What are the three steps required before creating an Insurance plan?

The correct choice outlines the essential components that must be defined before creating an insurance plan within Workday. By establishing coverage levels, coverage types, and rates, you ensure that all foundational elements are in place for the plan to function effectively.

Coverage levels refer to the various tiers of benefits an employee can select, which might include different levels of deductibles or out-of-pocket maximums. Coverage outlines the specific services and items that are included under the plan, such as medical, dental, or vision services. Rates pertain to the cost associated with the insurance, including premiums that employees and employers will pay. Having a clear understanding of these components is critical, as they directly influence how the insurance plan will be structured and its attractiveness to employees.

The other options either focus on activities that may occur after the plan is created or do not encompass the fundamental information needed at the initial stage of insurance plan development. For instance, reviewing current plans or generating quotes is part of a later analysis rather than the initial creation process. Similarly, drafting benefits and communicating changes are activities that usually follow the establishment of the core plan details.