Dependent Life Contributions

Currently we offer dependent life using a flat rate contribution table and it covers spouse and children. We are looking at calculating dependent life for spouse base on an age calculation rather than a flat rate.

If your company offers dependent life, how are the contribution records defined? (Separate rate for spouse vs. children or one standard rate)

If you offer age rated spouse dependent life insurance, do you use the spouse’s age or employee’s age for the rate?
If using spouse's age, how do you track the spouse's age? Through the dependent screen?

Any information offered is appreciated!

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Comments

Legacy Contributor

We have separate plans for spouse and dependent children. The spouse rate is based on the spouse age. The plan looks at the dependent screen for the spouse's DOB to determine the rate for the coverage.

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vlaniauskas

The life insurance contract/certificate will define whether the employee or spouse's age should be used. This is generally not a choice. But yes, the spouse's age is derived from information entered on HR13 or in the dependent table.

Legacy Contributor

Anyway you could send me screen shots of how you have this plane set up to look at the spouse's DOB? My email is rangelk@genesishealth.com

Legacy Contributor

We have a separate plan for employee, spouse and dependent children. BN18.8 you can have the system automatically calculate the next rate increase based on the date of birth that is in the system for each set up.

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