This article describes the rounding rules and the output they produce.
On the enrollment rules tab for any given plan, there are 6 options available for rounding rates, and the same 6 options are available for premium. These options are as follows: NoRound, Round Down, Round, Round Up, Math, and Financial. Furthermore, there is an option to set the Benefit Amount Round Factor to the place to round to (ie. ones, tens, tenths, etc.). The rounding options are described below.
- NoRound – this is the default value and won’t enforce any rounding on any values
- Round Down – this will round the value down to the nearest factor you provide as a Benefit amount round factor. So, if you have a factor of 1 and use round down, a value of $15.37 becomes $15.00.
- Round – this is the same as Financial round and is covered there.
- Round Up - this will round the value up to the nearest factor you provide as a Benefit amount round factor. So, if you have a factor of 1 and use round up, a value of $15.37 becomes $16.00.
- Math – this is mathematical rounding. It uses the same logic rounding in Excel uses or the same rounding rules you learned in school. 5 or greater rounds up and less than 5 rounds down. So, if you have a factor of 1 and use math, a value of $15.37 becomes $15.00. If you had a value of $15.51 it would become $16.00.
- Financial – Financial rounding (banker’s rounding) is an algorithm for rounding quantities to integers, in which numbers are equidistant form the two nearest integers are rounded to the nearest even integer. This means it could round up or down to get to the nearest even integer. For example, 0.5 rounds down to 0; 1.5 rounds up to 2. Other decimal fractions round as expected (ie. 0.4 to 0, 0.6 to 1, 1.4 to 1, 1.6 to 2, etc.). Only x.5 numbers get the "special" treatment.
Benefit amount round factor scripting is also an option. If the needed value is not available in the drop-down list of choices, OnLoad script can be added to set the factor. For example:
//OnLoad
Event.Config.RoundFactor = 75;
This example would set the rounding to round to the nearest 75. So a value of 120 would round down to 75 or round up to 150. A value of 3,212 would round down to 3150 and up to 3225.