Indiana Reducing Costs Associated With Carrying Workers’ Compensation Insurance Policies
October 23rd, 2013|
October 23, 2013
Each year, thousands of Indiana workers become the victims of on-the-job accidents that result in serious injuries. These individuals are protected under the law though, by policies that require companies to carry workers compensation insurance. The Indiana Workers Compensation Attorneys with the law firm of Fleschner, Stark, Tanoos & Newlin explain these policies are used to reimburse injured workers for lost wages and costs associated with medical bills.
The state of Indiana is working to reduce the costs to businesses associated with carrying workers’ compensation insurance polices by implementing several changes. According to an article from Business Insurance, one of those measures includes reducing workers compensation lost cost rates for next year by 7.7 percent. The move was made after data showed the state recording lower frequencies of workers compensation claims combined with a reduction in indemnity costs.
Indiana lawmakers also recently passed a bill that creates a fee schedule for medical services. The schedule sets costs at 200 percent of Medicare’s expense rate and calls for medications to not be sold for prices higher than the average wholesale costs. These moves are expected to lower workers compensation insurance rates by another 3.7 percent.
The law firm’s team of Indiana Personal Injury Lawyers applauds the efforts being made to improve workplace safety while providing better care to employees when an accident does occur. The firm is hopeful to see more of these advancements being made in the future.