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Sample fast formulas for EOI
Summary
What have other companies doneContent
We implemented Benefits in Cloud last year and have been having trouble with a fast formula for our Employee Optional Life.
Have any other companies leveraged fast formulas to incorporate the following rules or something similar that I could see.
Assumptions:
Guaranteed Issue (GI): $250K
Maximum: $600K
Life Event: New Hire
New Hire employees can elect a multiple of salary up to $250K with no certification. If over $250K then $250K interim.
Life Event: Open Enrollment or Gain Dependent
If existing coverage: Employee can increase coverage by a multiple of 1 (ex. 1X to 2X or 2X to 3X) with no certification up to $250K. If over $250K, then interim of $250K, and can choose to stay at $250K, which is the GI or get certification)
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