Workers’ Compensation Board Predicts Lower Costs with Reform BillBy Kenton Koszdin Law Office on September 12, 2012 | In Workers Compensation News
A bill that introduces several cost-saving reforms to California’s workers’ compensation system has passed through both houses of the state legislature and is awaiting the governor’s signature, according to an article in the Sacramento Bee.
The California Workers’ Compensation Insurance Rating Bureau (WCIRB) predicts that the bill will save millions in several key areas, while providing equal or better benefits to injured California workers, especially in the areas of short-term and long-term disability assistance. Some of the key numbers that the WCIRB expects to change include:
- $850 million in cost savings in 2013, or a 4.5 percent decrease in costs;
- $270 million in increased costs in 2014, or a 1.4 percent increase, as the provisions that increase available benefits for disabled workers kick in; and
- An overall savings of $580 million, much of which will be applied to improve services and benefits for injured workers.
The bill has already earned a positive response from the State Compensation Insurance Fund, which has said it will decrease workers’ compensation premiums if the governor signs it. The State Compensation Insurance Fund is California’s largest provider of workers’ compensation insurance. Although this change should not directly affect the benefits to which injured employees are currently entitled, it may make it easier for companies to provide the workers’ compensation coverage their employees need.
Workers who are injured on the job in California are often entitled to workers’ compensation benefits to help pay medical bills, cover lost wages, and meet the costs of partial or total disability caused by the injury. At The Kenton Koszdin Law Office, our dedicated California workers’ compensation lawyers can help you determine what benefits you are eligible for and receive them in full. Call us today at (888) 438-7734 for a free, confidential case evaluation.