IMPORTANT UPDATES HAPPENING WITH AGE-BANDED MEDICAL IN INFINITYHR!
What you can look forward to:
- NEW! Cost recalculation on birthdate
- Dependent rate calculations
- Premiums tab
- Premium/Benefit AMT rules tab
Does this update affect all users or users within specific modules?
This update is available to all users. Users currently configured with an Age-Banded Medical will have an immediate impact.
When is this change happening?
This change was released with our May 17, 2018 Release
Is there any action required?
- There is no action required for the new functionality to be accessible.
- Users will be defaulted into the current systems configurations to avoid any updates to current rates. The top 3 oldest dependents ages 0-26 will be placed into plans the night of the deployment. This will match the current hard-coded configuration, therefore, avoiding rates being updated. Users are to make any necessary configurations to match plan(s) and run recalculation utility to update rates as needed.
- Users with benefit configurations that include premium information for coverage options that are not applicable to the Spouse and Non-Spouse Dependent tab must remove said premiums from the inapplicable coverage options, e.g. Spouse tab, remove all information including age ranges, Annual Premiums and Annual Employer Cost for the Employee Only and Employee + Children coverage options.
- Users with benefit plan configurations requiring the recalculation of cost on birth dates will need to update the plan configuration (Premium/Benefit Amt Rules tab) and once saved, the system will refresh the next day. A manual alert refresh is also an option. Employees needing a recalculation will be identified as a system alert. Recalculations are processed as mid-year changes.
- Users with benefit plan configurations requiring ages to be read as of a different date then package effective date must make an applicable selection and run a recalculation utility to update premiums.
COST RECALCULATION ON BIRTHDATE
Cost Recalculation on Birthdate will now be available for Employee, Spouse and Dependent for Age Banded Medical
PREMIUM/BENEFIT AMT RULES TAB
DOB Effective Date drop down on the Premiums/Benefit Amt Rules tab will now function for Employee, Spouse and Dependent for Age Banded Medical
DEPENDENT RATE CALCULATIONS
Now a configurable option with two-tiered calculation option
Will now only show coverage options that are applicable to the Spouse and Non-Spouse Dependent Tabs Benefit Divisor Column removed from the premiums table template
Be sure to check out the What’s New Wednesday webinar on the Age-Banded Medical Updates: