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 on 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 Salary option in the Premium Table group box in the Coverage Options subtask of the Manage Benefit Plans 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.
Enter a unique code to dentify this rate table.
Enter a description for this rate table code.
After you select the 
button on the toolbar, enter 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 To Salary + .01. For example, for the salary range 0.00 - 14,999.99, you enter 0.00 in this field on the first row. In the second row, this field will be 15000.00.
Enter 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 enter 14999.99.
Enter the amount of the monthly premium for this salary bracket. You can enter a number as large as $999,999,999,999.00.
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 option selected in the Salary Calculation Method group box in the Coverage Options subtask of the Manage Benefit Plans screen.