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BWC approves $1 Billion Back Rebate to Ohio employers

MoneyThe Ohio Bureau of Workers' Compensation (BWC) Board of Directors approved a premium rebate for all public and private employers. The $1 billion in rebates for the approximately 210,000 employers would equal about 56 percent of employers’ 2011 rate year premium and would be sent to employers by check from the BWC. The rebates will apply to employers who are in a discount program and those who are not. Checks are expected to begin to be sent to employers in late June or early July of 2013.
 
However, employers participating in Group Retrospective Rating and Individual Retrospective Rating will have their rebate calculated separately based on their 2011 net premium relating to their retrospective rating program. The date of the mailing for the retrospective rating program rebates is to be determined, but will not occur as quickly as the employers not in a retrospective rating program.
 
Did you know? The Ohio State Bar Association has been providing members with discounts on workers' compensation premiums since 1993 through the OSBA group rating program administered by the Frank Gates Service Company. Find out more.
 






In addition to the $1 Billion Back Rebate, there are two other proposals that are awaiting additional approvals: the Safety and Wellness Grant Program budget would be increase from $5 million to $15 million; and
a legislative request to modernize the premium collection model will be made.
 
The request will ask to authorize BWC to move to a prospective payment system from the current model where employers pay their premium in arrears. To do so, the BWC would issue a $900 million credit to employers to offset the costs associated with the transition. If approved, a change in the premium collection model is not expected to be finalized until the summer of 2014, at the earliest.

For more information, please contact Kelly Denk at Frank Gates Service Company at (866) 244-8409 ext. 2536.

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