For the fifth time since 2013, The Ohio Bureau of Worker's Compensation (BWC) is returning $1 billion or more to employers across the state. About 177,000 checks will be mailed, refunding a total of around $1,500,000,000 back to those who paid in.
- Strong investment returns, fewer injury claims and agency cost savings are said to be behind the payouts.
- Ohio's workers compensation system stands alone with a state government run fund that provides 100% of workers compensation insurance. There are no for-profit private insurance companies and employers can only self-insure upon approval by the state.
- Every employee, whether full or part time, seasonal, or family members, earning $160 or more every 3 months must be covered by this insurance.
- BWC collects $1.4 billion in annual premiums from more than 244,000 employers. With these funds, it pays medical benefits and lost wages to employees who are injured or contract an occupational disease on the job.
- In 2017, BWC had $27 billion in assets.
Safeguarding Employees and Their Families
At first blush, one could come to the conclusion that such a massive return of funds from a government agency should raise questions about why so much was collected in the first place. Upon further inspection, maybe we ought to celebrate a well managed fund that enjoys returns from the assets it manages, rejoice in having fewer injury claims than anticipated, and relish an agency in search of cost savings. When was the last time your worker's compensation insurance sent you a refund for unused premiums?
We're on the fence. What do you think? Comment below.
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