Enriched Disability Benefits

Effective April 1, 2010, the New York State Insurance Fund now allows employers to participate in Enriched Disability Benefits Insurance coverage, providing employees with disability benefits at a greater claim benefit than the statutory requirement.

NYSIF Disability Benefits Insurance options for employee claim benefits effective April 1, 2010:
(1)
Statutory disability benefits insurance claim benefits equal ½ the average weekly wage of the employee, up to a maximum weekly claim benefit of $170 for 26 weeks (if required) within a 52 week period. Disability benefits begin on the eighth day of disability.

(2) Enriched disability benefits insurance claim benefits equal ½ the average weekly wage of the employee at up to five times statutory coverage, as selected by the employer, for 26 weeks (if required) within a 52-week period (see table below).

NYSIF Disability Benefits Insurance Standard Rates effective January 1, 2010:
(1) Statutory disability benefits premium for a standard risk policyholder is calculated at $.14 per person, applicable to each $100 of covered payroll, limited to a maximum payroll of $340 per week, per employee. The statutory annual premium calculation = $0.14 x ($340/100) x 52 weeks = $24.75 per person.

(2) Enriched disability benefits premium for a standard risk policyholder is calculated at $.14 per person, applicable to each $100 of covered payroll, limited to a maximum payroll of $340 per week times the selection of coverage chosen by the policyholder. For example, for enriched coverage at 1.5 x $170, the annual premium calculation = $0.14 x (1.5 x $340/100) x 52 weeks = $37.13 per person.

Selection of Coverage Maximum Weekly Claim Benefit Annual Premium Weekly Premium Minimum Annual Policy Premium
Statutory $170 $24.75 $0.48 $60.00
Enriched at 1.5 x $170 $255 $37.13 $0.71 $90.00
Enriched at 2.0 x $170 $340 $49.50 $0.95 $120.00
Enriched at 2.5 x $170 $425 $61.88 $1.19 $150.00
Enriched at 3.0 x $170 $510 $74.26 $1.43 $180.00
Enriched at 4.0 x $170 $680 $99.01 $1.90 $240.00
Enriched at 5.0 x $170 $850 $123.76 $2.38 $300.00

Employee wages include reasonable value of tips, board, housing, or measurable compensation received from employment.

NYSIF standard rates may be increased by a premium modification based upon the cost of claims and other underwriting conditions. New applicants with existing coverage and 15 or more employees are requested to submit their current three-year disability benefits insurance claims history from their current insurance provider to qualify for standard rates.

NYSIF policyholders may apply for enriched disability benefits insurance at the time of application when completing the UDB-36 application form or may change their selection of coverage annually prior to the first day of renewal by completing the DB-SOC Selection of Disability Benefits Insurance Coverage Change Form.

For additional information about NYSIF disability benefits insurance please reference the UDB-36A disability benefits insurance information page.