SCOTTSDALE, Ariz. – May 18, 2018 – On May 17th, InfinityHR released improvements to Age-Banded Medical functionality within the benefits management module of the platform. The biggest update occurred to Dependent Rate Calculations. This was an essential update because every insurance carrier has different requirements in how they calculate the premium based on a preferred number of dependents. InfinityHR now gives users more configurable options to customize these plans based on how their carrier prefers to calculate the premium.
“As carriers continue to develop and release these Age-Banded Medical plans, it’s apparent they’ve become more-and-more intricate,” says Jeff Torczon, CEO of InfinityHR. “With these updates, our clients will now be able to configure these complex plan requirements within the system.”
Along with the addition of two-tiered configuration which now allows clients to organize the number of dependents of employees into separate age-bands when needed; another improvement made to Age-Banded Medical includes:
An update to the configuration of the date-of-birth (DOB) effective date. This allows users to advise the system as to the date, that should be read to determine the employee, spouse and dependent(s)’ age for premium calculation. This gives the users the ability to recalculate the birth date if the plan dictates that it should occur.
The Age-Banded Medical structure in the ACA helps to prevent insurers from charging individuals who are 64-or-older more than three times the amount that they charge individuals who are 21-years-old. As a result, it’s not uncommon for insurers to raise their rates by a fraction for each year above 21 or so, resulting in as many as 45 age-banded rates.
To review the full details, check out the Age-Banded Medical release page!
InfinityHR was recently named a ‘Top B2B Arizona Tech in 2018’ company by The G2 Crowd and is a proud partner of the Arizona Technology Council.