May 13, 2016
The New York State Insurance Fund (NYSIF) today announced an expansion of its pay-as-you-go premium payment plan, NYSIF PAYGO, to include additional payroll service companies. NYSIF PAYGO is a simple and convenient way for eligible policyholders to pay their workers’ compensation insurance through approved payroll processors.
NYSIF PAYGO allows policyholders to better manage their workers’ compensation costs because NYSIF will calculate premium based on actual payroll for the period. More accurate premium calculations can mean smaller audit adjustments at the end of the policy period. In addition, NYSIF PAYGO policies are not required to pay a premium deposit.
The NYSIF PAYGO Advantage:
- Eliminates down payment requirements
- Calculates premium payments based on actual payroll
- Calculates more accurate premium payments, resulting in smaller audit adjustments
- Allows policyholders to match payments to cash flow
Frequently Asked Questions:
- Can enrollment occur at anytime?
- Policyholders are eligible to enroll at policy issuance or renewal.
- Is there a fee to enroll in NYSIF PAYGO?
- NYSIF does not charge a fee for the program. However, payroll companies may assess a small fee.
- Will a policyholder receive a bill from NYSIF while on this plan?
- Policyholders will not receive a bill unless there is a balance related to a prior period.
- Will NYSIF require audits for NYSIF PAYGO clients?
- NYSIF will continue to audit policies, but we expect the amount of time and work related to audits to significantly decrease.
NYSIF PAYGO Eligibility
- New or renewal policies with annual premium of $1,000 - $250,000
- Annual premium larger than $2,000 for all contracting codes (excluding roofing, which is not eligible for PAYGO)