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Update for Providers: Workers Compensation Rate Decrease

Friday, July 26, 2019   (0 Comments)
Posted by: Heather Novoselac
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Workers Compensation Rates to Decrease in WI

 


Thank you to our elite business sponsor, M3 Insurance, for providing WALA members with the following information: 

Effective October 1, 2019, Workers Compensation rates will be decreasing in WI across the board by an average of 8.8%. Senior Living facilities are performing even better, and for the governing class codes for assisted living and skilled facilities, that rate will decline 16.2% and 7.6% respectively. The trend seems to indicate that carriers overall are doing a better job reserving claims. With some of the predictive analytics carriers are using, the claims don't have as much of a development factor. 

 

Further, the decrease in Senior Living rates are attributed to the reduction in frequency of claims and indemnity (lost time) cases. Assisted living performance was further boosted by a reduction in total incurred costs.

 

Workers Compensation medical costs continue to rise, although the medical cost inflation was not as high in 2019 as in years past. Triaging your claims either with internal staff or external assistance and/or utilizing Telehealth strategies continue to be used by carriers to reduce unnecessary emergency room and urgent care visits, while still providing appropriate medical treatment.

Following are the new rates for the different job codes:



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