Statutory Disability Statutory Disability If you are doing business in California, Hawaii, New Jersey, New York, Puerto Rico or Rhode Island and you have employees, statutory disability insurance is state mandated. Specific benefits and cost structures vary from state to state. In New York, there is a 7-day waiting period for either sickness or accident before a company will pay. The plan will provide a maximum benefit that is the greater of 50% of gross weekly earnings or $170.00. Also, there is a maximum benefit period of 26 weeks. This is a benefit that provides a 24 hour a day, seven days a week, non-work related coverage. Usually, statutory disability is a cornerstone benefit that employers will enhance with short term or long term disability. Rating Basis For fewer than 50 employees there is a rate for male employees and a rate for female employees. Once there are more than 50 employees the rate will be determined by "experience", which are rates determined by prior year loses, or the rates will be based on payroll. Whether you have a community rated plan with under 50 lives or an experience rated plan with more than 50 lives, it is recommended that you work with us to find the most competitive rate. |
