NYSIF Offers Enriched Disability Benefits For The First Time

                               New York, NY (CompNewsNetwork) - The New York State Insurance Fund announced that for the first time since it introduced low-cost disability benefits insurance, employers in New York State can now offer enriched disability benefits for their workers at NYSIF's same low rates.

NYSIF began selling statutory disability benefits insurance in 1950 at the outset of the mandatory Disability Benefits Law in New York State. Qualified employers now have the option to select enriched disability benefits insurance from NYSIF at up to five times the statutory coverage at attractively low NYSIF rates.

NYSIF slashed disability benefits insurance premium for New York State statutory coverage to a gender neutral $0.14 per $100 of payroll for male and female employees, effective January 1, 2010. Effective April 1, 2010, NYSIF is offering “Enriched Disability Benefits” based on the same low rate structure for employers who want increased disability benefits coverage for their employees.

“NYSIF lowered disability benefit premiums to make this mandatory coverage more affordable for New York employers,” NYSIF Chief Deputy Executive Director Francine James said, making the announcement of NYSIF Enriched Disability Benefits insurance. “Now we are applying the same affordable rates to enriched disability benefits coverage so that employers may select increased claim benefits for their valued employees.”

Disability benefits insurance offers partial wage replacement for employees for off-the-job injury or illness. NYSIF statutory disability benefits provides claim benefits equal to one-half of the employee's average weekly wage, up to a maximum weekly benefit of $170 for 26 weeks.
Beginning April 1, standard-risk policyholders can opt for incremental enriched coverage beginning at 1.5 times the statutory weekly benefit for an annual maximum premium as low as $37.13 per employee with a minimum annual policy of $90.

If they want to maximize disability benefits coverage for their employees, standard-risk policyholders can opt for as much as five times statutory coverage for a maximum annual premium of just $123.76 per person with a minimum annual policy of only $300.

Employers may also select enriched disability benefits coverage options that equal two, 2.5, three or four times the statutory weekly benefit.
For annual policies of $1,000 or more, NYSIFDB has a convenient payment plan which requires an initial 25% premium deposit, then spreads the balance of premium into nine equal monthly installments.

NYSIF enriched maximum weekly claim benefits pays $255 at 1.5 times the statutory benefit, increasing to $340 (2 x benefits), $425 (2.5 x), $510 (3 x), $680 (4 x) and $850 (5 x).

NYSIF bases standard rates upon an applicant's claims history and other underwriting conditions.

NYSIF is a non-profit agency of the state of New York created as part of Workers' Compensation Law of 1914. By law, NYSIF is a competitive insurance carrier that sells workers' compensation and disability benefits insurance to any employer doing business in New York State. Approximately 180,000 employers hold NYSIF workers compensation insurance policies, while 61,000 have active disability benefits policies.

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