Life and Disability Plan Formula Implementation

Posted by Marla Roshkoff - 18 October, 2012

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BAS works closely with new clients through the implementation process. Part of that process is establishing benefit plan parameters in MyEnroll.com.

An important feature of setting up an employer's Life and Disability Plans is determining an accurate calculation of the benefit options. BAS communicates with employers, brokers and carriers to confirm that our benefits specialists and data analysts program our system with the correct formulas for these benefits.

BAS understands the importance of accuracy of benefit plan formulas. Each employer's plan contains specific nuances in the calculation of benefits. Even a simple rounding discrepancy can create an error in the benefit and premium amount.

To accurately program a Life and Disability benefit formula, BAS reviews, among other things:

  • Rate per $10, $100, or $1000;
  • Rounding;
  • Maximum Benefit;
  • Minimum Benefit;
  • Freeze Date (salary and age);
  • Age Reductions; and
  • Guarantee Issue Amount

BAS' thorough plan review is intended to insure accuracy of plan administration. To implement a Life or Disability Plan for administration, please contact sales@BASusa.com.

Topics: MyEnroll360 Feature


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