قالب وردپرس درنا توس
Home / Insurance / Slight increases in cost per compensation in 18 states: WCRI

Slight increases in cost per compensation in 18 states: WCRI



An analysis of cost-per-claims and other performance indicators across 18 government compensation schemes for claims through March 2020 for claims through 2019 shows stable to modest increases, according to a series of reports released Thursday by the Workers' Compensation Research Institute.

The Institute of Cambridge, Massachusetts, states that studies include experience with allegations of early COVID-19 pandemics, resulting in a "good baseline" for future evaluation of the virus 'impact on workers' skills.

The data examined include the average total cost per indemnity, the average indemnity per indemnity for healthcare and the average payment per indemnity for indemnity. The 1

8 states in the study are Arkansas, California, Florida, Georgia, Illinois, Indiana, Iowa, Louisiana, Massachusetts, Michigan, Minnesota, New Jersey, North Carolina, Pennsylvania, Tennessee, Texas, Virginia and Wisconsin. There are individual reports for all states except Arkansas, Iowa and Tennessee.

Highlights of the reports include:

  • In California, the total cost per claim with more than seven days lost time has been most stable since 2010. In 2019, the last year during the study period, the total cost per claim increased by 4%, which is largely driven by a 6% increase in compensation benefits per claim.
  • In Florida from 2014 to 2018, the total cost per claim with more than seven days of lost time had increased moderately by 4% per year over the duration of all claims. In 2019 and 2020, this measure increased by 8%, driven by faster growth in compensation benefits and medical payments per claim in the last twelve-month valuation. The cost per claim in Florida since 2014 was faster than in most states.
  • In Georgia, the total cost per claim with more than seven days of lost time has been relatively stable since 2008 and was higher compared to other studies. Higher claims per claim and litigation per claim in Georgia were the main drivers of the higher than typical total costs per claim.
  • In Illinois, the total cost per claim with more than seven days of lost time has increased between 1% and 3% per year since 2012, based on receivables with 12 to 48 month maturities. This growth reflects small increases in medical payments per claim, reimbursement benefits per claim and costs for the delivery of benefits per claim.
  • In Indiana, total costs per claim increased by 3% per year from 2014 to 2019 for claims with more than seven days lost time at 12 months experience. However, these results obscure the underlying changes from 2014 to 2016 in the key cost components – medical, reimbursement and benefit costs, or costs to manage medical costs and disputed costs – all related to the provisions of the House Enrolled Act 1320.

Catalog


Source link