National Academy of Social Insurance Documents Trend of Accelerating Increase In Workers’ Compensation Costs for Employers
Recently, the National Academy of Social Insurance (“NASI”) released a report discussing benefits, coverage, and costs on a national basis for workers’ compensation in 2011 (most recent data). This report, published at https://www.nasi.org concluded that in 2011, there was a 3.5% increase in benefits paid from the prior year alone. Additionally, it was noted that there was a 4.5% year-to-year increase in medical payments made to providers. The total cost of workers’ compensation benefits for employers rose by 7.1%.
No state showed a decrease in costs from 2010 to 2011. Applicable to some clients of Baylor Evnen, NASI noted that Iowa had one of the highest yearly increases in employers’ workers’ compensation costs.
We encourage employers and insurers to read the comprehensive report prepared by NASI. This article only reinforces the need for comprehensive workers’ compensation reform to better manage costs on a state wide basis such as those programs advocated by Nebraskans for Workers’ Compensation Equity and Fairness (www.nwcef.com). For any questions related to the same, please contact one of Baylor Evnen’s workers’ compensation attorneys at 402-475-1075.