Calif. proposed comp rate hike due to fee schedules


The Ratings Bureau for Employee Compensation Insurance has proposed a 2.7% increase in the pure consultancy premium rates for the fall of 2021, mainly due to "significant" changes in the state's fee schedule for medical fees and medical-legal fees.

The proposed average rate for 500 worker classifications is $ 1.50 per $ 100 wage bill. This emerges from the bureau's approval statement filed with the California Department of Insurance on Thursday, which must approve the proposal. If approved, the filing would take effect on September 1, 2021.

The proposed rates are based in part on changes adopted by the California Department of Workers Compensation in 2021. This includes changes to the Assessment and Administration section of the Official Medical Fee Schedule effective March 1st and the Medical Legal Fee Schedule effective March 1st April 1st. Overall, the WCIRB estimates a total cost increase of 1.5% due to these two schedule changes.

The office also said that insurance claims incurred during the 2020 accident year, including "exposure, premium and claims experience significantly affected by the pandemic," but "all claims arising directly from a COVID-19 diagnosis" that influenced the proposed tariff submission.

The submission included "refined projection methods to adapt to biases caused by the pandemic and ... largely based on pre-pandemic experience".

The WCIRB does not recommend including provisions in this filing to reflect the estimated cost of COVID-19 claims on or after September 1, 2021, as the U.S. is projected to approach herd immunity by the summer.

Further news on insurance and employee compensation for the coronavirus crisis can be found here.


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https://businessservicesnews.ca/calif-proposed-comp-rate-hike-due-to-fee-schedules/

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