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Florida Approves Lower Workers Comp Rates
November 15, 2014
Florida businesses will save some money next year, after the state Office of Insurance Regulation on Thursday announced an overall 5.2 percent decrease in workers-compensation insurance rates.
The announcement came after Insurance Commissioner Kevin McCarty last week rejected the National Council on Compensation Insurance’s proposed overall 3.3 percent rate decrease. Instead, McCarty gave NCCI, which files rate proposals each year, until Tuesday to re-file with a bigger cut. McCarty deemed the initial filing as “excessive and unsupported” due to an increase in an underwriting-profit and contingency provision. NCCI represents about 250 insurers.
The new rates are scheduled to go into effect in January and follow a series of increases in recent years. Last year, the overall rate grew 0.7 percent. That came after increases of 6.1 percent, 8.9 percent and 7.8 percent in the three previous years.
by The News Service of Florida
Comments
One Response to “Florida Approves Lower Workers Comp Rates”
And absolutely no mention of benefits? Are injured workers getting the care they need? Are doctors getting paid enough too be willing to take a Work Comp patient? Are workers compensation benefits enough that all injured workers are able to pay their bills and feed their families while they recover or have to wait to get on SSDI?
Are claims benefits being paid in a timely manner so injured workers aren’t having to live with administrative abuses of claims adjusters creating needless delays in payments?
Who advocates for injured workers in the state of Florida? No one. They get pseudo health care and benefits with long waits of administrative abuses that make them feel like they are being punished for getting hurt on the job.
Mind you, I’m talking about the 20% of workers with life altering injuries. Not the 80% with burns, cuts, muscle strains or bone breaks that are healed and better in a few weeks to a few months.
With work comp, the greater the injury, if life altering, the more difficult the system is for the patient who ends up forced into settling with the carriers instead of getting the health care in a timely manner that they need.