Wisconsin Public Employers Income Continuation Insurance Program Is Still Offering Free Enrollment; Think About It Today

                             

 Have you heard of the Income Continuation Insurance Program offered by Wisconsin Public Employers (WPE)? The Group Insurance Board has approved this programme, which is offered to regional firms signed up with the Wisconsin Retirement System.

Consider giving your staff access to this benefit right away. Based on the healthy financial state of the regional ICI plan, the Group Insurance Board has extended the Income Continuation Insurance (ICI) Program premium holiday for 2023. This indicates that neither businesses nor employees will be required to pay premiums for the ICI's basic or supplemental coverage. Since January 2012, there has been a premium holiday because to the local ICI Program's healthy financial situation.

The following advantages are provided by the programme, which is run by the Department of Employee Trust Funds:

Income continuation for workers on long-term disability leaves due to illness or injury.

There are two levels of coverage: Standard, which pays benefits up to $64,000 per year, and Supplemental, which pays benefits up to $120,000 per year. When not on a premium holiday, the employee is paid in full for supplemental.

When the holiday is over, who will pay the premium?

The total ICI premiums are determined by multiplying the employee's elimination period choice by the employee's average monthly earnings for the prior calendar year (or projected average monthly earnings for those employees listed in subchapter 400 of the Income Continuation Insurance Administration Manual (ET-1145)). The minimum contribution from employers is the sum of the premiums for the 180-day elimination period. For any additional elimination period that the employee chooses, the employer may decide to make a larger contribution toward the overall premium.

Employees who are qualified for and choose supplemental ICI coverage are responsible for paying the full premium. The supplementary ICI premium is not something that employers may pay for. No premiums are required from the employee or the employer during the premium holiday.

Process of Participation

Employers must submit a resolution 90 days before the date they want to start giving the coverage in order to participate in the WPE ICI programme. Every month, coverage starts on the first.. Please read the How to Become a Participating Employer Under the Wisconsin Public Employers Group Income Continuation Insurance Program (ET-1140) document for additional details on this procedure

Conclusion;

Your employees will have peace of mind knowing that they have a benefit that guards them against unforeseen income loss due to an illness or injury with a protracted recovery period because you are a participating employer in the WPE ICI programme. The best aspect is that local firms and their employees currently receive it free of charge.