Over the last ten years, the dramatic rise in health insurance premiums has dominated the headlines. The premium increases are a reflection of the escalating cost of medical services. In the shadow of the health insurance predicament is the same upward pressure on medical expenses within the Workers Compensation system. On the job injury claims, covered under Workers Compensation insurance, are part of the same healthcare delivery system for injuries and illness not related to your employment.
New York State just published a study on the medical spending patterns within the Workers Compensation system, which can be found here.
This summary shows a statistical analysis and will color in some of the reasons why the cost of Workers Compensation claims continues to rise. When the cost of claims rises, so does your Workers Compensation premium.
A better understanding of the costs allows us to help you control your claims and therefore your premium.
Contact me to talk more about Workers Compensation, and the best plan for preventing loss and keeping your employees safe and well.