For persons working in New York State whose hourly wage is above the applicable median wage, there are numerous insurance benefits that may be available to them as compensation for loss of income, health care costs, and rehabilitation. These benefits vary from person to person, and depend on a number of factors, such as the length of time the individual has worked for the company, their age, the amount of years they have worked at the same job, the type of employer, and the nature of their job. Most of these insurance benefits are also referred to as compensatory hazard insurance. These include the following:
The New York State Insurance Department administers and promotes insurance policies in New York State. Among its many functions is the development and implementation of a comprehensive insurance coverage policy that protects both the insurer and the insured. One function of this department is the establishment of an Office of Worker’s Compensation Insurance (OW CI). This office administers the State’s Workers’ Compensation Insurance program and prepares claims for benefits, collects premium payments from insured parties, pays benefits, issues compensation checks, and ensures that the program is administered competently.
Insurance benefits are available to all categories of workers covered by private, government, or union insurance policies. Coverage may be provided through private sector employers, which may include hospitals, medical offices, and doctor’s clinics, or it may be offered by government agencies such as the State Office of Insurance Regulation. Insurance benefits may also be obtained directly from the employer, through an employer’s payroll deductions. Benefits received directly from the employer are only tax-qualified if the employee had worked in a covered business for a specific period of time and had been paid a predetermined minimum wage for that period. However, most of these insurance benefits are only tax-qualified when they are offered directly from an employer and are not taxable income on the part of the employer who receives them.