Security Verification

New Jersey Workers’ Compensation Claim Payments Rising

New Jersey Workers’ CompensationThe latest benchmark report released by the Workers Compensation Research Institute (WCRI) examined the top factors behind changing costs in the workers’ compensation systems of seventeen states. The study placed particular emphasis on the role and impact of legislative and regulatory reform. The 15th edition of the CompScope™ Benchmarks report examined indemnity costs, medical payments and the cost of delivering benefits to injured workers in the states that represent roughly 60 percent of the nation’s workers’ compensation benefit payments. Included in the reports is data from Arkansas, California, Florida, Georgia, Illinois, Indiana, Iowa, Louisiana, Massachusetts, Michigan, Minnesota, New Jersey, North Carolina, Pennsylvania, Texas, Virginia and Wisconsin.

The studies provide a baseline of current costs and trends for system stakeholders and documents how payments per claim and their cost components changed between 2008 and early 2014. Costs remain high in locals such as Illinois, New Jersey and Wisconsin. In fact, New Jersey had the second highest average medical claim payment per capita for physician care at $7,391. However, workers’ comp payments for medical expenses are not increasing everywhere. The study found that the cost of workers’ comp expenses are holding relatively steady in many states and even decreased in some states, such as California. The study links new provisions from California Senate Bill 863 to the decline in medical payments per claim in 2013 and 2014, as an early reduction in costs was seen in the aftermath of the bill.

While most employers need a quality workers’ compensation system, there are a number of ways that employers can still keep their expenses low. From managing safety in the workplace to encouraging workers to managing claims cases wisely. At Associated Specialty Insurance Agency (ASIA), we understand your clients likely have many questions about their New Jersey Workers’ Compensation coverage. Our focus over the past two decades has been exclusively in Workers’ Compensation, providing insurance agents and brokers with access to markets and programs for their clients throughout our target states of New Jersey, Pennsylvania, New York, Connecticut, Delaware, Maryland, Virginia, North Carolina, and Florida. For more information about our services and what industries we target, please contact us today at (866) 679-7457.

This entry was posted in blog, New Jersey, Workers Compensation and tagged , , , , , . Bookmark the permalink. Follow any comments here with the RSS feed for this post. Trackbacks are closed, but you can post a comment.