Costpoint Online Help

Using the Help Search
Using the Help Search
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Contents of the Manage Premium Rates By Age Screen

Use the fields and options to configure the Manage Premium Rates By Age screen.

Identification

Field Description
Rate Table Code

Enter a unique code to identify this rate table.

Description

Enter a description for the rate table code.

Benefit Premiums by Age Detail

Field Description
From Age

After you click on the toolbar, enter the age (in whole number years) at which to start the range. In the first row, this field must be 0. Subsequent rows must equal the previous row's To Age + one year. For example, for the age range 0 - 19, you enter 0 in this field on the first row. On the second row, this field will be 20.

To Age

Enter the age (in whole number years) at which the range ends. This value must be equal to or greater than the value in the From Age field. For example, for the age range 0 - 19, you enter 19 in this field on the first row.

Employee Rate per $1000

Enter the premium amount per $1,000 of coverage per month for an employee in this age bracket. For example, if life insurance costs a particular age group $2.50 per $1,000 of coverage, enter 2.50 in this field. You can enter an amount as large as $999,999.0000.

Dependent Rate per $1000

If dependents have a different rate per $1,000 of coverage, enter the premium amount per $1,000 of coverage per month for a dependent of an employee in this age bracket. For example, if life insurance costs a particular age group $2.50 per $1,000 of coverage, enter 2.50 in this field. You can enter an amount as large as $999,999.0000. Premiums for any covered dependents will be calculated separately and added to the employee's premium to come up with the deduction amount.

Example of Table Setup

If your company wanted to offer life insurance at different premiums, based on the ages of the employees, you could set up a table similar to the one below:

AgeRanges Employee Rate Per $1,000 Dependent Rate Per $1,000
0 - 19 $ 2.50 $ 2.00
20 - 29 $ 2.25 $ 1.75
30 - 39 $ 2.00 $ 1.50
40 - 49 $ 1.75 $ 1.25
50 - 99 $ 1.50 $ 1.00

According to this table, employees up through age 19 pay $2.50 per $1,000 of life insurance coverage as a monthly premium and an additional $2.00 per $1,000 for dependent life insurance coverage. Employees between the ages of 20 through 29 pay $2.25 per $1,000 of life insurance coverage as a monthly premium and an additional $1.75 per $1,000 for dependent life insurance coverage, and so on. The age of an employee is determined by the option you selected in the Age Calculation Method group box in the Coverage Options subtask of the Manage Benefit Plans screen.