Coverage types
When you set up your benefit plan, you identify what types of coverage you offer your employees. Infor enables you to use different types of coverage to set up your plan.
This table shows the list of different coverage types:
| Type | Description |
|---|---|
| No Coverage (0) | No coverage is offered under the benefit plan. You would use No Coverage for benefit plans such as defined contribution and spending accounts that have employee contributions but no coverage. |
| Coverage Options | You define the specific options that an employee may choose upon enrollment.
For example, a health plan might offer options such as single, employee + 1 and family. |
| Coverage Amounts | A coverage amount is determined in one of several ways. You can define a coverage amount as a specific flat amount, a chosen amount based on set increments, or a calculation using a percent or multiple of an employee's salary.
For example, you can define an employee life plan in which an employee can elect a coverage amount of one to five times their salary. Or, a disability plan that offers coverage as a percent of an employee's salary. |
The coverage type is then used in conjunction with contribution types to further define a benefit plan.
No Coverage Example
River Bend Hospital's 401(k) plan is based on employee contributions.
To define this plan, River Bend can select No Coverage in the Coverage Type field.
Coverage Option Example
River Bend Hospital has a health plan that has these coverage options:
- Employee
- Employee plus one
- Employee plus two
- Employee plus three
- Full family
- Medicare supplement
To define this plan, River Bend can select Coverage Options in the Coverage Type field.
Coverage amount example
River Bend Hospital's Supplemental Life plan enables employees to select coverage in $5,000 increments up to a maximum coverage of $75,000 up to the age of 60. After age 60, the coverage is reduced by 50 percent.
To define this plan, River Bend can select Coverage Amounts in the Coverage Type field.