Creating a Rate Table - A summary of the activity

Creating a Rate Table: Through this activity, you can create a rate table based on which the employer or the employee contributes the premium amount.  The premium rate is based on various factors like the age, service months, group, union affiliation and smoker/non smoker status. Creating a rate table requires you to enter the following items of information.

• Unique code to identify the rate table, accompanied by a short and a long description.

• The currency in which the rate is paid.

• The frequency at which the premium is to be paid.

• The span of time for which the rate table is effective.

• The various variables that determine the rates in a rate table.

For a specific frequency: You are to specify the rate table for a specific payment frequency.

For instance, you create a rate table that is specific for the “weekly” payment frequency, and another rate table for a “monthly” payment frequency. In effect, you are to create tables for all the payment frequencies applicable to your organization group. The payment frequencies available through this page are “Daily”, “Weekly”, “Bi Weekly”, “Semi Monthly”, “Monthly”, “Quarterly”, “Semi Annually” and “Annually”.

Specify Variables: You are to specify the different variables (factors) that will create a rate table. The different variables that affect the rate table are age, service months, gender, benefit groups, coverage levels and affiliated unions. Based on these factors, the rates for premium are calculated.

Setting Priority: If you select more than variable factor that determines the premium rates, you must specify the order in which these factors will be taken into consideration. Assigning a priority to each factor does this. The factor with higher priority will be taken for computation of rates before the factor with lower priority. These factors can be age, service period, gender, unions, benefit group, coverage group, etc.

Specifying Applicability to Organization Units: Specifying Applicability to Organization Units. Subsequently, you are to specify the organization units for which the rate table will be applicable. You can define whether the rate table will be applicable for

• The login organization unit

• All organization units

• Selective organization units. If you choose this option, you are to enter a separate page and choose the required organization units individually.

Creating User defined Rate Table:  You can also create a user defined rate table in the “Create Rate Table – Variable Based” page. You are to specify the different variables that will constitute a rate table. After assigning the attributes you can define the values for each attribute and create a rate table.

Getting familiar with the pages inside

What you can do in this activity

Through this activity, you can create a rate table based on which the employer or the employee contributes the premium amount