Guidelines for Using Waiting Periods in Imputed Income Calculation

You need to know the guidelines for using waiting periods in imputed income calculation.

Tips and Considerations:

• Participants need to be eligible for enrolling in the imputed shell plan. Electable choices need to exist when you process the relevant life event.

• The imputed income calculation date is determined once, when you process the life event. If you change the setup, for example, choose a different calculation date, you need to reprocess the life event.

• There may be cases where you attach the imputed shell plan to a program, but have additional programs or plans-not-in-program. For the imputed income calculation to work accurately, every other life event you process must have electability into the primary program that contains the imputed shell plan.

• You use the imputed income calculation date only to identify when to consider the appropriate active coverage amount to calculate the imputed rate. The actual calculation of an imputed rate remains the same and follows legislative restrictions.

• When you save an enrollment into an imputed plan, the imputed income is calculated based on how you configured the Imputed Income Calculation Date field. If you haven't configured this field, the process calculates as before; all valid coverage amounts subject to imputed income are calculated, either current or future dated, and whose coverage end date is 31-Dec-4712.

• When you process a life event, the imputed income rate is calculated for automatic and default enrollments for all events. These events include life event definitions that we delivered, event definitions that you created, unrestricted events, and scheduled events.