Many of the larger companies have Employee Expense Policy Sample forms to help guide you with your policy. They are also available for download from most of the directories online. The forms will have a preprinted template to follow, and you may also have an option for choosing to be treated by a third party, or you may be required to provide them with a third party to administer the policy for you.
As you evaluate a Student Medical Assistance Expense Policy Sample, you will notice the most important components are the underwriting requirements. There are a few other things that should be considered, and are important in making sure the policy is beneficial for your company and its employees. They are mandatory for all employers to have in place.
Rule One: this says that each employee is expected to make a contribution towards the cost of their health insurance. You should make sure that the amount they contribute is not greater than 10% of their gross salary. You are also responsible for their dependents, in the event of their death. Under Section 4 you should also include that if the employee has more than one dependant, they will receive a separate premium for each. In some cases this will change the benefit for your employee, but there are times where you do not need to consider this.
Rule Two: If an employee is covered under two or more policies of the same type, the employee’s income should be considered. Any situation where the employee is covered under different policies needs to be looked at separately, to make sure there is not overlap in either group.
Rule Three: Any changes to the policy or coverage needs to be explained. This will show up as the policy is a “change of coverage” under the policy. This includes changing the time that employees can request an increase in benefits or changing the benefits provided. It does not include changing the benefits to a lower premium.
Rule Four: Each employee is required to have the same amount of coverage. This means that if your employee takes a leave of absence they will be reimbursed for the actual amount of benefits that they were owed. Employees are required to notify you in writing of their intent to take a leave of absence. In addition, if you are the employer you will need to reimburse any benefits that are canceled by the employee before the period of leave ends.
Rule Five: Make sure all of the benefits are paid on time, regardless of whether or not an employee requests a pay period extension. If you feel that an employee is not showing proper punctuality, it is mandatory that you write this down and send it to your HR Department for them to review.
Rule Six: When reviewing the policy to make sure that the benefits are provided for all employees, who are covered by the policy. Employees who are not covered by the policy, need to be added to it.