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News

The National Insurance Board

3/2/2009 12:00:00 AM

The National Insurance Board
Press Release



As of March 2, 2009, all claims submitted for short-term benefits by employed persons (i.e., persons who have bosses) must be accompanied by an Employers Certification form (Med 4). The new Med 4 form is a single- sheet addition to the Med 1, Med 1A and Med 2 forms. It requires the employer to certify that an employee is/was/will be off from work for the period stated.

In the past, only attending physicians and claimants were required to provide information on claims for Sickness, Maternity and Injury Benefits. Unfortunately, this permitted persons to receive income-replacement when they were, in fact, not off from work and were not losing any income.

To address this and to improve the claims management process, employers are now required to confirm the period that an employee is off from work by means of the new Med 4 form. Claims for Sickness, Maternity and Injury Benefits will not be processed without it.

The processing time for short-term benefits is currently pegged at three working days; the added requirement of the Med 4 is not intended to slow the process and is intended to ensure that claims are only approved for persons that qualify.

The new fom will be among those that each employer will be required to have in his workplace. Currently, all places of business are required to keep on-hand C10 (monthly contribution statement) forms; B60 (Interim Report of Accident) forms; and B44 (Employer’s Report on Accident at Work) forms.
The new Med 4 form will be placed on the Board’s website for easy access.
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The National Insurance Board (NIB)began operations in October 1974, to ad-minister a social security system that wouldprovide workers and their families withbasic financial protection against the lossof employment earnings in the event ofsickness, childbirth, retirement, invalidity,death, workplace injury (1980), and un-employment (2009). Under NationalInsurance, insured contributors are coveredfor three main types of contingencies –
Employers are reminded that summer students between the ages of 14 years and 24 years, who are employed for an aggregate of 10 weeks, between the period June 1 and August 31, in any year, are exempted from paying National Insurance contributions from their earnings. The employer, however, is required to pay contributions of two percent (2%) of the students’insurable wages in respect of their summer earnings.
For the first time since the National Insurance programme started in 1974, the rate of contribution payments will be increased for employed persons. Beginning June 1, 2010, the rate will be increased by 1% – one half percent (.50%) to be paid by the employer, and one-half percent (.50) to be paid by the employee. This means that the current rate of 8.8%, shared 5.4% for employer and 3.4% for employee, will change to 9.8%, shared 5.9% for employer, and 3.9% for employee. This translates to a maximum weekly increase of $2 for the employer and $2 for the employee.
Direct Deposit
5/19/2010 7:30:11 AM
In February 2006, the National Insurance Board (NIB) began the initiative to have all long-term benefit and assistance payments deposited directly into pensioners’ bank accounts. Apart from the efficiency gained as a result of the direct deposit, NIB considered the initiative to be a significant step forward in ensuring that the actual process of paying pensions and assistance payments was more humane and individualized, as well as confidential.
The National Insurance Board and The Bahamas Pharmaceutical Association announced on Thursday that they are working together to successfully launch the National Prescription Drug Plan (NPDP) in August of this year.
The National Insurance Board and The Bahamas Pharmaceutical Association announced on Thursday that they are working together to successfully launch the National Prescription Drug Plan (NPDP) in August of this year.