March 27, 2009
Last Opportunity to Sign Up...
New Workers’ Comp. Rating Just Released
The Ohio Bureau of Workers’ Compensation has moved forward in recent days with a series of rate reform actions that will render obsolete previous quotes to employers for the 2009 Group Rating Program.
Employers will want to be aware that discount percentage and premium savings estimates from quotes received prior to March 20, 2009 will likely vary significantly from the revised numbers on new quotes received after March 20, 2009.
In the new rating system (approved by BWC on March 20, 2009), quotes secured by employers previous to March 20, 2009 will, in all likelihood, be modified based on changes in these core areas:
- Base rate reductions averaging 25%
- Expected loss rate reductions for group and non-group employers
- Maximum discount reduced to 77%
- Adjustment Factor of 1.31 added to all group-rated employers’ rates
Comprehensive detail regarding just-enacted changes is available on the Ohio Bureau of Workers’ Compensation website, www.ohiobwc.com. The net result of changes will be realized in new actual rates that will be billed to employers in January.
Employers who want quotes based on the new "actual" group rates should work with Benefits 1 Group workers' compensation third party administration specialists or your designated TPA immediately.
Be sure to submit a group application NOW to be on time for the April 24, 2009 deadline for group rating. (Benefits 1 Group needs all quotes back by April 15th to allow time for processing.)
Please contact our offices for a full review of your potential savings. Managing workers' compensation insurance in the State of Ohio can be confusing, but we are here to help. We can be reached at 877-765-4200 or by email at .
Jennifer Pillitiere
Director of Operations
Benefits 1 Group
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