filtered to the Group.
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Open each record and assign a Premium Basis, making sure to Save your changes on each record.
In the examples below, you see that a Life Plan (which does not have tier-based pricing) has been assigned "Per $1,000 of salary" while the tier-based Health plan has been assigned "Per employee per month".
Impact in BPM
Once the Premium Basis settings are in place, you will see the following in BPM:
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On the Group Summary > Summary tab, a new field label displays next to the Plan Type. Also, if the assigned Premium Basis is not PEPM, the Total Premium column displays "N/A".
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On the Selection Summary page, a Premium Basis column has been added which displays the Premium Basis assignments for each plan.
