Detroit workers comp lawyer explains the reasons why insurance premiums are decreasing for businesses.
We should be proud of our workers comp system. It provides medical coverage and wage loss benefits to employees who are hurt on the job. It also protects employers from civil lawsuits and excessive jury awards. It’s the glue that holds our workforce together.
Some special interest groups want to change the law for their financial benefit. They argue that reform is needed to make Michigan more competitive. Don’t believe the hype. These special interest groups want to reform workers comp and take away your right to medical treatment so they can pay less on legitimate claims.
With the cost of medical care soaring around the country, it is predicted that insurance premiums for workers comp insurance will actually decrease significantly this coming year.
Why workers comp insurance premiums are falling
LARA Director Steven H. Hilfinger has announced that the pure premium advisory rates for worker’s compensation insurance will drop by an average of 7.4 percent. These rates are the annual measure against which private insurance carriers can compare their rate structure for the coming year. The pure premium rates are developed by examining historical loss data and changes in the law.
Workers Compensation Agency Director Kevin Elsenheimer said the drop in average rates for 2011 is likely due in part to a reduced number of injury claims and a fee schedule which controls medical costs.
These reduced premiums will directly benefit employers who purchase workers comp insurance. It also shows that self-insured employers are paying less in workers comp claims.
How this applies to you
You are entitled to reasonable and necessary medical treatment for your work injury. This benefit is unlimited and can be paid for life. You will have no co-pays or deductibles. It is perhaps the most important benefit under workers comp.
When a doctor or hospital accepts a workers comp patient, the fee schedule controls the cost. This means that your employer cannot be overcharged for providing you with medical care.
Don’t let your employer or its insurance company deny you workers comp benefits. You should always report a work injury and seek appropriate medical treatment.
– Alex Berman is the founder of Michigan Workers Comp Lawyers. Hes been representing injured and disabled workers exclusively for more than 35 years. Alex has helped countless people obtain workers compensation benefits and never charges a fee to evaluate a case.