NY Mandatory Disability Premium Increases Often Ignored By Small Business Owners
Brewster, NY, United States – February 9, 2015 /PressCable/ — Budget-minded small business owners can get helpful information and competitive quotes online regarding New York State’s Mandatory Short Term Disability Program from Healthplansny.com
New York is among a handful of states that require business owners to provide short-term disability coverage for their employees. Employers who wish to conduct business in New York State must purchase this insurance coverage ‘annual in advance’ through an approved insurance carrier who is authorized by the State’s Workers’ Compensation Board.
Those interested in learning more about The NYS Mandatory Disability Insurance program can go directly to the company’s product page here: https://www.healthplansny.com/nys_mandatory_disability/
The NYS Short Term Disability Program works by employers purchasing a short-term disability insurance plan on behalf of their employees to compensate for lost wages due to an illness or injury that occurs off the job. (Workers Compensation covers injuries that occur on the job).
The insurance payments do not cover employee hospital bills, medical expenses or rehabilitation. Benefit payments to the employee are equal to 50 percent of the worker’s average weekly salary but not to exceed $170 per week. The maximum payment period is 26 weeks during a 52 consecutive week period.
Jay Gerlitz a Partner at Healthplansny had this to say about The NYS Mandatory Insurance Program. “Since employers are required to provide this insurance and must pay annually in advance, many employers do not realize they have a choice to shop other insurance carriers and possibly reduce their annual premiums. Overtime, the premium increases add up and many business owners just don’t pay attention.”
New York companies of all sizes are invited to receive a free analysis of their NYS Mandatory Disability Short-Term insurance Program to see if they can reduce their premiums. Small business owners who want to learn more about HealthplansNY can visit the company’s website at https://www.healthplansny.com
HealthPlansNY was established to help small-business owners take control of spiraling health-insurance and supplemental-benefits costs. By partnering with well-respected insurance companies such as Aetna, Empire BlueCross, Emblemhealth, Health Republic, MVP, Oxford and United Healthcare, Healthplansny.com can help take the complexity out of the insurance buying process. With a combined 35+ years of experience, the principals of HealthPlansNY work with clients across New York, New Jersey and Connecticut to reduce insurance costs and provide coverage for small-business owners.