NYSIF Delivers Nearly 800,000 Faster Payments to Injured Workers and Beneficiaries; Direct Deposit Enrollments Rise 46% in Last 18 Months
New York, NY, Feb. 08, 2024 (GLOBE NEWSWIRE) — The New York State Insurance Fund (NYSIF), the state’s largest workers’ compensation insurer, announced the results of its 18-month-long effort to bolster enrollment in direct deposit and fast-track workers’ compensation and disability benefit payments, helping injured workers gain quicker access to their benefits and saving them money.
“When a worker suffers an injury, it is often a life-altering event that breeds uncertainty and anxiety for them and their families,” said Gaurav Vasisht, Executive Director and CEO of NYSIF. “NYSIF’s campaign to enroll injured workers in direct deposit and deliver faster payments helps workers struggling to stay afloat, easing them toward greater financial stability and reducing their reliance on payday lending, check cashing, and bank overdraft fees, which strip billions from workers each year and contribute to income inequality.”
Launched 18 months ago, NYSIF’s program involves two key components. First, at the onset of a claim, NYSIF informs injured workers about the advantages of direct deposit, including receiving benefits faster, as well as the convenience of avoiding a trip to the bank. Second, the initiative speeds up direct deposit payments, which could take several days to clear, by using same-day ACH, giving workers access to benefits within 24 hours of payment instead of several days.
Since the program began, NYSIF has issued approximately 778,000 faster payments to workers and beneficiaries, and its direct deposit enrollment has jumped 46%. The initiative has enabled tens of thousands of injured workers to access their benefits quickly instead of waiting an average of 7 to 10 days for a mailed paper check to arrive and clear once deposited. Workers previously enrolled in direct deposit also benefit from the initiative, receiving their funds up to three days sooner through same-day ACH.
Mario Cilento, President of the New York State AFL-CIO, said “Workers’ compensation is a lifeline to injured workers and their families, who simply can’t afford unnecessary delay in the delivery of desperately needed wage replacement. We commend NYSIF, and its highly-skilled union workforce, for once again innovating and setting an example for the industry on how to deliver benefits to injured workers as efficiently and effectively as possible.”
The results announced today are part of NYSIF’s broader effort to accelerate workers’ receipt of benefits and access to essential claims information. It comes four months after the launch of NYSIF’s claim mobile app, which enables injured workers with a smartphone to instantly access claims information, including the status of their check, claim managers’ contact information, virtual prescription cards, upcoming appointments, and a link to enroll in direct deposit.
Since its launch, the app has been downloaded more than 4,000 times, with more workers signing on daily. Injured workers without smartphones continue to access traditional methods of communication, including telephone and email. NYSIF’s faster payments and mobile app allow it to serve injured workers more effectively.
With nearly 200,000 policyholders, $1.9 billion in annual premiums, and over $20 billion in invested assets, NYSIF is the largest workers’ compensation insurer in New York State and among the 10 largest nationwide. NYSIF’s mission is to guarantee the availability of workers’ compensation, disability insurance and paid family leave at the lowest possible cost to New York employers while maintaining a solvent fund. Since its inception in 1914, NYSIF has fulfilled this mission by competing with other insurance carriers to ensure a fair marketplace while serving as a guaranteed source of coverage for employers who cannot secure coverage elsewhere. NYSIF strives to achieve the best health outcomes for injured workers and be an industry leader in price, quality, and service for New York employers. For more information, visit nysif.com.
CONTACT: Betsy McCormack NYSIF 518-437-5215 [email protected]
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