Ohio: WC board expands options for employer deductible program
According to officials, the program's new option will offer deductible levels between $25,000 and $200,000 and is intended to give large employers more options to mold a workers' comp plan that will best suit their business needs.
"The Large Deductible Program is a true insurance program that is offering employers another option to save on their workers' compensation costs by accepting a particular level of risk," said Marsha Ryan, administrator of the BWC. "This and our arsenal of performance-based new programs are helping employers mold their workers' compensation plan to fit their overall business needs while keeping safety at the forefront of those plans."
With the Large Deductible Program, an employer will agree to pay the portion of a claim that falls below the selected deductible level. For taking on this degree of risk, the employer receives a premium discount.
Last year, BWC implemented its first deductible program, offering five deductible levels from $500 up to $10,000 per claim. For the program year beginning July 1, 2009, 580 employers registered for the smaller plan. With the Large Deductible Program, qualified employers can now choose from deductible levels of $25,000, $50,000, $100,000, or $200,000, and a "stop loss" option limits the employers' exposure at three times the per claim limit chosen. The Large Deductible Program will be available to employers beginning July 1 with registration for either program taking place from March 1 through April 30.
Read more at the WORKERSCOMP ForumTM homepage.
February 18, 2010
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