Page 22 - Dawson 2022 Benefits Guide
P. 22
22 DAWSON
EVIDENCE OF INSURABILITY
If you and/or your spouse have previously had insurance
through this policy (e.g., you were enrolled last year),
and you are renewing at the same coverage level as
last year, no Evidence of Insurability (EOI) is required.
An EOI is required in the following cases.
• Employee coverage:
• If you were previously enrolled and you are
purchasing more than $20,000 of additional
coverage
• If you are a new enrollee and you want to purchase
Rates apply to both employee and spouse; the spouse more than $100,000 of additional coverage.
rate based is on spouse age. Children under 26 years • Spouse coverage:
old are $0.145/$1,000 per month. • If your spouse was previously enrolled and you
The workforcenow.ADP.com enrollment system will are purchasing more than $10,000 of additional
automatically calculate the cost per pay period of your coverage
elected voluntary life and AD&D coverage as follows. • If you are a new enrollee or you are purchasing
insurance for your spouse for the first time
1. You select the amount of additional insurance you and you are purchasing more than $25,000
want to purchase in coverage
2. ADP uses the rate based on your age
3. And the following formula to calculate your monthly
premium amount:
Coverage amount/1,000 × rate = monthly premium
• Example: 45-year-old elects to purchase an
additional $100,000 of voluntary life and
AD&D insurance
• $100,000/1,000 × $0.14 = $14.00; the amount
of premium equals $14.00 per month. The
bi-weekly per pay period cost is $7.00. The
weekly pay period cost is $3.23.
Your premium is paid for on an after-tax basis. If you
have a birthday during the plan year which takes you
to a higher rate, your premium rate will not change
until January 1 following your birthday.
EVIDENCE OF INSURABILITY
If you and/or your spouse have previously had insurance
through this policy (e.g., you were enrolled last year),
and you are renewing at the same coverage level as
last year, no Evidence of Insurability (EOI) is required.
An EOI is required in the following cases.
• Employee coverage:
• If you were previously enrolled and you are
purchasing more than $20,000 of additional
coverage
• If you are a new enrollee and you want to purchase
Rates apply to both employee and spouse; the spouse more than $100,000 of additional coverage.
rate based is on spouse age. Children under 26 years • Spouse coverage:
old are $0.145/$1,000 per month. • If your spouse was previously enrolled and you
The workforcenow.ADP.com enrollment system will are purchasing more than $10,000 of additional
automatically calculate the cost per pay period of your coverage
elected voluntary life and AD&D coverage as follows. • If you are a new enrollee or you are purchasing
insurance for your spouse for the first time
1. You select the amount of additional insurance you and you are purchasing more than $25,000
want to purchase in coverage
2. ADP uses the rate based on your age
3. And the following formula to calculate your monthly
premium amount:
Coverage amount/1,000 × rate = monthly premium
• Example: 45-year-old elects to purchase an
additional $100,000 of voluntary life and
AD&D insurance
• $100,000/1,000 × $0.14 = $14.00; the amount
of premium equals $14.00 per month. The
bi-weekly per pay period cost is $7.00. The
weekly pay period cost is $3.23.
Your premium is paid for on an after-tax basis. If you
have a birthday during the plan year which takes you
to a higher rate, your premium rate will not change
until January 1 following your birthday.
