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Healthcare Effects on Workers’ Compensation

Healthcare Effects on Workers CompensationAs we continue to adapt to the new healthcare trends we are exposed to, some can be harder than others to adjust to. According to an article in IA Magazine, new healthcare trends can stir up change for workers’ compensation. Make sure you stay protected with Workers’ Compensation Insurance policy.

The first new change that will have an effect on workers’ compensation is medical costs at a rise and shift. According to Peter Burton, for the National Council on Compensation Insurance, “medical now represents on average 60% of benefit dollar provided to injured workers nationally.” Why are medical costs rising and what can we do about them?

We’ve seen this rise in health plans and in workers’ comp policies regularly. To help control the increase in medical costs, states should direct medical care. Depending on the state you reside in, an injured worker must go to a proposed physician to give appropriate care. In states where they direct the care, employers see a reduction in claim costs because the injured worker receives medical care that actually fits the injury.

Another point to consider in how healthcare affects workers’ compensation costs is the duration of treatment for an injured worker. Our working population today is mostly an aging population and data shows that rehabilitation for aging workers is longer. Additional treatment can take longer and impact medical costs.

In addition, medical costs can change under the Affordable Care Act. This is because the authorization of capitation models can effect an enrolled plan member to have a set amount regardless if they take medical or not.

There are changes in the healthcare world that are important to be aware of and adapt to when taking care of your business. Keep them in mind and follow the guidelines for a successful, low-cost, policy.

About ASIA

At Associated Speciality Insurance Agency, we provide a market for tons of healthcare professionals including dentists, doctors, etc. We are committed to offering exceptional service and a complete portfolio of coverages. Also, we will give you and your client responsive claims handling, basic liability and property risks. Call us today at 866.679.7457, for more information on our policies that will best fit your insurance needs.

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