NYSIF Lowers Disability Benefits Insurance Rates

December 29, 2009

The New York State Insurance Fund is lowering disability benefits insurance standard premium rates to all new and existing policyholders in 2010. The new rate represents a 12.5 percent premium rate decrease for male employees and a 56 percent decrease for female employees.

The NYSIF disability benefits standard premium rate for New York State coverage on new or renewing policies effective January 1, 2010 is now gender neutral at $0.14 per $100 of payroll for both male and female employees. The new standard premium rate will be the lowest NYSIF disability benefits rate in more than 20 years.

Qualified policyholders will pay only $24.76 per employee annually for employees earning $340 per week or more. Premium is prorated for seasonal employees and employees earning less than $340 per week.

The minimum annual premium for a NYSIF disability benefits policy is $60. Policyholders with a three-year claims average that is greater than the estimated premium may be subject to a premium differential until claims history becomes favorable.

Also coming in 2010, NYSIF has been approved to begin offering enriched disability benefits coverage. For the first time, employers who want to offer increased disability benefits to their employees can opt for Enriched NYSIFDB based on the same low rate structure.

For additional premium savings, NYSIF will continue to offer the Premium Adjustment Plan for policyholders with over $1,000 in annual premium.  The Premium Adjustment Plan rewards policyholders with an annual premium credit when yearly claims are less than 80 percent of the reported annual premium. 

Since 1950, employers have take advantage of NYSIF low-cost disability benefits insurance.  Disability benefits insurance provides partial temporary wage replacement for off-the-job injury or illness. Coverage is mandatory in New York State. 

NYSIF offers convenient web services including online quotes, certificates of insurance and bill paying services. Immediate quotes are available at www.nysif.com or by calling toll-free at 1-866-697-4332.

NYSIF currently insures 61,000 disability benefits policyholders.