Today’s issue of WorkCompRecap features a couple of state & spending pieces of news, starting with the Ohio BWC’s recent announcement that its board of directors has approved a 10% rate reduction for private employers for the next fiscal year.
The BWC noted that the reduction is made possible by declining injury claims by Ohio’s private employers and relatively low medical inflation costs, and marks the fourth straight reduction since 2019. The new rate reduction becomes effective July 1st, and follows a 10% rate reduction for public employers that went into effect Jan. 1st. The BWC also noted that private employers will be paying close to $106 million less in this year’s premiums over last year, and overall the average rate levels for the 249,000 private and public Ohio employers in the BWC system are at their lowest in at least 40 years.