Setting Disability Insurance Premium Rates

To enter the premium rates for a short- or long-term disability group benefit plan by age, use the Premium Rates form.

The rates you enter in the premium rate table refer to the Cost Basis field in the Group Benefit Plans form. For example, if the cost basis is Monthly, the rates represent monthly premium costs.

To set disability insurance rates:

1. Open the Premium Rates form.
Use this option To define this
Benefit Plan ID The Benefit Plan ID. It is populated from the Group Benefit Plan form.
Effective Date

The date when the rate goes into effect. Saving rates according to the effective date enables you to view previous rates. The system calculates premium costs using the premium rates with the most recent effective date.

For short- or long-term disability benefit plans, the effective dates indicate whether the rate is set to standard or extended precision. If you selected the LTD/STD Use Extended Precision Rates option in the main form, you can only choose an effective date with extended precision, otherwise you can only select a date with standard precision.

From Age

To Age

 The starting age and the upper age limit. If the plan's rates are the same regardless of the employee's age, enter an "all encompassing" age range, for example, 0-99.

Rate

The premium rate per ten dollars of coverage (short-term disability) or hundred dollars of coverage (long-term disability).
2. Click Save. The form clears so that you can enter the premiums for another plan type.
3. Repeat these steps for each plan type.
4. Click Close when you are finished.