Posted 11:20 a.m. Friday, June 7, 2024
The Group Insurance Board has approved lowering the state income continuation insurance (ICI) premium rates by 10%, effective April 1, 2025
The changes consolidate the separate standard and supplemental coverage levels into a single coverage level that simplifies the program. The goal is a program that is easier to understand and administer.
Currently, standard coverage only covers an employee’s earnings up to $64,000 per year. An employee whose annual earnings are more than that amount can elect supplemental coverage to cover their full earnings, up to a maximum of $120,000 per year.
Beginning February 1, 2024, employees enrolled in the ICI Program will have their full earnings, up to $120,000 per year, covered automatically. There will be no optional supplemental coverage available.