Work Comp rate cut approved 2018
ALLRIGHT.....Here we go! The Work Comp rates have been approved for a rate cut of 3% due to lowered medical costs directly linked to the SB863 reforms.
What does this mean to you......well probably nothing at all. The rate cut is 'advisoral' and not mandated to insurance companies. Commissioner Dave Jones has asked the insurance carriers to pass the reduction onto their insureds but has not required them to do so......ummm right. I am sure they will do that.
Just so you know, a reduction of medical costs is what has driven a 9% per claim reduction in Work Comp claims over the last 3 years. Of course we have all felt the economic burden of Work Comp payments reduce over those last 3 years, right?
You can read the full article HERE.
Let me know what your thoughts are on this. I am interested in knowing .....is it just me?