What do you need to know about the annual recalculation of your covers?
The covers included in your group insurance plan are generally calculated based on your staff members’ salaries. When the salary information gets updated every year, we also review the coverage levels. In a bonus plan, bonus payments are made at regular intervals. The concept of "annual recalculation" applies to both cases.
The various steps:
What do you need to do for the annual recalculation of your covers?
To have an accurate recalculation, it's important for you to report the new salaries and bonuses as soon as possible. If this information isn't available on the recalculation date, you may want to consider planning your recalculation later on in the year. Discuss this option with your account manager.
What do you need to watch out for when reporting the information?
When communicating the salary/bonus information, be sure to keep the following in mind:
- To avoid errors and misinterpretations, the salaries and/or bonus payments can only be provided using the file on AG EB Online. In-house Excel (.xlsx) files or other documents are not accepted.
- This file can only be used to enter the salaries and/or bonuses (and the NISS number if this field is still empty). It cannot be used to communicate other types of changes, which should be reported via AG EB Online at the time of occurrence. If, when completing the file, you notice that certain changes have not been executed, you should take care of them first, before you upload the file containing the salaries and/or bonus payments.
- It's important to report the salaries on a full-time basis and according to the frequency (monthly or annually) indicated in the file.
- If certain salary information appears in red, it means that it is lower or considerably higher than last year. This is a cue for you to check whether the information has been entered correctly.
What happens after you report the salaries and/or bonus payments?
Once we receive your updated information, it generally takes six weeks to process the recalculation of your group insurance plan(s).In most cases, depending on the type of plan, you will be issued benefits statements to distribute to your staff members. AG Insurance can also provide these employee benefits statements electronically, via MyAG Employee Benefits.
Tip: the latest benefits statements are always available on MyAG Employee Benefits.
Find out more about the many advantages of this practical tool.
