Workers' comp costs to decrease again
Maine companies are expected to save $7 million in avoided workers' compensation costs next year, following a rate decrease announced Friday by Insurance Superintendent Eric Cioppa.
The 3.8% decrease follows on the heels of a 3.2% decrease announced in November. The combined decreases are expected to save companies upwards of $13 million in premiums next year, according to the Bangor Daily News. Cioppa, who has been working in the insurance field since 1988, said it was the first time he can recall two decreases announced in the same year.
Friday's decrease was the result of the Maine Workers Compensation Board finally agreeing on a medical fee schedule, which lists what hospitals can charge related to workers' comp claims. The board was charged with creating the schedule in 1992 when workers' compensation was overhauled, but had not been able to agree on a schedule until now. The decision is expected to offer companies and carriers predictability around workers' comp claims. The November decrease was largely attributed to increased focus on safety among Maine employers, according to the paper.
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