Prestige Insurance Group, Inc.

Contact Us!
Phone: (305) 969-8745
Email: info@prestigeinsurance.net

Se Habla Espanol

Prestige Insurance Group, Inc.

Florida's workers compensation insurers, already on record recommending an average 2.5 percent cut in rates, now say that a 3.3 percent cut is justified.

The modification in the industry's rate filing by the National Council on Compensation Insurance (NCCI) rating organization is the result of lower than expected hospital charges that could save insurers about 0.8 percent or $26 million.

In August, NCCI, which serves Florida as both its ratemaking agency and statistical agent, proposed a statewide overall rate decrease of 2.5 percent based on fewer claims and lower wage-loss and medical benefits.

The newly proposed rate reduction comes as a result of a change in how Florida sets some of its reimbursement rates for outpatient surgeries and inpatient hospital stays. NCCI calculates that changes in rates for outpatient services will result in $16 million in workers compensation savings while a change in inpatient services charges will save insurers about $10 million.

According to NCCI, overall medical costs represent 69 percent of the total cost borne by workers compensation insurers while hospital costs account for 37 percent of those medical costs.

The Office of Insurance Regulation plans to hold a hearing on NCCI's rate recommendation on Oct. 14.

The new rates would take effect on January 1, 2015.

The Workers Compensation Research Institute has found that hospital outpatient services in the state increased by 10 percent per year between 2005 and 2010.

Insurance Commissioner Kevin McCarty and others have argued that increased hospital costs have been a major cost driver in workers compensation.

*****
Protect your business. Call Prestige Insurance Group, Inc. at (305) 969-8776 for more information on Miami workers compensation insurance.

(Article courtesy: Michael Adams via Insurance Journal)
Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
  • Travelers
  • Progressive
  • NFIP
  • Aflac
  • Chubb
  • Firemens Fund
  • Florida Blue
  • Foremost
  • Mercury
  • Mercury
  • MetLife
  • The Hartford
  • Prudential
  • Infinity
  • Chartis
  • National General
  • Hagerty
Our Locations
© Copyright 2018. All rights reserved. Powered by Insurance Website Builder