Open enrollment eoi setup for supplemental life

Summary:

EOI setup in Open enrollment for supplemental employee insurance plan

Content (please ensure you mask any confidential information):

We have a below requirement from customer for EOI setup in open enrollments

Supplemental employee life insurance - late entrants vs current participants. EOI rules work differently during open enrollment vs new hires and QLEs.

• Current participant: It's very common for life insurance carriers to allow a special provision where employees currently enrolled at some level, can increase a little bit without EOI. Our contract allows for participants to increase by "3 increments" not to exceed the $250k guarantee issue. For example, if someone currently has $10,000 in EE supp life, they can increase to $40,000. If they have $100k, they can increase to $130k.  If someone has $240k currently, they can only increase by one increment of $10,000 because they'll max at the $250k guarantee issue. Anything over requires EOI.