The New York State Insurance Fund (NYSIF) issued an update on June 19 noting that Gov. Andrew Cuomo recently announced the elimination of a number of Workers’ Compensation Board (WCB) fees as a part of the 2015-16 state budget.
According to WCB, the elimination of these fees will save an estimated $95,000 to individuals and businesses in New York. Across all affected agencies, the total annual savings is expected to be $3 million, WCB said.
The following WCB fees have been eliminated effective April 1, 2015:
- Licensing compensation medical bureaus and laboratories ($200 per year per office; $50 per lab)
- Physician arbitration fees (Pre-regulation/per arbitration)
- Licensed TPAs ($100 license fee and $500 authorization fee)
- Psychologist arbitration fees (Pre-regulation/per arbitration)
- Chiropractor arbitration fees (Per regulation/per arbitration)
- Podiatrist arbitration fees (Per regulation/per arbitration)
- Licensed hearing representatives fee (Not to exceed $100 per year)
New Maximum Weekly Benefit Rate
NYSIF said WCB also updated the maximum weekly benefit rate for New York’s workers’ comp claimants. Since July 1, 2010, the maximum weekly benefit rate for workers’ comp claimants has been two-thirds of the New York State average weekly wage for the previous calendar year, as determined by the New York State Department of Labor.
The Department of Labor reported to the superintendent of the Department of Financial Services that the New York State average weekly wage for 2014 was $1,266.44. Accordingly, for workers’ comp claims with dates of accident or dates of disablement during the period from July 1, 2015 through June 30, 2016, the maximum weekly benefit rate will be $844.29.
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