People who suffer from short or long term disability which is not related to work are eligible to get disability benefits through the New York State Insurance Fund or other state-approved disability benefits carrier. There are some conditions which you should meet to receive disability benefit from NY State Insurance Fund. These requirements are including you should have worked for the same employer for at least 30-days in a single year. Even though other benefit carriers are able to be used in some cases, NY State Insurance Fund is the typical carrier for disability benefits in the United States of American.
As basic information, NY State Insurance Fund is non-profit agency of New York state which was founded in 1914. The organization has the mission to provide guaranteed source of workers’ compensation insurance coverage. This compensation is offered at the lowest possible cost for the employers in New York State. Even though it holds the status as State organization, NY State Insurance Fund is operating based on SIF or Self-Supporting insurance carrier. It means the organization is still competing with private insurance agency. Like other insurance agencies, NY State Insurance Fund is collecting premiums from the employers to pay for the claims and other related medical expenses of employees who are injured on the job. According to the law, the premiums must be fixed at the lowest possible rates because SIF must give coverage to any employer who is looking for it despite of the business type, safety record, and size. There is a condition where SIF denies the coverage. This is if the employer owes SIF money from previous bill or account.
To get more information related to the type of insurance and other information on NY State Insurance Fund, you are recommended to visit their official website.
Based on New York State Worker’s Compensation Board, employers in New York who are hiring one or more employees for more than 30 days every year must get disability benefits from approved insurance company for employees. NY State Insurance Fund offers temporary cash disability benefits for individual employees who suffer from disability from serious illness, injury, or complications caused of the pregnancy. New York disability law stated that individual wage earner who receives disability benefit provider such as NT State Insurance Fund is due a claim benefit equal to half their weekly wage. The organization has the policy that the maximum weekly disability claim amount is not able to exceed $170 per week if the statutory benefits are provided. The wage earner is able to claim the benefits for more than 36 weeks in a 52-week period based on statute.
New York employers who are planning to provide more for their employees are recommended to buy additional enriched disability benefit coverage. NY State Insurance Fund offers enriched disability benefits. These benefits allow the wage earner to have weekly claim benefit which is equal to half of his weekly wages every week. However, enriched benefits do not allow the weekly claim benefit to exceed five times the statutory claim benefit amount. It depends on the employees’ choice to pay the benefits.
- Images: nysif.com, das.ohio.gov