Complete Story
10/09/2019
Another Billion Back & Other BWC News
Important Deadlines:
- October 21, 2019: BWC Premium installment due if you pay on a Monthly or Bi-Monthly basis.
- October 23, 2019: Cut-off date for CareWorks Comp to receive AC3 forms (Temporary Authorization Form) to request Group Rating/Group Retrospective quote for 2020 Rating Year.
- November 15, 2019: Deadline to enroll into traditional Group Rating with CareWorks Comp for the 2020 Rating Year.
Your Billion Back Rebate Check is Coming Soon!
In June, the Ohio Bureau of Workers Compensation Board of Directors approved a $1.5 billion rebate to Ohio employers with an active BWC policy. According to the BWC, it will distribute checks to nearly 180,000 public and private employers. The BWC expects to begin mailing checks to public employers on September 26th, followed by private employers through October 24th. This will mark the fifth time since 2013 the
BWC has returned at least $1 billion to Ohio employers.
The $1.5 billion will equate to 88 percent of the premiums Ohio employers paid for the 2017 policy year which ended June 30, 2018. The majority of rebate will go to private employers, while public entities are estimated to receive approximately $164 million in rebates.
What’s an EMR and Why is it Important?
The Experience Modifier Rate (EMR) plays a pivotal role in determining an employer’s premium rates and, in some cases, obtaining work as a subcontractor. The BWC calculates the EMR based on a comparison of the employer’s experience period claims compared to an industry average expected claim level. The EMR is used as a gauge for future claim costs and serves to adjust an employer’s premium if claims are above or below expected levels. The EMR is applied to the base rate and is used as a base rate credit discount or a penalty rate surcharge.
Read more about EMRs and discover more happening with CareWorks Comp
Contact your BDD for more information on Association partner, CareWorks Comp.
